International Lending: The Role of Lender's Home Country

作者：Mehdi Beyhaghi, Rui Dai, Anthony Saunders, John K. Wald · 发表于：Journal of money credit and banking · 年份：2021 · DOI：10.1111/jmcb.12850 · 被引用次数：16 · 研究领域：Banking stability, regulation, efficiency、Corporate Finance and Governance、Islamic Finance and Banking Studies

Abstract The multinational syndicated loan market has crossed the $7 trillion threshold. Prior literature argues that weak borrower country's creditor rights is the main limiting factor to cross‐border lending. We find that lender country's creditor rights can partly substitute for weak borrower creditor rights if a lender is from a better creditor rights country. Our results are robust to controlling for a borrower's country laws, its foreign assets, the loan guarantees provided by its foreign parent, and its choice set of lenders.