Credit Markets With Differences In Abilities
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Credit Markets With Differences In Abilities
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Author : Mr.Se-Jik Kim
language : en
Publisher: International Monetary Fund
Release Date : 1994-04-01
Credit Markets With Differences In Abilities written by Mr.Se-Jik Kim 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 1994-04-01 with Business & Economics categories.
This paper addresses the growth, welfare, and distributional effects of credit markets. We construct a general equilibrium model where human capital is the engine of growth and individuals differ in their education abilities. We argue that the existence of credit markets encourages specialization, by which individuals choose during their youth to work or to receive formal education. This specialization unambiguously increases growth and welfare. The model also shows that in economies with high (low) average level of education abilities, the opening of credit markets induces a more disperse (equal) income distribution.
Credit Markets With Differences In Abilities
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Author : José de De Gregorio
language : en
Publisher:
Release Date : 1994
Credit Markets With Differences In Abilities written by José de De Gregorio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
Credit Markets With Differences In Abilities
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Author : Jose de Gregorio
language : en
Publisher:
Release Date : 2008
Credit Markets With Differences In Abilities written by Jose de Gregorio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This article presents an endogenous growth model in which credit markets affect time allocation of individuals with different educational abilities. Credit markets allow the more able to specialize in studying and the less able to specialize in working. This specialization can increase growth and welfare. This article also shows that in economies with high (low) levels of education abilities, the opening of credit markets induces a more disperse (equal) income distribution. The role of intergenerational transfers in overcoming the absence of credit markets is also discussed, as well as other forms of credit markets imperfections.
Credit Markets With Differences In Abilities
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Author : José De Gregorio
language : en
Publisher:
Release Date : 1998
Credit Markets With Differences In Abilities written by José De Gregorio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Consumer credit categories.
Credit Markets With Differences In Abilities Eduction Distribution And Growth
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Author : J. De Gregorio
language : en
Publisher:
Release Date : 1994
Credit Markets With Differences In Abilities Eduction Distribution And Growth written by J. De Gregorio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
Credit Markets With Differences In Abilities
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Author : Fondo Monetario Internacional
language : es
Publisher:
Release Date : 1994
Credit Markets With Differences In Abilities written by Fondo Monetario Internacional and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
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.
Banks Informal Money Lenders And Asymmetric Information
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Author : Patrick Avato
language : en
Publisher: GRIN Verlag
Release Date : 2005-06-13
Banks Informal Money Lenders And Asymmetric Information written by Patrick Avato and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-06-13 with Business & Economics categories.
Seminar paper from the year 2005 in the subject Economics - Monetary theory and policy, grade: A= 1,0, Johns Hopkins University (School of Advanced International Studies (SAIS)), course: Theories and Models of Economic Development, language: English, abstract: Credit markets in developing countries differ substantially from their counterparts in OECD countries. Apart from the obvious differences in institutional development, technology and productivity which are both measures for and causes of underdevelopment, typ ical LDC credit markets have two main characteristics. Firstly, their financial systems are very small compared those in industrial economies. Secondly, developing countries are characterized by very big informal financial sectors that coexist with formal credit institutions. Interestingly, credit contracts differ highly between these two sectors and there seems to be only very limited inter-sector competition. The following paper ventures to explain the persistence of these peculiarities in rural credit markets1 using the model of asymmetric information in credit markets developed by Stiglitz and Weiss. By applying the model specifically to LDC credit markets I show that asymmetric information is among the major reasons for the underdevelopment of rural credit markets. Building on these findings I then explain how Microfinance Institutions (MFI) have lately been able to overcome some of the problems of imperfect information and strive in markets formerly dominated by informal money lenders. The first part of this paper provides an overview of the typical characteristics of credit markets in developing countries, concentrating on the limited size of LDC credit markets and on the apparent dichotomy between formal and informal finance sectors. Then, the importance of financial systems for economic development is briefly outlined in order to explain the relevance of the topic of this essay. The main part of the paper then presents the model of asymmetric information in credit markets pioneered by Stiglitz/Weiss as a possible explanation for the causal origins of these characteristics. The last part shows how successful microfinance institutions may succeed in operating in rural credit markets by their ability to overcome problems of imperfect information.
Endogenous Product Differentiation In Credit Markets
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Author : Moshe Kim
language : en
Publisher:
Release Date : 2010
Endogenous Product Differentiation In Credit Markets written by Moshe Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This paper studies strategies pursued by banks in order to differentiate their services from those of their rivals. In that way competition among banks is softened. More specifically we analyze if the bank size, the bank's ability to avoid losses, and its capital ratio can be used as strategic variables to make banks different and increase the interest rates banks can charge their borrowers in equilibrium. Using a panel of data covering Norwegian banks between 1993 and 1998 we find empirical support that the ability to avoid losses, measured by the ratio of loss provisions, may act as such a strategic variable. Our main finding is that borrowers in the market for credit line loans may discipline banks to avoid losses. We also find evidence that banks pass on parts of increases in their operating costs to credit line borrowers. However, we do not find evidence for the use of high capital ratio as a strategic variable that borrowers are willing to pay for.
Essays On Consumer Credit Markets
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Author : Mark William Jenkins
language : en
Publisher: Stanford University
Release Date : 2009
Essays On Consumer Credit Markets written by Mark William Jenkins and has been published by Stanford University this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This dissertation studies the organization of consumer credit markets using a rich and novel dataset from a large subprime auto lender. Its primary goal is to develop empirical methods for analyzing markets with asymmetric information and to use these methods to better understand the behavior of subprime borrowers and lenders. The first chapter quantifies the importance of adverse selection and moral hazard in the subprime auto loan market and shows how different loan contract terms serve to mitigate these distinct information problems. The second chapter examines the impact of centralized credit scoring on lending outcomes, including the distribution of performance across dealerships within the firm. The third chapter studies borrower repayment behavior and quantifies the impact of ex post moral hazard on interest rates and the costs of default. Collectively, the three chapters provide a better understanding of the functioning of markets for subprime credit in the U.S. They also provide unique empirical evidence on the importance of asymmetric information and the value of screening, monitoring, and contract design in consumer credit markets in general.
