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On the Possibility of Credit Rationing in the Stiglitz-Weiss Model

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Author Info
Arnold, Lutz G.

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Abstract

Contrary to what is consistently assumed in the literature, the return function cannot be hump-shaped in the Stiglitz-Weiss (1981) model. This has important consequences for the possible occurrence of credit rationing and redlining. With a single class of borrowers, banks offer credit in two stages. Demand possibly exceeds supply in stage one, but not in stage two. With several observationally distinguishable borrower classes, the firms in a borrower class are redlined only under circumstances which imply that they would not get credit in a perfect capital market either.

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Paper provided by University of Regensburg, Department of Economics in its series Regensburger Diskussionsbeiträge zur Wirtschaftswissenschaft with number 403.

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Date of creation: 01 Mar 2005
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Handle: RePEc:bay:rdwiwi:476

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Related research
Keywords: credit rationing; asymmetric information; Kreditrestriktion; Asymmetrische Information;

Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

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