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The Near Impossibility of Credit Rationing [PDF]
, 2003 Equilibrium credit rationing in the sense of Stiglitz and Weiss (1981) implies the marginal cost of funds to the borrower is infinite. So borrowers have an overwhelming incentive to cut their loan by a dollar and thereby avoiding being rationed. Ways of doing this include scaling down the project, cutting consumption or infinitesimally delaying the ...
David de Meza, David C. Webb
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Bank Credit Commitments, Credit Rationing, and Monetary Policy
Journal of Money, Credit and Banking, 1994When loan needs are uncertain and bankruptcy is costly, contracts resembling bank credit commitments dominate ordinary debt contracts. The fees charged on commitments reduce bankruptcy risk by smoothing out borrowers' loan payments. Reduced bankruptcy risk entitles borrowers to larger loans, thereby reducing the risk of quantity rationing.
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Credit Rationing in Markets with Imperfect Information
, 1981J. Stiglitz, A. Weiss
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1986
Economists have typically conducted their analyses of credit rationing in a manner which abstracts from the operations of the banking firm. This failure severely limits the understanding of the bank in its various roles. The present chapter outlines a theory of credit rationing which explicitly considers the informational aspects of the banking firm’s ...
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Economists have typically conducted their analyses of credit rationing in a manner which abstracts from the operations of the banking firm. This failure severely limits the understanding of the bank in its various roles. The present chapter outlines a theory of credit rationing which explicitly considers the informational aspects of the banking firm’s ...
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2008
This thesis focuses on the relationship between credit rationing and collateral value. The thesis is divided into three chapters. In Chapter 1, I make an overview on credit rationing. I emphasize that economists have linked credit rationing to problems of imperfect information (Jaffee and Russell 1976, Stiglitz and Weiss 1981). The interest rate is not
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This thesis focuses on the relationship between credit rationing and collateral value. The thesis is divided into three chapters. In Chapter 1, I make an overview on credit rationing. I emphasize that economists have linked credit rationing to problems of imperfect information (Jaffee and Russell 1976, Stiglitz and Weiss 1981). The interest rate is not
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2001
The simple model of monitored finance which is constructed in the first part of this chapter helps to explain several features of a bank-firm relationship. However, the principal intention of this chapter is to give a new explanation for credit rationing by banks.
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The simple model of monitored finance which is constructed in the first part of this chapter helps to explain several features of a bank-firm relationship. However, the principal intention of this chapter is to give a new explanation for credit rationing by banks.
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Asymmetric information, credit rationing and investment [PDF]
, 1998 Asymmetric information, credit rationing, and ...
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