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Credit guarantees in a credit market with adverse selection

  • Karel Janda

This paper deals with government interventions in agricultural credit markets in the Czech Republic. I first describe the institutional setting and the empirics of agricultural credit in the Czech Republic. I explain the activities of the Czech Agricultural Guarantee Fund and compare it with similar institutions dealing with the support of agricultural credit in transition and developed market economies. Then I introduce an adverse selection model of credit provision with proportional credit guarantees. The model distinguishes two market regimes - a developed post-transition market economy and a transition economy. This distinction between transition and post-transition economies leads to different results generated by credit markets. Most notably, there is a failure of collateral as a screening instrument in credit markets of transition economies. With economic stabilization collateral resumes its role as a screening instrument.

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File URL: http://www.vse.cz/pep/225
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Article provided by University of Economics, Prague in its journal Prague Economic Papers.

Volume (Year): 2003 (2003)
Issue (Month): 4 ()
Pages:

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Handle: RePEc:prg:jnlpep:v:2003:y:2003:i:4:id:225
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