Credit Rationing in Markets with Imperfect Information Joseph E. Stiglitz; Andrew Weiss The American Economic Review, Vol. 71, No. 3. (Jun., 1981), pp. 393-410. Stable URL: http://links.jstor.org/sici?sici=0002-8282%28198106%2971%3A3%3C393%3ACRIMWI%3E2.0.CO%3B2-0 The American Economic Review is currently published by American Economic Association.

Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/journals/aea.html. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.

The JSTOR Archive is a trusted digital repository providing for long-term preservation and access to leading academic journals and scholarly literature from around the world. The Archive is supported by libraries, scholarly societies, publishers, and foundations. It is an initiative of JSTOR, a not-for-profit organization with a mission to help the scholarly community take advantage of advances in technology. For more information regarding JSTOR, please contact [email protected].

http://www.jstor.org Tue Mar 25 17:32:32 2008

http://www.jstor.org

LINKED CITATIONS - Page 1 of 2 -

You have printed the following article: Credit Rationing in Markets with Imperfect Information Joseph E. Stiglitz; Andrew Weiss The American Economic Review, Vol. 71, No. 3. (Jun., 1981), pp. 393-410. Stable URL: http://links.jstor.org/sici?sici=0002-8282%28198106%2971%3A3%3C393%3ACRIMWI%3E2.0.CO%3B2-0

This article references the following linked citations. If you are trying to access articles from an off-campus location, you may be required to first logon via your library web site to access JSTOR. Please visit your library's website or contact a librarian to learn about options for remote access to JSTOR.

[Footnotes] 16

Incentives and Risk Sharing in Sharecropping Joseph E. Stiglitz The Review of Economic Studies, Vol. 41, No. 2. (Apr., 1974), pp. 219-255. Stable URL: http://links.jstor.org/sici?sici=0034-6527%28197404%2941%3A2%3C219%3AIARSIS%3E2.0.CO%3B2-%23

References Wages as Sorting Mechanisms in Competitive Markets with Asymmetric Information: A Theory of Testing J. Luis Guasch; Andrew Weiss The Review of Economic Studies, Vol. 47, No. 4. (Jul., 1980), pp. 653-664. Stable URL: http://links.jstor.org/sici?sici=0034-6527%28198007%2947%3A4%3C653%3AWASMIC%3E2.0.CO%3B2-Y

Imperfections in the Capital Market George J. Stigler The Journal of Political Economy, Vol. 75, No. 3. (Jun., 1967), pp. 287-292. Stable URL: http://links.jstor.org/sici?sici=0022-3808%28196706%2975%3A3%3C287%3AIITCM%3E2.0.CO%3B2-R

NOTE: The reference numbering from the original has been maintained in this citation list.

http://www.jstor.org

LINKED CITATIONS - Page 2 of 2 -

Incentives and Risk Sharing in Sharecropping Joseph E. Stiglitz The Review of Economic Studies, Vol. 41, No. 2. (Apr., 1974), pp. 219-255. Stable URL: http://links.jstor.org/sici?sici=0034-6527%28197404%2941%3A2%3C219%3AIARSIS%3E2.0.CO%3B2-%23

NOTE: The reference numbering from the original has been maintained in this citation list.

Credit Rationing in Markets with Imperfect Information ...

Mar 25, 2008 - This article references the following linked citations. If you are trying to access articles from an off-campus location, you may be required to first logon via your library web site to access JSTOR. Please visit your library's website or contact a librarian to learn about options for remote access to JSTOR.

613KB Sizes 23 Downloads 231 Views

Recommend Documents

Credit Rationing in Markets with Imperfect Information
Thus the net return to the borrower 7T(R, r) can be written ..... T-D aJ / ( K-D. 2(K-D). ) or sign( lim ap ) sign (K-D-X). Conditions 2 and 3 follow in a similar manner.

Cherry-picking in Labor Markets with Imperfect ...
Oct 21, 2011 - and seminar participants at CUHK, Essex, Princeton, Simon Fraser, .... worker find employment in a high-wage industry once is likely to do so ...

Intellectual Property Rights Enforcement in Imperfect Markets
Mar 17, 2009 - Given the nature of the coffee shop business, it is hardly believable that ...... Let j be the segment in which M is indifferent between starting the ...

