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On the Use of Collateral

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  • Coco, G.

Abstract

This paper surveys existing explanations for the 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.

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Bibliographic Info

Paper provided by Exeter University, Department of Economics in its series Discussion Papers with number 9805.

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Date of creation: 1998
Date of revision:
Handle: RePEc:exe:wpaper:9805

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Web page: http://business-school.exeter.ac.uk/about/departments/economics/
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Related research

Keywords: CREDIT ; CREDIT SYSTEMS ; INFORMATION ; CREDIT POLICY ; RATIONING 4RJ. 28p.;

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