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La asimetria de la informacion en la crisis financiera, el racionamiento del credito y la garantia como mecanismo simbiotico del sistema
[The information asymmetry in the financial crisis, credit rationing the guarantees and system simbiotic mechanism]

Author

Listed:
  • Gallurt, Jesus
  • Pombo, Pablo
  • Ramirez, Jesus
  • Molina, Horacio

Abstract

After the fall of Lehman Brothers and the start of the financial crisis is a break in economic activity, evidences a lack of financial attributed to information asymmetry experienced by the financial system. This paper will see how it has been analyzed by different economists this phenomenon that makes credit rationing and moral hazard. This issue is more severe because banking regulation establishes strict coverage criteria to operations that boost this exclusive effect. guarantee activity is beneficial for the entrepreneur and for financial institutions, finding common interests on them that, joined to the public sector, shape the guarantee activity as a policy that find the most effective coordination vectors between agents. However, test how the system no develops guarantee on the Spanish economy to achieve the desired volumes.

Suggested Citation

  • Gallurt, Jesus & Pombo, Pablo & Ramirez, Jesus & Molina, Horacio, 2012. "La asimetria de la informacion en la crisis financiera, el racionamiento del credito y la garantia como mecanismo simbiotico del sistema
    [The information asymmetry in the financial crisis, credit r
    ," MPRA Paper 39773, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:39773
    as

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    File URL: https://mpra.ub.uni-muenchen.de/39773/1/MPRA_paper_39773.pdf
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    References listed on IDEAS

    as
    1. Liang Han & Stuart Fraser & David J. Storey, 2009. "The Role of Collateral in Entrepreneurial Finance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(3-4), pages 424-455.
    2. Baltensperger, Ernst, 1978. "Credit Rationing: Issues and Questions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(2), pages 170-183, May.
    3. Kerry D. Vandell, 1984. "On the Assessment of Default Risk in Commercial Mortgage Lending," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 270-296.
    4. Calomiris, Charles W & Hubbard, R Glenn, 1990. "Firm Heterogeneity, Internal Finance, and 'Credit Rationing.'," Economic Journal, Royal Economic Society, vol. 100(399), pages 90-104, March.
    5. Dwight M. Jaffee & Thomas Russell, 1984. "Imperfect Information, Uncertainty, and Credit Rationing: A Reply," The Quarterly Journal of Economics, Oxford University Press, vol. 99(4), pages 869-872.
    6. Jonathan Eaton & Mark Gersovitz, 1981. "Debt with Potential Repudiation: Theoretical and Empirical Analysis," Review of Economic Studies, Oxford University Press, vol. 48(2), pages 289-309.
    7. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
    8. Liang Han & David Storey & Stuart Fraser, 2008. "The concentration of creditors: evidence from small businesses," Applied Financial Economics, Taylor & Francis Journals, vol. 18(20), pages 1647-1656.
    9. Ivashina, Victoria, 2009. "Asymmetric information effects on loan spreads," Journal of Financial Economics, Elsevier, vol. 92(2), pages 300-319, May.
    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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    credit rationing; guarantee; loan; asimetry ; information asimmetryc;

    JEL classification:

    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

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