Institutions and Bank Behavior: Legal Environment, Legal Perception, and the Composition of Bank Lending
研究了20个转型经济体中法律环境如何影响银行贷款构成，发现良好的法律环境促使银行更多向中小企业贷款和提供抵押贷款，而法律不健全时则更多向大企业和政府贷款，这一影响通过银行对抵押品法律感知的渠道传导。
This paper explores how the legal environment affects bank behavior in 20 transition economies. Based on a newly constructed data set we find that banks’ loan portfolio composition depends on the legal environment. If banks operate in a well‐functioning legal environment they lend relatively more to SMEs and provide more mortgages. On the other hand, banks lend more to large enterprises and to the government if the legal system is unsound. As a transmission channel we identify the banks’ willingness to accept collateral which depends on the bankers’ perceptions of the prevailing laws regarding collateral.