English, Article, Journal or magazine article edition: The Near Impossibility of Credit Rationing David De Meza; David C Webb

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Bookmark: http://trove.nla.gov.au/version/44671
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Near Impossibility of Credit Rationing
Author
  • David De Meza
  • David C Webb
Physical Description
  • preprint
Notes
  • Equilibrium credit rationing in the sense of Stiglitz and Weiss (1981) implies the marginal cost of funds to the borrower is infinite. So borrowers have an overwhelming incentive to cut their loan by a dollar and thereby avoiding being rationed. Ways of doing this include scaling down the project, cutting consumption or infinitesimally delaying the project to accumulate more saving. All of these routes are normally feasible in which case credit rationing is impossible.
  • RePEc:fmg:fmgdps:dp459
Language
  • English
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