Intellectual Property Rights Enforcement in Imperfect Markets
Mar 17, 2009 - its China business to Xing Ba Ke to legitimize the latter's operation and hence capture the efficiency ... exhausted all profitable opportunities.

Credit Rationing, Risk Aversion, and Industrial Evolution in ...
business ventures during periods of macro volatility.5 Finally, in combination with substantial ... include findings that small scale entrepreneurs in developing countries are credit-constrained ..... system where the borrowing constraint is imposed.

Lending relationships and credit rationing: the impact of ...
more than 3 years already have a large impact on credit availability. Agarwal and ... date of constitution, firm industry, number of employees, legal form of the business, whether the firm is ..... crisis attracting a big deal of international attent

Markets with Multidimensional Private Information
May 9, 2017 - depends only on their preferences. Although the setup of our paper is abstract, we believe the analysis offers insight into many real-world markets, not just the market for used cars. The market for existing homes shares many of the sam

Argumentation-based Information Exchange in Prediction Markets
Essentially, a Multiagent Prediction Market (MPM) is composed of (a) a ... ing the likelihood of that specific prediction to be correct, i.e. a degree of confidence.

A Model of Housing and Credit Cycles with Imperfect ...
Mar 5, 2014 - In addition, they find a nonnegligible spillover effect from housing markets ... The model builds on the basic version of the KM model with the major ...... The following illustration may help to understand the E-stability condition.

ebook The Economics of Imperfect Labor Markets Tito ...
... active labor market policies, working time regulations, family policies, collective bargaining, early retirement programs, and education and migration policies.

Credit Risk Modeling with Delayed Information
This enables us to consider a natural example of catching up to all information in a stochastically .... that have difficulty to work as the time change processes that Guo, Jarrow and. Zeng use when they define continuously delayed filtrations [11].

Credit Risk Modeling with Delayed Information
Aug 26, 2011 - If we have complete information on Vt in a real time base, the theoretical credit spread of a defaultable zero-coupon bond converges to 0 as the time goes to its maturity date. Why? Because the default time becomes a predictable stoppi

Asymmetric Information in Bilateral Trade and in Markets
Feb 21, 2011 - ory Conference, the 2008 Meeting of the Society for Economic ..... I assume that the Myerson virtual valuation v − (1 − G(v))/g (v) is strictly.

Oates' Decentralization Theorem with Imperfect ...
Nov 26, 2013 - In our model, agents are heterogeneous so that their result does ...... Wildasin, D. E. (2006), “Global Competition for Mobile Resources: Impli-.

Information Sharing and Credit Growth in Transition ...
that soft information may not always be the primary driver of discretion in (small) business .... value one, whenever a customer's credit file does not show a late, deferred, or failed payment ...... “Relationship lending within a bank-based system

Imperfect private information and the design of ...
The producer, on the other side, may not be perfectly informed about his product's ... The software producer decides whether to grant access to the source code.

Private Information in Over-The-Counter Markets
Feb 15, 2017 - ... SED Toulouse, Wisconsin School of Business Money, Banking, and As- ... that lead to gains in trade, such as different tax and regulatory advantages or .... value holding assets, but posses a technology to create new assets.

pdf-1573\asymmetric-information-in-financial-markets-introduction ...
Connect more apps... Try one of the apps below to open or edit this item. pdf-1573\asymmetric-information-in-financial-markets-introduction-application-03.pdf.

The role of information intermediaries in financial markets
collected in the Thomson Reuters News Analytics archive, I find that releases .... at the reporting of a large financial news agency, which can provide broader ...

Credit Ratings and Market Information
How does market information affect credit ratings? How do credit ratings affect market information? We analyze a model in which a credit rating agency's (CRA's) rating is followed by a market for credit risk that provides a public signal - the price.

Job Rationing in Recessions: Evidence from Work ...
Nov 10, 2015 - 4 presents the estimated effects of search policies on observable effort .... the sweeping treatment effectively removed all costs of continuing to claim UI, the ...... app ear b elow estimates in paren theses. Columns. (1) and. (2).

Credit Market Imperfections, Labor Markets, and ...
Jun 8, 2017 - and labor markets in advanced economies. While similar linkages ..... and Haver Analytics (cyclical correlation of leverage with GDP). The list of ...