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dc.contributor.authorDeakin, Simonen
dc.contributor.authorMollica, Vivianaen
dc.contributor.authorSarkar, Prabirjiten
dc.date.accessioned2016-02-29T11:52:20Z
dc.date.available2016-02-29T11:52:20Z
dc.date.issued2016-03-18en
dc.identifier.citationSocio-Economic Review 2016en
dc.identifier.issn1475-1461
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/254058
dc.description.abstractWe examine the relationship between creditor protection, law reform and credit expansion using longitudinal data for four developed market economies between 1970 and 2005. By decomposing the different elements of creditor protection, we show that civil law countries (France and Germany) have developed a high level of protection for creditors in the form of controls over the management of debtor firms, while common law countries (UK and USA) have arrived at a high degree of protection in relation to secured creditors’ contractual rights over firms’ assets. Using panel causality tests and dynamic panel data modelling, we show that laws strengthening creditors’ control over debtor firms in these four countries had a long-term positive effect on credit expansion, while reforms increasing secured creditors’ rights had a negative effect. We explore the implications of our findings for legal origin theory and the varieties of capitalism approach.
dc.languageEnglishen
dc.language.isoenen
dc.publisherOxford Journals
dc.rightsAttribution-NonCommercial 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/
dc.subjecteconomic policyen
dc.subjectfinancial developmenten
dc.subjectvarieties of capitalismen
dc.subjectinstitutional complementaritiesen
dc.titleVarieties of creditor protection: insolvency law reform and credit expansion in developed market economiesen
dc.typeArticle
dc.description.versionThis is the final version of the article. It first appeared from from Oxford University Press via https://doi.org/10.1093/ser/mww005.en
prism.endingPage384
prism.publicationDate2016en
prism.publicationNameSocio-Economic Reviewen
prism.startingPage359
prism.volume15en
rioxxterms.versionofrecord10.1093/ser/mww005en
rioxxterms.versionVoR
rioxxterms.licenseref.urihttp://creativecommons.org/licenses/by-nc/4.0/en
rioxxterms.licenseref.startdate2016-03-18en
dc.contributor.orcidDeakin, Simon [0000-0002-1725-5216]
dc.identifier.eissn1475-147X
rioxxterms.typeJournal Article/Reviewen
pubs.funder-project-idESRC (ES/J012491/1)
cam.orpheus.successThu Jan 30 12:55:04 GMT 2020 - The item has an open VoR version.*
rioxxterms.freetoread.startdate2100-01-01


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Attribution-NonCommercial 4.0 International
Except where otherwise noted, this item's licence is described as Attribution-NonCommercial 4.0 International