Foreign Lenders and the Real Sector
构建理论模型，分析外国贷款人进入如何影响实体经济。外国贷款人清算能力较低，对高风险项目更宽容，但融资成本更高。贷款人进入与高风险项目占比通过清算价值相互强化，从而减弱流动性冲击对产出的影响，表明金融自由化可增强经济稳定性。
We develop a theory of the interaction between the entry of lenders and the real sector. The high liquidation skills of incumbent lenders render them too tough in terminating high‐risk/return projects. Being “foreign” to the market, newcomers have lower ability to liquidate than incumbents. This makes them softer in liquidating high‐risk/return projects but renders their funding more costly. We show that the entry of lenders and the share of high‐risk/return projects can reinforce each other through firms' liquidation values. This interaction dampens the output impact of liquidity shocks. Hence, financial liberalization can enhance stability.