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Corporate Borrowing and Credit Constraints: Structural Disequilibrium Estimates for the U.K

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  • Martin, Christopher

Abstract

This paper develops a structural model of the market for corporate borrowing in the United Kingdom. The authors allow trade to be dispersed across a number of submarkets and suppose that disequilibrium operates at this disaggregated level. Solving for the level of aggregate trade, they can estimate nonlinear equations for the demand and supply of borrowing and for the associated interest rate. The authors use survey data to measure the strength of spillover from other markets. The estimates reveal that disequilibrium has had substantial effects. The authors also obtain interesting and plausible estimates for the parameters of the behavioral equations. Copyright 1990 by MIT Press.

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  • Martin, Christopher, 1990. "Corporate Borrowing and Credit Constraints: Structural Disequilibrium Estimates for the U.K," The Review of Economics and Statistics, MIT Press, vol. 72(1), pages 78-86, February.
    • Handle: RePEc:tpr:restat:v:72:y:1990:i:1:p:78-86
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    Cited by:

    1. Enrique López & Adolfo Barajas & Hugo Oliveros, 2001. "¿ Por qué en Colombia el Crédito al Sector Privado es tan Reducido?," Borradores de Economia 3787, Banco de la Republica.
    2. repec:dgr:rugsom:98c36 is not listed on IDEAS
    3. Winker, Peter, 1996. "Causes and effects of financing constraints at the firm level: Some microeconometric evidence," Discussion Papers, Series II 292, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    4. Winker, Peter, 1994. "Credit rationing at the firm level: Some microeconometric evidence," Discussion Papers, Series II 223, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    5. Bofinger, Peter & Maas, Daniel & Ries, Mathias, 2017. "A model of the market for bank credit: The case of Germany," W.E.P. - Würzburg Economic Papers 98, University of Würzburg, Department of Economics.
    6. Mason, Robin, 1998. "An options-based model of equilibrium credit rationing," Journal of Corporate Finance, Elsevier, vol. 4(1), pages 71-85, March.
    7. Kakes, Jan, 1998. "Monetary transmission and business cycle asymmetry," Research Report 98C36, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    8. Atanasova Christina, 2003. "Credit Market Imperfections and Business Cycle Dynamics: A Nonlinear Approach," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 7(4), pages 1-22, December.
    9. Winker, Peter, 1993. "Firmenalter und Kreditrationierung: Eine mikroökonomische Analyse mit IFO-Umfragedaten," Discussion Papers, Series II 206, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    10. Winker, Peter, 1994. "Eine makroökonometrische Analyse von Kreditmarkt und Kreditrationierung: Bankkredite in der Bundesrepublik Deutschland 1974 - 1989," Discussion Papers, Series II 220, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    11. Winker, Peter, 1996. "A macroeconomic disequilibrium model of the German credit market," Discussion Papers, Series II 302, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    12. Cheng Few Lee, 2020. "Financial econometrics, mathematics, statistics, and financial technology: an overall view," Review of Quantitative Finance and Accounting, Springer, vol. 54(4), pages 1529-1578, May.

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