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Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity
[report]
2015
unpublished
Recent reforms across Eastern European countries gave more flexibility and information for parties to engage in secured debt transactions. The menu of assets legally accepted as collateral was enlarged to include movable assets (e.g., machinery and equipment). Generalized difference-in-differences tests show that firms operating more movable assets borrowed more as a result of such reforms. Those firms also invested more, hired more, and became more efficient and profitable following the
doi:10.3386/w21690
fatcat:5zppjdswbjauxak5jxppbo6puy