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Institut für Volkswirtschaftslehre, Universität Augsburg >
Volkswirtschaftliche Diskussionsreihe, Universität Augsburg >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/22794
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Pausch, Thilo | | en_US |
| dc.date.accessioned | | 2009-01-29T15:09:01Z | | - |
| dc.date.available | | 2009-01-29T15:09:01Z | | - |
| dc.date.issued | | 2005 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/22794 | | - |
| dc.description.abstract | | The standard situation of ex post information asymmetry between borrowers and lenders is extended by risk aversion and heterogenous levels of reservation utility of lenders. In a situation of direct contracting optimal incentive compatible contracts are valuable for both, borrowers and lenders. However, there may appear credit rationing as a consequence of borrowers optimal decision making. Introducing a bank into the market increases total wealth due to the appearance of a portfolio effect in the sense of first order stochastic dominance. It can be shown that this effect may even reduce the problem of credit rationing provided it is su?ciently strong. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | | | en_US |
| dc.relation.ispartofseries | | Volkswirtschaftliche Diskussionsreihe / Institut für Volkswirtschaftslehre der Universität Augsburg 271 | | en_US |
| dc.subject.jel | | L22 | | en_US |
| dc.subject.jel | | G21 | | en_US |
| dc.subject.jel | | D82 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | risk aversion | | en_US |
| dc.subject.keyword | | costly state verification | | en_US |
| dc.subject.keyword | | credit rationing | | en_US |
| dc.subject.keyword | | bank | | en_US |
| dc.title | | Credit Risk, Credit Rationing, and the Role of Banks: The Case of Risk Averse Lenders | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 481666141 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Volkswirtschaftliche Diskussionsreihe, Universität Augsburg
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| 271.pdf | | 319.63 kB | Adobe PDF |
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