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From the magazine SZW-RSDA 6/2017 | S. 792-809 The following page is 792

Vertrauen, Kredit und Kreditsicherheiten

The relationship between creditor and debtor has often been described as a quintessential relationship based on trust, as evidenced by etymological origin of the term credit. Credit relationships are indeed shaped by the risk of opportunistic behavior of the debtor and principal agent problems. Limiting these risks by providing adequate incentives for cooperative behavior is a key objective in drafting credit agreements. Relevant incentives can result from the availability of information regarding past behavior of the debtor, repeated interaction, and the debtor’s social environment (social capital). Effective creditor rights and collateral are also very effective instruments to overcome risks of ­opportunistic behavior and principal-agent problems, institutional framework conditions, which are not ideal in Switzerland. The article concludes that all relevant incentives can be traced back to two main concepts: information and sanction, whereas in the context of credit relationships…

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