کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7367442 | 1479245 | 2018 | 4 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Unbounded returns and the possibility of credit rationing: A note on the Stiglitz-Weiss and Arnold-Riley models
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موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
ریاضیات کاربردی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Unbounded returns and the possibility of credit rationing: A note on the Stiglitz-Weiss and Arnold-Riley models Unbounded returns and the possibility of credit rationing: A note on the Stiglitz-Weiss and Arnold-Riley models](/preview/png/7367442.png)
چکیده انگلیسی
Arnold and Riley (2009) find that in the credit rationing model of Stiglitz and Weiss (1981), the expected revenue of a lender as a function of the loan rate cannot be globally hump-shaped, and thus credit rationing is hard to explain using the Stiglitz-Weiss model. However, Arnold and Riley base their analysis on the assumption that there is an upper bound of the returns of borrowers' projects. We find that if unbounded returns of borrowers' projects are allowed, then a lender's expected revenue in the Stiglitz-Weiss model can in fact be globally hump-shaped. This also implies that credit rationing (with one equilibrium loan rate) can only arise in markets where the returns from investment are highly volatile.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Mathematical Economics - Volume 75, March 2018, Pages 67-70
Journal: Journal of Mathematical Economics - Volume 75, March 2018, Pages 67-70
نویسندگان
Hengheng Lu, Kang Rong,