Informal, formal institutions and credit: complements or substitutes?
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https://doi.org/10.1017/S1744137419000018 |
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Título
Informal, formal institutions and credit: complements or substitutes?Fecha de publicación
2019-08Editor
Cambridge University PressCita bibliográfica
Cruz-García P, Peiró-Palomino J (2019). Informal, formal institutions and credit: complements or substi-tutes? Journal of Institutional Economics, 15, 649–671. https://doi.org/10.1017/S1744137419000018Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
https://www.cambridge.org/core/journals/journal-of-institutional-economics/artic ...Versión
info:eu-repo/semantics/publishedVersionPalabras clave / Materias
Resumen
This paper analyses the relationship between informal institutions measured by social trust and the provision of private credit. Research on the trust–finance relationship abounds, although most of it is confined to ... [+]
This paper analyses the relationship between informal institutions measured by social trust and the provision of private credit. Research on the trust–finance relationship abounds, although most of it is confined to the micro-level, with far fewer contributions from a wide, cross-country perspective. Considering a sample of 119 economies in the period 1993–2015, results suggest that social trust is an important determinant of private credit, and that its effects are transmitted indirectly via some particular aspects of the quality of economic-judicial institutions. In addition, and contrary to previous findings in related areas, substitutive effects for informal and formal institutions are not found. Therefore, informal institutions can improve the quality of the certain types of formal institutions but they are, per se, unable to replace them in the provision of credit. Accordingly, a solid economic-judicial system becomes essential to guarantee credit transactions. [-]
Proyecto de investigación
Spanish Ministry of Economy and Competitiveness(ECO2017-84858-R and ECO2017-85746-P) ; SpanishMinistry of Education (FPU2014/00936) ; University Jaume I (UJI-B2017-33)Derechos de acceso
© Millennium Economics Ltd 2019
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- ECO_Articles [697]