Domestic Creditor Rights and External Private Debt
研究了85个发展中国家的国内债权人权利保护程度与外部私人非担保债务存量之间的负相关关系，并构建模型论证了集中化并不必然带来福利改善。
This article unbundles institutions protecting domestic and foreign creditors’ rights. We estimate a negative relation between the degree of domestic rights protection and the external stock of private non‐guaranteed debt in 85 developing countries. A supply‐side explanation is that strong domestic protection supports reliable outside financing options for potential external debt defaulters; foreign investors anticipating this would tighten credit constraints ex ante. Then we formalise the argument in a private borrowing and default model, and show that centralisation is no longer necessarily welfare superior.