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A Note on the Nonexistence of a Rationing Equilibrium in the Besanko-Thakor Model

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  • Clemenz, Gerhard

Abstract

It is shown that in a credit market with two types of borrowers, distinguished only through their not commonly known probability of default, and with a perfectly elastic supply of deposits, a pair of contracts with random rationing of less risky loan applicants cannot be a Nash-equilibrium. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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  • Clemenz, Gerhard, 1993. "A Note on the Nonexistence of a Rationing Equilibrium in the Besanko-Thakor Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(3), pages 727-737, August.
    • Handle: RePEc:ier:iecrev:v:34:y:1993:i:3:p:727-37
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    Cited by:

    1. Benjamin Hemingway, 2022. "Banking Regulation and Collateral Screening in a Model of Information Asymmetry," Journal of Financial Services Research, Springer;Western Finance Association, vol. 61(3), pages 367-405, June.
    2. Aoife Hanley & Jonathan Crook, 2005. "The Role of Private Knowledge in Reducing the Information Wedge: A Research Note," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1‐2), pages 415-433, January.
    3. Rajalaxmi Kamath, 2006. "Public inputs and the credit market," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 13(6), pages 733-753, November.
    4. Kraus, Daniel, 2013. "On the existence of credit rationing and screening with loan size in competitive markets with imperfect information," Thuenen-Series of Applied Economic Theory 131, University of Rostock, Institute of Economics.

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