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首页> 外文期刊>Journal of institutional economics >Informal, formal institutions and credit: complements or substitutes?
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Informal, formal institutions and credit: complements or substitutes?

机译：非正式，正式机构和信贷：补充或替代品？

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摘要

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.
机译：本文分析了社会信任与私人信贷衡量的非正式机构之间的关系。信托金融关系的研究比比皆是，尽管它大部分都被限制在微层次上，但越来越少，越来越越来越多的贡献。在1993 - 2015年期间，考虑到119个经济体的样本，结果表明社会信任是私人信贷的重要决定因素，其影响是间接通过经济司法机构质量的某些特定方面传播。此外，与先前的相关领域的发现相反，找不到非正式和正式机构的替代效应。因此，非正式机构可以提高某些类型的正式机构的质量，但本身可以在提供信贷方面取代它们。因此，稳固的经济司法系统对于保证信贷交易至关重要。

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