タイトル：Collateral Constraints and Legal Protection of Lenders: A Macroeconomic Perspective
We identify countries that establish collateral-based lending systems with a small-open-economy version of Nobuhiro Kiyotaki and
John Moore’s (1997) model. We find that 47 countries in 1980s and 48 countries in 1990s out of 98 countries establish collateral-based
lending systems. We also investigate the origin of collateral-based lending systems and find that if a country offers good legal protection
for lenders, then a collateral-based lending system is more likely to be embedded in that country.