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2019 | OriginalPaper | Buchkapitel

5. Collateral and Lending

verfasst von : Andrada Bilan, Hans Degryse, Kuchulain O’Flynn, Steven Ongena

Erschienen in: Banking and Financial Markets

Verlag: Springer International Publishing

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Abstract

In this chapter, we review the different forms of collateral pledged by borrowers’ bank loans and the role of collateral in reducing transaction costs. We start with contributions that study how fluctuations in real estate prices affect economic growth because they change the value of the collateral stock individuals and firms hold. We then review recent evidence on the role that movable and patent collateral play in easing lending frictions. Finally, we discuss the importance of legal frameworks that enforce creditor rights and, in consequence, enhance the use and benefits of pleadgeable assets.

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Vorheriges Kapitel Credit Risk

Nächstes Kapitel Global Banking

Berger et al. (2011) measure which among the ex ante and the ex post theories of collateral is stronger empirically, by exploiting gaps in the disclosure requirements of the Bolivian Credit Registry. The registry offers the holder access to a wider set of information than the information disclosed to prospective lenders. Based on this, the authors build indicators of observed and unobserved borrower risk and then test the incidence of collateral in the different subgroups of borrowers. Their findings provide support both for the ex post theories, which are prevalent among long-term borrowers, and the ex ante theories, empirically prevalent among short-term borrowers.

The underlying assumption behind this approach is that such regional shocks, when they occur, are likely to affect in the same way homeowners and renters, but for the housing collateral channel.

For example, older individuals could be more likely to both own a house and open a business in industries that are more exposed to local economic upswings. In this case, failing to control for age and its interaction with house prices would bias the estimate of beta upwards.

For example, Rajan and Winton (1995) argue that, in the presence of other claimants, monitoring is valuable because it allows the lender to demand (additional) collateral if the firm is at increased risk of distress.

These additional country characteristics are time to enforce a contract, time to resolve insolvency, prevalence of rule of law, and strength of property rights.

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Titel: Collateral and Lending
verfasst von: Andrada Bilan
Hans Degryse
Kuchulain O’Flynn
Steven Ongena
Verlag: Springer International Publishing
Buch: Banking and Financial Markets
Print ISBN: 978-3-030-26843-5

Electronic ISBN: 978-3-030-26844-2

Copyright-Jahr: 2019
DOI: https://doi.org/10.1007/978-3-030-26844-2_5