منابع مشابه
Multiple Lending and Constrained Efficiency in the Credit Market
In this paper we present a model of credit market with several homogeneous lenders competing to finance an investment project. Contracts are non-exclusive, hence the borrower can accept whatever subset of the offered loans. We use the model to discuss efficiency issues in competitive economies with asymmetric information and non-exclusive agreements. We characterize the equilibria of this commo...
متن کاملSmall Firm Credit Market Discrimina - tion , SBA - Guaranteed Lending , and Local Market Economic Performance
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...
متن کاملThe Role of Credit Market Competition on Lending Strategies and on Capital Accumulation
This paper examines the role of credit market competition in the dynamic of capital accumulation. It is shown that the lending relationship problem which seems to characterize competitive credit markets can have negative repercussions for capital accumulation. In contrast, monopoly power in banking can be bene cial for growth. A monopolist bank may lower the equilibrium quantity of credit, but ...
متن کاملThe Dark Side of Decentralized Banks: Market Power and Credit Rationing in SME Lending
Using loan-level data from Mexico, we study the relationship between the organizational structure of banks and the terms of lending to small businesses. We find that banks with decentralized lending structures – where branch managers have autonomy over the terms of lending – give larger loans to small firms and those with more "soft information". However, decentralized banks are also more respo...
متن کاملThe Real Costs of Credit Access: Evidence from the Payday Lending Market∗
Usinggeographicdifferences intheavailabilityof paydayloans, I estimatethe real effects of credit access among low-income households. Payday loans are small, highinterest rate loans that constitutethemarginal sourceof credit formanyhigh risk borrowers. I find no evidence that payday loans alleviate economic hardship. Tothecontrary, loanaccess leads toincreaseddifficultypayingmortgage, rent and u...
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ژورنال
عنوان ژورنال: Journal of Public Economics
سال: 1990
ISSN: 0047-2727
DOI: 10.1016/0047-2727(90)90011-6