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Investment Facing Credit Rationing
The Manchester School, 1998The explicit expression of investment facing credit rationing and convex adjustment costs is derived. Three implications follow. First, the assumption of convex adjustment costs can be substituted by credit rationing to derive an investment function.
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Saving eliminates credit rationing [PDF]
, 2001 Equilibrium credit rationing, in the sense of Stiglitz and Weiss (1981), implies the borrower faces an infinite marginal cost of funds. Infinitessimily delaying the project to accumulate more wealth is therefore advantageous to the borrower. As a result, the well-known conditions for credit rationing cannot be satisfied.
David C Webb, David De Meza
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Pessimism, optimism and credit rationing [PDF]
, 2006 In their celebrated contribution on credit rationing, Stiglitz and Weiss (1981) showed that the expected return to the borrower on a loan is increasing in the risk of the project it funds. In this paper, I show that their results do not necessarily carry over to the case where the agents' preferences can be described by rank-dependent expected utility (
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Components of credit rationing
Journal of Financial Stability, 2020Abstract Credit rationing by lending institutions has been the subject of much research in recent decades. Although there are some empirical indications, there is little theoretical justification about how various forms of credit rationing manifest themselves in credit markets.
Mehdi Beyhaghi +3 more
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Credit Rationing and Capital Accumulation
Economica, 1991This paper develops a dynamic partial equilibrium analysis of how financial policy affects capital accumulation when bank loans are rationed and subsidized. The underlying specification of intertemporal behavior is critical: loan policy often has qualitatively different effects on capital accumulation in overlapping-generations and infinite-horizon ...
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Credit Rationing: Issues and Questions
Journal of Money, Credit and Banking, 1978THE QUESTION OF CREDIT RATIONING has been the subject of a number of theoretical discussions during the past twenty-five years. Credit rationing arguments occupied an important place in the so-called availability doctrine. The availability doctrine became prominent during the early fifties as a theory explaining how monetary policy could have eSects on
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The Quarterly Journal of Economics, 1965
I. Introduction, 397. — II. Variation in optimal loan with interest rate on a fixed-size investment, 399. — III. Variation in optimal loan with interest rate on an open-end investment, 405. — IV. Aversion to risk and other factors which reduce variability in interest rates, 408. — V. Factors which cause some variation in interest rates, 415.
Marshall Freimer, Myron J. Gordon
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I. Introduction, 397. — II. Variation in optimal loan with interest rate on a fixed-size investment, 399. — III. Variation in optimal loan with interest rate on an open-end investment, 405. — IV. Aversion to risk and other factors which reduce variability in interest rates, 408. — V. Factors which cause some variation in interest rates, 415.
Marshall Freimer, Myron J. Gordon
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Credit Rationing and Payment Incentives
The Review of Economic Studies, 1983A model of borrowing for production is presented where default leads to exclusion from the capital market. This means contracts are enforceable, provided the current payment is less than or equal to the value of future access to the capital market. The main result of the paper is to show that if this constraint binds then credit is rationed.
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Price Ceilings and Credit Rationing
The Journal of Finance, 1968THERE IS LITTLE DOUBT that usury laws and small loan laws effectively lower the finance rate to many borrowers obtaining installment loans from consumer credit lenders.' But it also seems likely that the maximum rate provisions contained in small loan legislation restrict the availability of credit to marginal risk loan applicants, forcing them either ...
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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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