Creditor Rights, Enforcement, and Bank Loans
研究48个国家法律保护差异如何影响贷款金额、期限和利率，发现合同执行不力导致银行缩减贷款、缩短期限并提高利差，而债权人权利主要影响利率。
ABSTRACT We examine whether differences in legal protection affect the size, maturity, and interest rate spread on loans to borrowers in 48 countries. Results show that banks respond to poor enforceability of contracts by reducing loan amounts, shortening loan maturities, and increasing loan spreads. These effects are both statistically significant and economically large. While stronger creditor rights reduce spreads, they do not seem to matter for loan size and maturity. Overall, we show that variation in enforceability of contracts matters a great deal more to how loans are structured and how they are priced.