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Credit Reporting Systems and the International Economy (Hardcover)
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Credit Reporting Systems and the International Economy (Hardcover)
Series: The MIT Press
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The first comprehensive review of credit reporting systems
worldwide, including their institutional forms and evidence of
their impact on financial markets. Credit reporting is a critical
part of the financial system in most developed economies but is
often weak or absent in developing countries. It addresses a
fundamental problem of credit markets: asymmetric information
between borrowers and lenders that can lead to adverse selection
and moral hazard. The heart of a credit report is the record it
provides of an individual's or a firm's payment history, which
enables lenders to evaluate credit risk more accurately and lower
loan processing time and costs. Credit reports also strengthen
borrower discipline, since nonpayment with one institution results
in sanctions with others. This book provides the first
comprehensive review of credit reporting systems worldwide and
documents the rapid growth in the industry. It offers empirical and
theoretical evidence of the impact of credit reporting on financial
markets, using examples from both developed and developing
economies. Credit reporting, it shows, significantly contributes to
predicting default risk of potential borrowers, which promotes
increased lending activity. The book also covers the role of public
policy in the development of credit reporting initiatives,
including the role of public credit registries managed by central
banks; and the role of legal, regulatory, and institutional factors
in supporting credit reporting.
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