English, Article edition: Collateralized Debt as the Optimal Contract Jeffrey Lacker

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Bookmark: http://trove.nla.gov.au/version/112437
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  • article
Language
  • English

Edition details

Title
  • Collateralized Debt as the Optimal Contract
Author
  • Jeffrey Lacker
Physical Description
  • article
Notes
  • In a multiple-good risk-sharing environment with ex post private information, conditions are found under which collateralized debt is the optimal contract. The necessary and sufficient condition is that the borrower values the collateral good more highly than does the lender; otherwise the optimal contract does not resemble debt. Limited collateral can give rise to an endogenous borrowing constraint, driving a further wedge between the intertemporal marginal rates of substitution of the borrower and the lender. (Copyright: Elsevier)
  • debt, financial contracts, optimal contracts, collateral, asymmetric information, borrowing constraints
  • RePEc:red:issued:v:4:y:2001:i:4:p:842-859
Language
  • English
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