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- URN zum Zitieren dieses Dokuments:
- urn:nbn:de:bvb:355-epub-173651
- DOI zum Zitieren dieses Dokuments:
- 10.5283/epub.17365
Zusammenfassung
This paper introduces non-diversifiable risk in the Stiglitz-Weiss adverse selection model, so that an increase in the average riskiness of the borrower pool causes higher portfolio risk. This opens up the possibility of equilibrium credit rationing. Comparative statics analysis shows that an increase in risk aversion turns a two-price equilibrium into a rationing equilibrium. A two-price ...
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