The Role of Guarantees in Bank Lending
The Role of Guarantees in Bank Lending
复制标题
担保在银行贷款中的作用
DOI：
10.2139/ssrn.498982
复制
发表时间：
2004
期刊：
影响因子：
--
通讯作者：
A. Pozzolo
中科院分区：
文献类型：
--
作者：
A. Pozzolo
担保在债务合同中发挥着重要作用。他们改变了贷款人的风险，改变了贷款人？1.激励措施，并可能改变金融资源的均衡配置。本文研究了担保对银行贷款的作用，使用了意大利银行提供的50 000多个个人信贷额度的样本。使用两个经验模型。第一个直接验证事前公开的信息之间的关系，对pkwersi？½违约风险及其银行贷款担保的存在;第二个比较了不同银行向同一借款人提供的有担保和无担保贷款的利率，从而完美地控制了特殊风险并指出了担保的存在对信用风险的直接影响。实证结果表明，真实的担保（如果借款人违约，放款人可以出售的实物资产或股权）通常是内部担保，主要用于向某些债权人提供优先权。个人担保（第三方在违约情况下付款的合同义务，例如保证）只能是外部的，被用来作为防止道德风险问题的激励手段。控制阿比沃西？1/2特性，既有真实的担保，又有个人担保，降低了事前信用风险。
Guarantees play an important role in debt contracts. They alter the risk for the lender, transform borrowersi?½ incentives and, possibly, modify the equilibrium allocation of financial resources. This paper studies the role of guarantees on bank loans, using a sample of over 50,000 individual lines of credit granted by Italian banks. Two empirical models are used. The first directly verifies the relationship between ex-ante publicly available information on borrowersi?½ default riskiness and the presence of guarantees on their bank loans; the second compares the interest rates charged on secured and unsecured loans made by different banks to the same borrower, thus perfectly controlling for idiosyncratic riskiness and singling out the direct effect of the presence of guarantees on credit risk. The empirical results show that real guarantees (physical assets or equities that the lender can sell if the borrower defaults), which are often internal, are mainly used to provide a priority to some creditors. Personal guarantees (contractual obligations of third parties to make payments in case of default, e.g. suretyships), which can only be external, are used instead as incentive devices against moral hazard problems. Controlling for borrowersi?½ characteristics, both real and personal guarantees reduce ex-ante credit risk.