Chapter 17

Collateral in Emerging Economies*

Elmas Yaldız Hanedara, Eleonora Broccardoa,b and Flavio Bazzanaa,    aDepartment of Economics and Management, University of Trento, Via Inama, Trento, Italy,    bCefin (Centro Studi Banca e Finanza), Modena, Italy,    E-mail:,,


Most theoretical and empirical models have shown that pledging collateral is a necessary condition for access to finance. In this chapter, we analyze the role of collateral in a cross-country sample of emerging markets compiled from data found in the Business Environment Survey. We investigate the role of collateral both at the firm- and country-specific levels, and we provide a robustness analysis ...

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