The option to wait to invest and equilibrium credit rationing

被引：26

作者：

Lensink, R ^{[1
]}

Sterken, E ^{[1
]}

机构：

[1] Univ Groningen, Fac Econ, NL-9700 AB Groningen, Netherlands

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2002年 / 34卷 / 01期

关键词：

D O I：

10.1353/mcb.2002.0030

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Stiglitz and Weiss (1981) show that firms considering risky projects have higher reservation interest rates and hence it is optimal for a bank to reduce loan supply. In this note we show that when the risk involved in an investment will be resolved in the future, investors with riskier projects have a greater return from waiting. More risky projects have lower reservation interest rates and hence there is no motive for banks to ration credit demand.

引用

页码：221 / 225

页数：5

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