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Il razionamento del credito come meccanismo di trasmissione della politica monetaria in un modello di gestione della liquidità

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  • Giovanni Cesaroni

Abstract

This paper, specifying the effects that liquidity management has on the profit function of a generic bank facing an adverse selection problem a là Stiglitz and Weiss (1981), gives a microeconomic foundation, of a partial equilibrium nature, of credit rationing as a transmission mechanism of monetary policy (Blinder 1987). We derive some comparative statics effects very similar to those obtained from Bernanke and Blinder (1992) econometric model. Our model transforms the Pareto-optimal equilibrium with credit rationing into a Pareto-dominated one, exemplifying how the size of agency costs stemming from informational asymmetries may depend on liquidity, a circumstance that is currently being underrated by the contemporary banking theory.

Suggested Citation

  • Giovanni Cesaroni, 1999. "Il razionamento del credito come meccanismo di trasmissione della politica monetaria in un modello di gestione della liquidità," Rivista italiana degli economisti, Società editrice il Mulino, issue 1, pages 73-106.
    • Handle: RePEc:mul:jqat1f:doi:10.1427/3651:y:1999:i:1:p:73-106
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