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- W3125495511 abstract "This paper presents direct evidence for relational contracts in sovereign bank lending. Unlike the existing empirical literature, its instrumental variables method allows for distinguishing a direct influence of past repayment problems on current spreads (a effect in prices) from an indirect effect through higher expected future default probabilities (loss of reputation). Such a punishment provides positive surplus to lenders after a default and decreases the borrower's present discounted value of the net benefits of future borrowing, which create dynamic incentives. Using data on bank loans to developing countries between 1973-1981 and constructing continuous variables for credit history, we find evidence that most of the influence of past repayment problems is through the direct, punishment channel.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org." @default.
- W3125495511 created "2021-02-01" @default.
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- W3125495511 date "2014-08-01" @default.
- W3125495511 modified "2023-09-26" @default.
- W3125495511 title "Evidence for Relational Contracts in Sovereign Bank Lending" @default.
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