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Lending without creditor rights, collateral, or reputation : The “trusted assistant” loan in 19th century China
(29.08.2017)
BOFIT Discussion Papers 13/2017
BOFIT Discussion Papers 13/2017
This paper considers lending to finance projects in a setting where repayment enforcement appears impossible. The loan was illegal and thus legally unenforceable. Creditors were incapable of applying private coercion to ...