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| 02261nam 2200397zi 4500 |
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| 001 | 9.938478 |
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| 003 | CaOODSP |
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| 005 | 20240522101731 |
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| 006 | m o d f |
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| 007 | cr mn||||||||| |
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| 008 | 240522t20242024oncd ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 041 | 0 |aeng|beng|bfre |
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| 043 | |aa-cc--- |
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| 086 | 1 |aFB3-5/2024-2E-PDF |
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| 100 | 1 |aTian, Phoebe, |eauthor. |
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| 245 | 14|aThe role of long-term contracting in business lending / |cby Phoebe Tian. |
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| 264 | 1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2024. |
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| 264 | 4|c©2024 |
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| 300 | |a1 online resource (ii, 68 pages) : |bgraphs. |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2024-2 |
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| 500 | |aISSN assigned to different series. |
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| 500 | |a"Last updated: February 2, 2024." |
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| 504 | |aIncludes bibliographical references (pages 52-55). |
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| 520 | 3 |a"This paper examines inefficiencies arising from a lack of long-term contracting in small business lending in China. I develop and estimate a dynamic model where firms repeatedly interact with the same lender. All loans are short-term. Collateral can be used to deter a strategic default by a firm, but the lender cannot recover the full value of the collateral in the case of a default. The endogenous contract terms—including interest rates, loan size and collateral—reflect a firm’s probability of default in equilibrium. Learning drives the dynamics of contract terms because a firm’s profitability type is unknown. Long-term contracts improve welfare mainly by mitigating the incentives for a firm to default"--Abstract, page ii. |
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| 546 | |aIncludes abstracts in English and French. |
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| 650 | 0|aCommercial loans|zChina. |
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| 650 | 0|aFinancial institutions|zChina. |
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| 650 | 6|aPrêts commerciaux|zChine. |
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| 650 | 6|aInstitutions financières|zChine. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2024-2.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.01 MB|uhttps://publications.gc.ca/collections/collection_2024/banque-bank-canada/FB3-5-2024-2-eng.pdf |
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