Download or read book An Analysis of Credit and Equilibrium Credit Rationing written by Ying Wu and published by Routledge. This book was released on 2017-05-18 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study, first published in 1994, is intended to deepen the readers understanding of the phenomenon of equilibrium credit rationing in two areas. The first area concerns the form that equilibrium credit rationing assumes and its importance in determining the behaviour of interest rates. The second concerns the role of equilibrium credit rationing in transmitting monetary shocks to the real sector. This title will be of interest to students of monetary economics.
Download or read book Equilibrium Credit Rationing written by William R. Keeton and published by Routledge. This book was released on 2017-04-28 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study, first published in 1979, examines and contrasts two concepts of credit rationing. The first concept takes the relevant price of credit to be the explicit interest rate on the loan and defines the demand for credit as the amount an individual borrower would like to receive at that rate. Under the alternative definition, the price of credit consists of the complete set of loan terms confronting a class of borrowers with given characteristics, while the demand for credit equals the total number of loan which members of the class would like to receive at those terms. This title will be of interest to students of monetary economics.
Download or read book Credit Markets with Asymmetric Information written by Gerhard Clemenz and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Credit Rationing and the Commercial Loan Market written by Dwight M. Jaffee and published by John Wiley & Sons. This book was released on 1971 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Agency Theory Information and Incentives written by Günter Bamberg and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agency Theory is a new branch of economics which focusses on the roles of information and of incentives when individuals cooperate with respect to the utilisation of resources. Basic approaches are coming from microeco nomic theory as well as from risk analysis. Among the broad variety of ap plications are: the many designs of contractual arrangements, organiza tions, and institutions as well as the manifold aspects of the separation of ownership and control so fundamental for business finance. After some twenty years of intensive research in the field of information economics it might be timely to present the most basic issues, questions, models, and applications. This volume Agency Theory, Information, and Incentives offers introductory surveys as well as results of individual rese arch that seem to shape that field of information economics appropriately. Some 30 authors were invited to present their subjects in such a way that students could easily become acquainted with the main ideas of informa tion economics. So the aim of Agency Theory, Information, and Incentives is to introduce students at an intermediate level and to accompany their work in classes on microeconomics, information economics, organization, management theory, and business finance. The topics selected form the eight sections of the book: 1. Agency Theory and Risk Sharing 2. Information and Incentives 3. Capital Markets and Moral Hazard 4. Financial Contracting and Dividends 5. External Accounting and Auditing 6. Coordination in Groups 7. Property Rights and Fairness 8. Agency Costs.
Download or read book Credit Rationing of Polish Farm Households written by Martin Petrick and published by . This book was released on 2004 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Rationing in a Theory of the Banking Firm written by Timothy M. Devinney and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: The existence of non-price rationing in credit markets is a subj ect, not only of paramount importance, but of considerable controversy, which is ultimately linked with our understanding, or lack thereof, of the basic nature of the banking firm. A recognition of this phenomenon is critical to the understanding of the banking firm in its major role as a financial intermediary. The banking firm serves as an intermediary in two important spheres, between borrower and lender, and between spenders and the monetary authorities. The basic economic formulation of borrower-lender behavior, the simple Fisherian consumption loan model, while beautiful in its simplicity, fail s to acknowledge any role for a non-neutral financial intermediary. The bank, in its second intermediary role, leads one to question the assumption of both neoclassical and Keynsian monetary theories that monetary changes are diffused across the economy (the proverbial monetary helicopter). Monetary policy effects on spending and investment will clearly be biased by the policies of the banks. The major focus of the present work is the development of a theory of credit rationing based upon the existence of risk reducing information technologies. Implicit in the analysis is a discussion of the role of the banking firm as something more than a tr·aditional financial intermediary. The present analysis will focus on the bank as an intermediary between borrower and lender. It will be shown that in .
Download or read book A Unifying Theory of Credit and Equity Rationing in Markets with Adverse Selection written by Thomas Hellmann and published by . This book was released on 1995 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A General Equilibrium Analysis of the Borrower lender Relation written by Timothy Michael Devinney and published by . This book was released on 1984 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asymmetric Information Corporate Finance and Investment written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 2009-05-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
Download or read book Moral Hazard and Limited Liability in the Market for Loans written by Anindya Banerjee and published by . This book was released on 1988 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Credit and Collateral written by Vania Sena and published by Routledge. This book was released on 2007-12-10 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collateral - generally defined as an asset used to provide security for a lender's loan - is an important feature of credit contracts and all the available evidence suggests that its use is getting more pervasive. This informative book builds upon recent research into this topic. Sena analyses three case-studies that revolve around the impact that financial constraints have on economic outcomes. In the first case-study, the relationship between firms’ technical efficiency and increasing financial pressure is explored. The author then goes on to show, in the second case study, that under specific circumstances, increasing financial pressure and increasing product market competition can jointly have a positive impact on firms’ technical efficiency, while not being true for all types of firms. In the third case, she analyses the impact that finance constraints have on women’s start-ups. Unique and revealing, this is the first book to deal so extensively with the topic of collateral, and as such, is a valuable reference to postgraduates and professionals in the fields of macroeconomics, monetary and business economics.
Download or read book Credit Supply and Productivity Growth written by Francesco Manaresi and published by International Monetary Fund. This book was released on 2019-05-17 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
Download or read book A Unifying Theory of Credit and Equity Rationing in Markets with Adverse Selection written by Thomas F. Hellmann and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In their 1981 model, Stiglitz and Weiss demonstrated that there may be credit rationing in markets with adverse selection. Work by Cho and DeMeza and Webb has subsequently shown that rationing would disappear in the 1981 model if entrepreneurs seek funds on an equity market, rather than on a credit market. Using a different set of assumptions, Myers and Majluf and Greenwald, Stiglitz and Weiss show that equity markets may also feature rationing. A question that remains is whether the models of credit and equity rationing can be made compatible. The analysis of DeMeza and Webb suggests that this is not possible in models with one- dimensional asymmetric information. In this paper we consider a model with two-dimensional asymmetric information: entrepreneurs know more about both the expected returns and the risk of their projects. We examine how entrepreneurs self-select between the credit and equity market, and ask whether in equilibrium there can be rationing in one or both of these markets. Our main result is that credit and equity rationing are not only compatible, but in fact that competition between the credit and equity market may give rise to adverse selection that generates these rationing equilibria. This paper represents the views of the authors and does not necessarily represent that of any organization with which they are or have been affiliated.
Download or read book Competition in Credit Markets written by Michael Tröge and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael Tröge develops game-theoretic and auction-theoretic models for the strategic interaction of banks in the credit market.
Download or read book Asymmetric information and equilibrium credit rationing written by and published by . This book was released on 1988 with total page 1020 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Credit Investments and the Macroeconomy written by Marco Mazzoli and published by Cambridge University Press. This book was released on 1998-01-22 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book relates the literatures of finance, industrial economics and investment to the theoretical framework of the 'credit view'. Firstly it is assumed that banks' decisions concerning their assets are seen as at least as relevant as their decisions concerning their liabilities. Secondly, securities and bank credit are considered to be highly imperfect substitutes. In this regard it is important to investigate the way industrial and financial sectors interact. In particular, how is the macroeconomy affected by the phenomenon of 'securitization' and by exogenous changes in the industrial structure of the credit market. The interactions between real and financial sectors are also analysed from the point of view of the industrial firm, in a model where the investment and financial decisions of the firm are taken simultaneously.