Evidence for Relational Contracts in Sovereign Bank Lending
---- Acknowledgments ----
We thank Cristina Arellano, Francesco Bianchi, Craig Burnside, Larry Christiano, Jonathan Eaton, Refet Gurkaynak, Sebnem Kalemli-Ozcan, Gabor Kezdi, Narayana Kocherlakota, Sergio Rebelo, Adam Szeidl, Balazs Szentes, Mark Wright and participants at the AEA Annual Meeting, ESWC, SED Meeting, ESSIM, NBER Summer Institute and at seminars at Duke University, National Bank of Hungary (MNB), Northwestern University, UNC Chapel Hill for helpful comments and suggestions. Part of the work was done while Ilut was a visiting scholar at and Benczur was affiliated with the National Bank of Hungary (MNB). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.