Credit Markets With Asymmetric Information And The Role Of Collateral
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Credit Markets With Asymmetric Information And The Role Of Collateral
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Author : Gerhard Clemenz
language : en
Publisher:
Release Date : 1985
Credit Markets With Asymmetric Information And The Role Of Collateral written by Gerhard Clemenz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with categories.
The Separating Role Of Collateral Requirements In Credit Markets With Asymmetric Information
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Author : C. Monica Capra
language : en
Publisher:
Release Date : 2002
The Separating Role Of Collateral Requirements In Credit Markets With Asymmetric Information written by C. Monica Capra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
In this paper we test Bester's (1985, 1987) prediction about the separating role of contracts that involve both interest rates and collateral requirements in credit markets. To test this prediction we use data from natural credit markets and controlled experiments. Using a sample of credits to small and medium size firms in Valencia, Spain, we relate two different types of contracts with the ex post risk type of the borrower and other relevant variables. We then design two incentive compatible contracts and analyze decisions under two different experimental treatments, one with moral hazard. Our empirical results confirm that borrowers of ex post lower risk choose contracts with higher collateral and lower interest rate. However, we find evidence that the existence of moral hazard could reduce separation.
Credit Markets With Asymmetric Information
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Author : Gerhard Clemenz
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Credit Markets With Asymmetric Information written by Gerhard Clemenz and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Financial Markets Asymmetric Information And Macroeconomic Equilibrium
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Author : Fabrizio Mattesini
language : en
Publisher: Dartmouth Publishing Company
Release Date : 1993
Financial Markets Asymmetric Information And Macroeconomic Equilibrium written by Fabrizio Mattesini and has been published by Dartmouth Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
The study of the interaction between the financial sector and the sector of the economy is one of the most recent advances in macroeconomic theory. While mainstream economics assigns a passive role to the financial sector there is a growing body of literature which emphasizes the importance of financial intermediaries in explaining fluctuations and the determination of the process through which monetary policy impulses are transmitted to the rest of the economy. This literature has its origin in the models that rely on asymmetric information to explain imperfections in financial markts and in empirical evidence collected through various econometric techniques and through historical studies. This book surveys the relevant work ion the subject, evaluates the empirical evidence and the explanatory power of the theories proposed and furnishes new and empirical results.
Collateral And Asymmetric Information In Lending Markets
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Author : Vasso Ioannidou
language : en
Publisher:
Release Date : 2019
Collateral And Asymmetric Information In Lending Markets written by Vasso Ioannidou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Asset-backed financing categories.
We study the benefits and costs of collateral requirements in bank lending markets with asymmetric information. We estimate a structural model of firms' credit demand for secured and unsecured loans, banks' contract offering and pricing, and firm default using detailed credit registry data in a setting where asymmetric information problems in credit markets are pervasive. We provide evidence that collateral mitigates adverse selection and moral hazard. With counterfactual experiments, we quantify how an adverse shock to collateral values propagates to credit supply, credit allocation, interest rates, default, and bank profits and how the severity of adverse selection influences this propagation.
Asymmetric Information And The Market Structure Of The Banking Industry
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Author : Mr.Giovanni Dell'Ariccia
language : en
Publisher: International Monetary Fund
Release Date : 1998-06-01
Asymmetric Information And The Market Structure Of The Banking Industry written by Mr.Giovanni Dell'Ariccia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-06-01 with Business & Economics categories.
The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.
Credit And Collateral
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Author : Vania Sena
language : en
Publisher: Routledge
Release Date : 2007-12-10
Credit And Collateral written by Vania Sena and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-10 with Business & Economics categories.
Collateral - generally defined as an asset used to provide security for a lender's loan - is an important feature of credit contracts and all the available evidence suggests that its use is getting more pervasive. This informative book builds upon recent research into this topic. Sena analyses three case-studies that revolve around the impact that financial constraints have on economic outcomes. In the first case-study, the relationship between firms’ technical efficiency and increasing financial pressure is explored. The author then goes on to show, in the second case study, that under specific circumstances, increasing financial pressure and increasing product market competition can jointly have a positive impact on firms’ technical efficiency, while not being true for all types of firms. In the third case, she analyses the impact that finance constraints have on women’s start-ups. Unique and revealing, this is the first book to deal so extensively with the topic of collateral, and as such, is a valuable reference to postgraduates and professionals in the fields of macroeconomics, monetary and business economics.
Asymmetric Information In Financial Markets
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Author : Ricardo N. Bebczuk
language : en
Publisher: Cambridge University Press
Release Date : 2003-08-21
Asymmetric Information In Financial Markets written by Ricardo N. Bebczuk and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-08-21 with Business & Economics categories.
Asymmetric information (the fact that borrowers have better information than their lenders) and its theoretical and practical evidence now forms part of the basic tool kit of every financial economist. It is a phenomenon that has major implications for a number of economic and financial issues ranging from both micro and macroeconomic level - corporate debt, investment and dividend policies, the depth and duration of business cycles, the rate of long term economic growth - to the origin of financial and international crises. Asymmetric Information in Financial Markets aims to explain this concept in an accessible way, without jargon and by reducing mathematical complexity. Using elementary algebra and statistics, graphs, and convincing real-world evidence, the author explores the foundations of the problems posed by asymmetries of information in a refreshingly accessible and intuitive way.
Data Vs Collateral
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Author : Leonardo Gambacorta
language : en
Publisher:
Release Date : 2020
Data Vs Collateral written by Leonardo Gambacorta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Economics Of Asymmetric Information
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Author : Indian Economic Association. Annual Conference
language : en
Publisher: Deep and Deep Publications
Release Date : 2006
Economics Of Asymmetric Information written by Indian Economic Association. Annual Conference and has been published by Deep and Deep Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Contributed papers presented at the one of the technical sessions of Indian Economic Association's 85th conference held at the Kerala University in 2002.
