Does credit rationing imply insufficient lending?

• 成果类型: Article
• 署名作者: de Meza, D; Webb, D
• 署名单位: University of London; London School Economics & Political Science; University of Exeter
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(99)00099-7
• 发表日期: 2000
• 页码: 215-234
• 关键词: credit rationing; overinvestment; lending policy

摘要

By combining hidden types and hidden action, this paper shows that the existence of credit rationing need not imply that lending exceeds the full-information level. In this plausible class of models, the appropriate policy is not to subsidise or tax lending but to make alternatives to entrepreneurship more attractive. Doing so may actually increase the number of those borrowing to set up their own business and yield a strict Pareto improvement. The results extend to equilibria characterised by redlining. So, if interest rates fail to clear credit markets, it does not follow that policy should make loans easier to obtain. (C) 2000 Elsevier Science S.A. All rights reserved.