Lending with Costly Enforcement of Repayment and Potential Fraud
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If contracts are costlessly enforcible then insolvency is the only reason for nonrepayment of loans. While some models have examined the borrower's incentive to repay, it has typically been assumed that the penalty suffered by a debtor in default is imposed automatically and without cost to the
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美国国家经济研究局创建时间：
1985-09-01
