Sehr geehrte Damen und Herren!
Hiermit übermitteln wir Ihnen die Einladung zu einem VOSTA-Freitagsseminar von
Thomas Noe,
University of Oxford, mit dem Titel “Lending without creditor rights, collateral, or debtor reputation---The
‘trusted-assistant’ loan in nineteenth century China”
Termin
Freitag,
02.12.2016, 11.00 Uhr
Ort
Geldzentrum der Oesterreichische Nationalbank (OeNB II)
Garnisongasse 15, 1090 Wien
Veranstaltungssaal, 3. Stock
Abstract:
This paper empirically documents and provides a theoretical rationale for a private contracting mechanism that
supported efficient and effective debt contract enforcement in a setting in which legal enforcement was impossible, borrowers lacked both collateral and reputational repayment incentives, and borrower cash flows were unobservable---the “trusted-assistant loan,”
a lending mechanism used in nineteenth century Qing China to finance the acquisition of provincial administrative posts by exam takers who had passed Imperial examinations. The theoretical analysis provides conditions under which the trusted-assistant loan
is a renegotiation-proof implementation of efficient state dependent financing. The empirical analysis shows that the trusted-assistant loan was employed under the conditions suggested by the theoretical analysis and that loan performance conformed roughly
with the theoretical prediction of efficient contracting.
Um Ihre Rückmeldung ersuchen wir bis Mittwoch,
30.11.2016.
Wir freuen uns auf Ihre Teilnahme und stehen für Fragen gerne zur Verfügung.
Mit freundlichen Grüßen
Event-Management
Abteilung für Öffentlichkeitsarbeit und Finanzbildung
Oesterreichische Nationalbank
Otto-Wagner-Platz 3, 1090 Wien
T +43(0)1 404 20 6620
event-management@oenb.at
www.oenb.at