G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2426
DP2426 Natural Rate Doubts
Roger Farmer
发表日期2000-04-28
出版年2000
语种英语
摘要Many economists argue that the primary economic function of banks is to provide cheap credit, and to facilitate this function, they advocate the strict protection and enforcement of creditor rights. But banks can serve another important economic function: through project screening they can reduce the number of project failures and thus mitigate their private and social costs. Strict protection of creditor rights leaves the tradeoff between these two banking functions to the market. In this paper, we show that because of market imperfections in the banking industry, strong creditor protection may lead to market equilibria in which cheap credit is inappropriately emphasized over project screening. Restrictions on collateral requirements and the protection of debtors in bankruptcy proceedings may redress this imbalance and increase credit-market efficiency.
主题Financial Economics
关键词Banks Collateral Creditor rights Screening
URLhttps://cepr.org/publications/dp2426
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531509
推荐引用方式
GB/T 7714
Roger Farmer. DP2426 Natural Rate Doubts. 2000.
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