| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3568 |
| DP3568 Structural Uncertainty and Central Bank Conservatism: The Ignorant Should Keep Their Eyes Shut | |
| Michael Spagat; Joao Mauricio Rosal | |
| 发表日期 | 2002-10-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | It is typically less profitable for an opportunistic borrower to divert inputs than to divert cash. Suppliers, therefore, may lend more liberally than banks. This simple argument is at the core of our contract theoretic model of trade credit in competitive markets. The model implies that trade credit and bank credit can be either complements or substitutes depending on, amongst other things, the borrower?s wealth. The model also explains why firms both take and give costly trade credit even when the borrowing rate exceeds the lending rate. Finally, the model suggests reasons for why trade credit is more prevalent in less developed credit markets and for why accounts payable of large unrated firms are more countercyclical than those of small firms. |
| 主题 | Financial Economics |
| 关键词 | Credit rationing Trade credit Input monitoring |
| URL | https://cepr.org/publications/dp3568 |
| 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/532576 |
| 推荐引用方式 GB/T 7714 | Michael Spagat,Joao Mauricio Rosal. DP3568 Structural Uncertainty and Central Bank Conservatism: The Ignorant Should Keep Their Eyes Shut. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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