메뉴 건너뛰기




Volumn 3, Issue 3, 2001, Pages 215-238

Is there adverse selection in the credit market?

Author keywords

Adverse selection; Bank loans; Collateral; Credit markets; Information

Indexed keywords


EID: 85011195653     PISSN: 13691066     EISSN: 14645343     Source Type: Journal    
DOI: 10.1080/13691060110052104     Document Type: Article
Times cited : (64)

References (41)
  • 1
    • 0039917387 scopus 로고
    • Instrumental variables estimation of average treatment effects in econometrics and epidemiology
    • Angrist, J.D. (1991) Instrumental variables estimation of average treatment effects in econometrics and epidemiology, NBER Technical working paper no. 115.
    • (1991) NBER Technical Working Paper No , pp. 115
    • Angrist, J.D.1
  • 2
    • 38249033570 scopus 로고
    • Competitive equilibrium in the credit market under asymmetric information
    • Besanko, D. and A. Thakor, (1987) Competitive equilibrium in the credit market under asymmetric information. Journal of Economic Theory, 42, 167–182.
    • (1987) Journal of Economic Theory , vol.42 , pp. 167-182
    • Besanko, D.1    Thakor, A.2
  • 4
    • 84933491229 scopus 로고
    • Some evidence on the empirical significance of credit rationing
    • Berger, A.N. and Udell, G.F. (1992) Some evidence on the empirical significance of credit rationing. Journal of Political Economy, 100, 1046–1077.
    • (1992) Journal of Political Economy , vol.100 , pp. 1046-1077
    • Berger, A.N.1    Udell, G.F.2
  • 5
    • 0001209480 scopus 로고
    • Collateral and rationing: Sorting equilibria in monopolistic and competitive credit markets
    • Besanko, D. and Thakor, A.V. (1987) Collateral and rationing: sorting equilibria in monopolistic and competitive credit markets. International Economic Review, 28, 671–689.
    • (1987) International Economic Review , vol.28 , pp. 671-689
    • Besanko, D.1    Thakor, A.V.2
  • 6
    • 84981865845 scopus 로고
    • Screening vs rationing in credit markets with imperfect information
    • Bester, H. (1985) Screening vs rationing in credit markets with imperfect information. American Economic Review, 75, 850–855.
    • (1985) American Economic Review , vol.75 , pp. 850-855
    • Bester, H.1
  • 7
    • 0000378757 scopus 로고
    • Moral hazard in credit markets: Some recent developments
    • G. Bamberg and K. Spremann, New York: Springer Verlag
    • Bester H. and Hellwig, M. (1989) Moral hazard in credit markets: some recent developments. In G. Bamberg and K. Spremann (eds) Agency Theory, Information and Incentives, (New York: Springer Verlag).
    • (1989) Agency Theory, Information and Incentives
    • Bester, H.1    Hellwig, M.2
  • 8
    • 84935668858 scopus 로고
    • Smoking, skydiving and knitting: The endogenous categorization of risks in insurance markets with asymmetric information
    • Bond, E. and Crocker, K. (1990) Smoking, skydiving and knitting: the endogenous categorization of risks in insurance markets with asymmetric information. Journal of Political Economy, 99, 177–200.
    • (1990) Journal of Political Economy , vol.99 , pp. 177-200
    • Bond, E.1    Crocker, K.2
  • 9
    • 0001403052 scopus 로고
    • Secured lending and default risk: Equilibrium analysis, policy implications and empirical results
    • Boot, A., Thakor, A.V. and Udell, G.F. (1991) Secured lending and default risk: equilibrium analysis, policy implications and empirical results. The Economic Journal, 101, 458–472.
    • (1991) The Economic Journal , vol.101 , pp. 458-472
    • Boot, A.1    Thakor, A.V.2    Udell, G.F.3
  • 10
    • 84871768280 scopus 로고
    • Problems with instrumental variables estimation when the correlation between the instruments and the endogenous explanatory variables is weak
    • Bound, J., Jaeger, D. and Baker, R. (1995) Problems with instrumental variables estimation when the correlation between the instruments and the endogenous explanatory variables is weak. Journal of the American Statistical Association, 90, 443–450.
    • (1995) Journal of the American Statistical Association , vol.90 , pp. 443-450
    • Bound, J.1    Jaeger, D.2    Baker, R.3
  • 11
    • 0001608056 scopus 로고    scopus 로고
