English, Article, Journal or magazine article edition: Long Term Debt with Hidden Borrowing Heski Bar-Isaac; Vicente Cuñat

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Bookmark: http://trove.nla.gov.au/version/154534
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Long term debt with Hidden Borrowing
Author
  • Heski Bar-Isaac
  • Vicente Cuñat
Physical Description
  • preprint
Notes
  • We consider borrowers with the opportunity to raise funds from a competitive baking sector, that shares information about borrowers, and an alternative hidden lender. We highlight that the presence of the hidden lender restricts the contracts that can be obtained from the banking sector and that in equilibrium some borrowers obtain funds from both the banking sector and the (inefficient) hidden lender simultaneously. We further show that as the inefficiency of the hidden lender increases, total welfare decreases. By extending the model to examine a partially hidden lender, we further highlight the key role of information.
  • Hidden Borrowing, Informal Lenders, Borrower Screening, Long Term Debt
  • RePEc:upf:upfgen:803
  • RePEc:ste:nystbu:05-04
Language
  • English
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