Lending quality and contracts enforcement reforms
利用四个欧洲国家的合同执行改革作为准自然实验，研究发现加强合同执行能显著且持久地降低银行不良贷款，表明司法效率是银行部门稳定和抵御冲击的关键因素。
Abstract We investigate the causal relationship between the efficiency of country's judicial system and the quality of bank lending, using the contracts enforcement reforms implemented in four European countries as a quasi‐natural experiment. We find that strengthening contracts enforcement determines large, significant and persistent reductions in banks' nonperforming loans. Our results have important policy implications: they point at judicial efficiency as a critical determinant of the stability of the banking sector and its resilience to adverse shocks such as the recent Covid‐19 pandemic.