    • An r-squared measure of goodness of fit for some common nonlinear regression model
    • Cameron, C.A. and Windmeijer, F.A.G. (1997) An r-squared measure of goodness of fit for some common nonlinear regression model. Journal of Econometrics, 77, 329–342.
    • (1997) Journal of Econometrics , vol.77 , pp. 329-342
    • Cameron, C.A.1    Windmeijer, F.A.G.2
  • 12
    • 0041888018 scopus 로고    scopus 로고
    • Asymmetric information in automobile insurance markets: An empirical investigation
    • Paris: DELTA)
    • Chiappori, P.-A. and Salanié, B. (1996) Asymmetric information in automobile insurance markets: An empirical investigation, mimeo (Paris: DELTA).
    • (1996) Mimeo
    • Chiappori, P.-A.1    Salanié, B.2
  • 13
    • 0042227362 scopus 로고    scopus 로고
    • Empirical contract theory: The case of insurance data
    • Chiappori, P.-A. and Salanie´, B. (1997) Empirical contract theory: the case of insurance data, European Economic Review, 41, 943–950.
    • (1997) European Economic Review , vol.41 , pp. 943-950
    • Chiappori, P.-A.1    Salanie´, B.2
  • 14
    • 0001731516 scopus 로고
    • The institutional structure of production
    • Coase, R. (1992) The institutional structure of production. American Economic Review, 82, 713–719.
    • (1992) American Economic Review , vol.82 , pp. 713-719
    • Coase, R.1
  • 16
    • 0003347924 scopus 로고    scopus 로고
    • Are business startups debt-rationed?
    • Cressy, R. (1996) Are business startups debt-rationed?. The Economic Journal, 106, 1253–1270.
    • (1996) The Economic Journal , vol.106 , pp. 1253-1270
    • Cressy, R.1
  • 17
    • 84936024210 scopus 로고
    • The efficiency of categorical discrimination in the insurance industry
    • Crocker, K. and Snow, A. (1986) The efficiency of categorical discrimination in the insurance industry. Journal of Political Economy, 94, 321–344.
    • (1986) Journal of Political Economy , vol.94 , pp. 321-344
    • Crocker, K.1    Snow, A.2
  • 18
    • 38249023329 scopus 로고
    • The role of interest rate taxes in credit markets with divisible projects and asymmetric information
    • de Meza, D. and Webb, D. (1989) The role of interest rate taxes in credit markets with divisible projects and asymmetric information. Journal of Public Economics, 39, 33–44.
    • (1989) Journal of Public Economics , vol.39 , pp. 33-44
    • De Meza, D.1    Webb, D.2
  • 19
    • 0001020434 scopus 로고
    • Efficient credit rationing
    • deMeza, D. and Webb, D. (1992) Efficient credit rationing. European Economic Review, 36, 1277–1290.
    • (1992) European Economic Review , vol.36 , pp. 1277-1290
    • Demeza, D.1    Webb, D.2
  • 20
    • 84874382511 scopus 로고
    • Adverse selection, repeated insurance contracts and announcement strategy
    • Dionne, G. and Doherty, N. (1994) Adverse selection, repeated insurance contracts and announcement strategy. Journal of Political Economy, 102, 209–235.
    • (1994) Journal of Political Economy , vol.102 , pp. 209-235
    • Dionne, G.1    Doherty, N.2
  • 23
    • 84934562671 scopus 로고
    • An estimated model of entrepreneurial choice under liquidity constraints
    • Evans, D.S. and Jovanovic, B. (1989) An estimated model of entrepreneurial choice under liquidity constraints. Journal of Political Economy 1989, 97, 808–827.
    • (1989) Journal of Political Economy , vol.1989 , Issue.97 , pp. 808-827
    • Evans, D.S.1    Jovanovic, B.2
  • 24
    • 46549102152 scopus 로고
    • What’s different about banks?
    • Fama, E.F. (1985) What’s different about banks? Journal of Monetary Economics, 15, 29–39.
    • (1985) Journal of Monetary Economics , vol.15 , pp. 29-39
    • Fama, E.F.1
  • 25
    • 34547433726 scopus 로고
    • Monetary policy, business cycles and the behaviour of small manufacturing firms
    • Gertler, M. and Gilchrist, S. (1994) Monetary policy, business cycles and the behaviour of small manufacturing firms. Quarterly Journal of Economics CIX, 2, ??–??.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 2
    • Gertler, M.1    Gilchrist, S.2
  • 27
    • 85011150097 scopus 로고
    • Firms, Contracts and Financial Structure, Clarendon Lectures in Economics
