Interfirm Relationships and Informal Credit in Vietnam
研究越南私营部门中，企业因难以找到交易伙伴和法律执行缺失，如何基于关系信任向客户提供信贷，并发现关系时长、信息收集和商业网络均影响信贷规模。
Trading relations in Vietnam's emerging private sector are shaped by two market frictions: the difficulty of locating trading partners and the absence of legal enforcement of contracts. Examining relational contracting, we find that a firm trusts its customer enough to offer credit when the customer finds it hard to locate an alternative supplier. A longer duration of trading relationship is associated with larger credit, as is prior information gathering. Customers identified through business networks receive more credit. These network effects are enduring, suggesting that networks are used to sanction defaulting customers.