原创力文档contestability and collateral in credit markets with adverse selection可竞争性和抵押信贷市场的逆向选择.pdfVIP
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contestability and collateral in credit markets with adverse selection可竞争性和抵押信贷市场的逆向选择
Theoretical Economics Letters, 2012, 2, 54-61
/10.4236/tel.2012.21010 Published Online February 2012 (http://www.SciRP.org/journal/tel)
Contestability and Collateral in Credit Markets
with Adverse Selection
Giovanni Cesaroni
Department for Prime Minister and Cabinet, Rome, Italy
Email: g.cesaroni@governo.it
Received November 4, 2011; revised December 16, 2011; accepted December 22, 2011
ABSTRACT
The work discusses a basic proposition in the theory of competition in markets with adverse selection. By working out
the sequence of market transactions, we show that the effectiveness of collateral in avoiding equilibrium rationing de-
pends on an assumption of uncontestability of the loan market. If contestability is restored to its proper place, the sepa-
ration of borrower by means of sufficient collateral does not impede the emergence of credit rationing, which results
from a coordination failure among risk-neutral banks. As a consequence, even in a risk-neutral environment with suit-
able endowments, the use of collateral in credit contracts could not be a socially efficient screening-device. Our conclu-
sion on rationing does not stand in contrast with a general result from Gale.
Keywords: Adverse Selection; Collateral; Rationing; Contestable Markets
1. Introduction rationing equilibrium. Conversely, if the game is cor-
rectly specified, in the sense that the same extensive form
Since the seminal work of Bester [1], it has been gener-
and the same unrestricted strategy set is being con
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