rejects marginally profitable projects. Collateral mitigates this inefficiency by 'flattening' the local lender’s payoff …-à-vis transaction lenders lead to higher collateral requirements, thus strengthening the role of collateral in local lending …

, collateral locks the borrower into the relationship. Second, it strengthens the bank’s bargaining power in future renegotiations …This paper provides new insights into the nature of relationship lending by analysing the role of collateral and its … banks, thus relying on real information used in the process of bank credit decision-making. In particular, risk assessment …

. Using a bidder level dataset of the European Central Bank’s main repo auctions, however, we find evidence that the economic … bidders are more concerned with the loser’s nightmare, collateral, and future interest rate reductions by the ECB. Small and …

collateral. This has become a cause célèbre of Hernando de Soto whose views are influential in debates about policy reform … the degree of market competition. Where competition is weak, it is possible that borrowers will be worse off when property …

the U.S. We then establish the quantitative result that home equity does not serve as informal collateral for unsecured …

government debt. The safest governments inefficiently restrict the amount of high quality debt that could be used as collateral …

market equilibria in which cheap credit is inappropriately emphasized over project screening. Restrictions on collateral …