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On the Use of Collateral

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Author Info
 Coco, Giuseppe

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Abstract

This paper surveys existing explanations for the pervasive use of collateral in credit markets and relates them to the empirical evidence on the subject. Collateral may be used as a screening or an incentive device in markets characterized by various forms of asymmetric and biased information. The evidence is incompatible with the use of collateral as a signal of projects' quality, while broadly consistent with explanations based on its incentive properties and asymmetric evaluation of projects. Copyright 2000 by Blackwell Publishers Ltd

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Article provided by Blackwell Publishing in its journal Journal of Economic Surveys.

Volume (Year): 14 (2000)
Issue (Month): 2 (April)
Pages: 191-214
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Handle: RePEc:bla:jecsur:v:14:y:2000:i:2:p:191-214

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  1. Alberto Franco Pozzolo, 2004. "The role of guarantees in bank lending," Temi di discussione (Economic working papers) 528, Bank of Italy, Economic Research Department. [Downloadable!]
    Other versions:
  2. Arturo Galindo, 2001. "Creditor Rights and the Credit Market: Where Do We Stand?," RES Working Papers 4259, Inter-American Development Bank, Research Department. [Downloadable!]
  3. Arturo Galindo, 2001. "Derechos de los acreedores y el mercado crediticio ¿Cuál es la situación actual?," RES Working Papers 4260, Inter-American Development Bank, Research Department. [Downloadable!]
  4. Salvatore Zecchini & Marco Ventura, 2009. "The impact of public guarantees on credit to SMEs," Small Business Economics, Springer, vol. 32(2), pages 191-206, February. [Downloadable!] (restricted)
  5. Leonardo Becchetti & Melody Garcia & Giovanni Trovato, 2009. "Credit rationing and credit view: empirical evidence from loan data," CEIS Research Paper 144, Tor Vergata University, CEIS, revised 30 Sep 2009. [Downloadable!]
  6. Massimo Omiccioli, 2005. "Trade Credit as Collateral," Temi di discussione (Economic working papers) 553, Bank of Italy, Economic Research Department. [Downloadable!]
  7. Leonardo Becchetti & Melody Garcia, 2008. "Do collateral theories work in social banking ?," CEIS Research Paper 131, Tor Vergata University, CEIS, revised 07 Nov 2008. [Downloadable!]
  8. Martin Petrick & Ingo Pies, 2007. "In search for rules that secure gains from cooperation: the heuristic value of social dilemmas for normative institutional economics," European Journal of Law and Economics, Springer, vol. 23(3), pages 251-271, June. [Downloadable!] (restricted)
  9. Arturo Galindo & Alejandro Micco, 2003. "Do State-Owned Banks Promote Growth? Cross-Country Evidence for Manufacturing Industries," RES Working Papers 4325, Inter-American Development Bank, Research Department. [Downloadable!]
    Other versions:
  10. Arturo Galindo & Alejandro Micco, 2003. "¿Fomentan el desarrollo los bancos propiedad del Estado? Elementos de juicio de las industrias manufactureras de una muestra de países," RES Working Papers 4326, Inter-American Development Bank, Research Department. [Downloadable!]
  11. Petrick, Martin, 2006. "How to Make Institutional Economics Policy-Relevant: Theoretical Considerations and an Application to Rural Credit Markets in Developing Countries," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25702, International Association of Agricultural Economists. [Downloadable!]
  12. Karel Janda, 2004. "Bankruptcy Procedures with Ex Post Moral Hazard," Working Papers IES 61, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised 2004. [Downloadable!]
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