有担保債務の費用と便益 - himaginary’s diary

というNBER論文が上がっている。原題は「The Benefits and Costs of Secured Debt」で、著者はEfraim Benmelech（ノースウエスタン大）。 以下はその要旨。 Secured debt—a debt contract that offers security to creditors in the form of collateralized assets—has been a cornerstone of credit markets in most societies since antiquity. The ability to seize and sell collateral reduces the creditor’s expected losses when the debtor defaults on a promised pa

[prisoneronthewater]

乙です。