The multinational syndicated loan market has crossed the $7 trillion threshold. Prior literature argues that weak borrower country's creditor rights is the main limiting factor to cross-border lending. We find that lender country's creditor rights can partly substitute for weak borrower creditor rights if a lender is from a better creditor rights country. Our results are robust to controlling for a borrower's country laws, its foreign assets, the loan guarantees provided by its foreign parent, and its choice set of lenders.

中文翻译：

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国际贷款：贷款人母国的作用

跨国银团贷款市场已经突破了 7 万亿美元的门槛。先前的文献认为，弱借款国的债权是跨境贷款的主要限制因素。我们发现，如果贷款人来自更好的债权国，贷款国的债权可以部分替代弱借款人的债权。我们的结果对于控制借款人的国家法律、其外国资产、其外国母公司提供的贷款担保以及其选择的贷方集是稳健的。