Distance Constraints: The Limits of Foreign Lending in Poor Economies
Distance Constraints: The Limits of Foreign Lending in Poor Economies
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DOI：
10.2139/ssrn.631705
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发表时间：
2004-08
期刊：
影响因子：
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通讯作者：
Atif R. Mian
中科院分区：
文献类型：
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作者：
Atif R. Mian
跨国银行的流动性在多大程度上解决了金融发展的问题？通过对7年来8万笔贷款的分析，我发现，外资银行总部和当地分行之间的文化和地理距离越远，它们就越不会向需要签订关系合同的“信息困难”但基本面良好的公司提供贷款。更大的距离也使它们不太可能进行双边重新谈判，在收回违约方面也不太成功。银行规模、法律制度、风险偏好或未观察到的借款人异质性的差异无法解释这些结果。这些距离限制可能大到足以永久地将某些经济部门排除在外国银行的融资之外。
How far does mobility of multinational banks solve problems of financial development? Using a panel of 80,000 loans over 7 years, I show that greater cultural and geographical distance between a foreign bank's headquarters and local branches leads it to further avoid lending to “informationally difficult” yet fundamentally sound firms requiring relational contracting. Greater distance also makes them less likely to bilaterally renegotiate, and less successful at recovering defaults. Differences in bank size, legal institutions, risk preferences, or unobserved borrower heterogeneity cannot explain these results. These distance constraints can be large enough to permanently exclude certain sectors of the economy from financing by foreign banks.