Institutional Arrangements to Ensure Willingness to Pay in Financial Markets: A Comparative Analysis of Latin America and Europe Terms of reference I. Motivation of the study
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چکیده
However, a solvent borrower may still be unwilling to repay if the benefit of defaulting is greater than the perceived cost of sanctions associated with default. The trouble for a lender is that the perceived cost of these sanctions does not just depend on the lender=s willingness to inflict them, but on the whole set of institutional arrangements that affect the credit market. This includes the laws which regulate the credit market, the effectiveness of the judiciary, the industrial organization of the credit market, the existence of private arrangements which make default costly for borrowers, etc.
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