    • Hart, O. (1995) Firms, Contracts and Financial Structure, Clarendon Lectures in Economics, (Oxford: Oxford University Press).
    • (1995) (Oxford: Oxford University Press)
    • Hart, O.1
  • 28
    • 84984253750 scopus 로고
    • Asymmetric information and models of credit rationing
    • Hillier, B. and Ibrahimo, M.V. (1993) Asymmetric information and models of credit rationing. Bulletin of Economic Research, 45, 271–304.
    • (1993) Bulletin of Economic Research , vol.45 , pp. 271-304
    • Hillier, B.1    Ibrahimo, M.V.2
  • 29
    • 0031413974 scopus 로고    scopus 로고
    • Financial intermediation, loanable funds, and the real sector
    • Holmström, B. and Tirole, J. (1997) Financial intermediation, loanable funds, and the real sector. Quarterly Journal of Economics, 112, 663–691.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 663-691
    • Holmström, B.1    Tirole, J.2
  • 30
    • 84960566039 scopus 로고
    • Imperfect information, uncertainty and credit rationing
    • Jaffee, D. and Russell, T. (1976) Imperfect information, uncertainty and credit rationing. Quarterly Journal of Economics, 90, 651–666.
    • (1976) Quarterly Journal of Economics , vol.90 , pp. 651-666
    • Jaffee, D.1    Russell, T.2
  • 31
    • 0001131377 scopus 로고
    • Some evidence on theuniqueness of bank loans
    • James, C. (1987) Some evidence on theuniqueness of bank loans. Journal of Financial Economics, 19,217–235.
    • (1987) Journal of Financial Economics , vol.19 , pp. 217-235
    • James, C.1
  • 33
    • 85076770617 scopus 로고
    • Agency theory and franchising: Some empirical results
    • Lafontaine, F. (1992) Agency theory and franchising: some empirical results. RAND Journal of Economics, 23, 263–283.
    • (1992) RAND Journal of Economics , vol.23 , pp. 263-283
    • Lafontaine, F.1
  • 34
    • 0000140435 scopus 로고    scopus 로고
    • Informational asymmetries, financial structure and financial intermediation
    • Leland, H.E. and Pyle, D.H. (1997) Informational asymmetries, financial structure and financial intermediation. Journal of Finance, 32, 371–387.
    • (1997) Journal of Finance , vol.32 , pp. 371-387
    • Leland, H.E.1    Pyle, D.H.2
  • 35
    • 0001623826 scopus 로고
    • Franchising and risk management
    • Martin, R.E. (1988) Franchising and risk management. American Economic Review, 78, 954–968.
    • (1988) American Economic Review , vol.78 , pp. 954-968
    • Martin, R.E.1
  • 36
    • 84993914974 scopus 로고
    • The benefits of lending relationships: Evidence from small business data
    • Petersen, M. and Rajan, R.G. (1994) The benefits of lending relationships: evidence from small business data. Journal of Finance, 69, 3–37.
    • (1994) Journal of Finance , vol.69 , pp. 3-37
    • Petersen, M.1    Rajan, R.G.2
  • 37
    • 0038608652 scopus 로고
    • Evidence on adverse selection: Equilibrium signalling and crosssubsidization in the insurance market
    • Puelz, R. and Snow, A. (1994) Evidence on adverse selection: equilibrium signalling and crosssubsidization in the insurance market. Journal of Political Economy, 102, 236–257.
    • (1994) Journal of Political Economy , vol.102 , pp. 236-257
    • Puelz, R.1    Snow, A.2
  • 38
    • 0000054448 scopus 로고    scopus 로고
    • Multitask agency and organizational form
    • Slade, M.E. (1996) Multitask agency and organizational form. International Economic Review, 37, 465–486.
    • (1996) International Economic Review , vol.37 , pp. 465-486
    • Slade, M.E.1
  • 40
    • 0000342340 scopus 로고
    • Credit rationing in markets with imperfect information
    • Stiglitz, J.E. and Weiss A. (1981) Credit rationing in markets with imperfect information. American Economic Review, 71, 393–410.
    • (1981) American Economic Review , vol.71 , pp. 393-410
    • Stiglitz, J.E.1    Weiss, A.2
  • 41
    • 84936146141 scopus 로고
    • Financial intermediation, business failures, and real business cycles
    • Williamson, S. (1987) Financial intermediation, business failures, and real business cycles. Journal of Political Economy, 95, 1196–1216.
    • (1987) Journal of Political Economy , vol.95 , pp. 1196-1216
    • Williamson, S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.