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Rationing versus collateralization in competitive and monopolistic credit markets with asymmetric information

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  • Schmidt-Mohr, Udo
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    File URL: http://www.sciencedirect.com/science/article/B6V64-3SX0PJT-4/2/dbc2631c40a43de7b8f6f53445896918
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    Bibliographic Info

    Article provided by Elsevier in its journal European Economic Review.

    Volume (Year): 41 (1997)
    Issue (Month): 7 (July)
    Pages: 1321-1342

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    Handle: RePEc:eee:eecrev:v:41:y:1997:i:7:p:1321-1342

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    References

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    1. Roger B. Myerson, 1977. "Incentive Compatability and the Bargaining Problem," Discussion Papers 284, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Besanko, David & Thakor, Anjan V, 1987. "Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(3), pages 671-89, October.
    3. Bester, Helmut, 1987. "The role of collateral in credit markets with imperfect information," European Economic Review, Elsevier, vol. 31(4), pages 887-899, June.
    4. David Besanko & Anjan V. Thakor, 2004. "Competitive Equilibrium in the Credit Market under Asymmetric Information," Finance 0411045, EconWPA.
    5. Rothschild, Michael & Stiglitz, Joseph E, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 630-49, November.
    6. Riley, John G, 1979. "Informational Equilibrium," Econometrica, Econometric Society, vol. 47(2), pages 331-59, March.
    7. Hellmuth Milde & John G. Riley, 1986. "Signalling in Credit Markets," UCLA Economics Working Papers 334, UCLA Department of Economics.
    8. Mattesini, Fabrizio, 1990. "Screening in the credit market : The role of collateral," European Journal of Political Economy, Elsevier, vol. 6(1), pages 1-22, August.
    9. Jaffee, Dwight & Stiglitz, Joseph, 1990. "Credit rationing," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 2, chapter 16, pages 837-888 Elsevier.
    10. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    11. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
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    Cited by:
    1. 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.
    2. Buckley, Robert & Karaguishiyeva, Gulmira & Van Order, Robert & Vecvagare, Laura, 2003. "Comparing mortgage credit risk policies : an options-based approach," Policy Research Working Paper Series 3047, The World Bank.
    3. Wang, Yu-Lin, 2010. "Does collateral cause inefficient resource allocation?," Journal of Economics and Business, Elsevier, vol. 62(3), pages 220-233, May.
    4. Harhoff, Dietmar & Korting, Timm, 1998. "Lending relationships in Germany - Empirical evidence from survey data," Journal of Banking & Finance, Elsevier, vol. 22(10-11), pages 1317-1353, October.
    5. Allen N. Berger & Marco A. Espinosa-Vega & W. Scott Frame & Nathan H. Miller, 2007. "Why do borrowers pledge collateral? new empirical evidence on the role of asymmetric information," Working Paper 2006-29, Federal Reserve Bank of Atlanta.
    6. Naoki Kojima, 2009. "Imperfect competition in differentiated credit contract markets," Annals of Finance, Springer, vol. 5(2), pages 175-187, March.
    7. Robert Buckley & Gulmira Karaguishiyeva & Robert Order & Laura Vecvagare, 2006. "Mortgage credit risk in EU countries: Constraints on exploiting the single currency market," European Journal of Law and Economics, Springer, vol. 21(1), pages 13-27, January.
    8. Cesaroni, Giovanni, 2010. "Contestability and collateral in credit markets with adverse selection," MPRA Paper 26949, University Library of Munich, Germany.
    9. Bouaiss, Karima & Refait-Alexandre, Catherine & Alexandre, Hervé, . "Banking relationship and syndicated loans during the last financial crisis," Open Access publications from Université Paris-Dauphine urn:hdl:123456789/8559, Université Paris-Dauphine.

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