全球智库信息集成服务系统(G2TT): DP5149 Long-Run Determinants of Inflation Differentials in a Monetary Union

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP5149
	DP5149 Long-Run Determinants of Inflation Differentials in a Monetary Union
	Filippo Altissimo; PIerpaolo Benigno; Diego Rodriguez Palenzuela
发表日期	2005-07-23
出版年	2005
语种	英语
摘要	This paper examines how the informational structure of loan markets interacts with banks? strategic behaviour in determining lending standards, lending volumes, and the aggregate allocation of credit. In a setting where banks obtain private information about their clients? creditworthiness, we show that banks may loosen lending standards when information asymmetries vis à vis other banks are low. In equilibrium this reduction in standards leads to a deterioration of banks? portfolios, a reduction in their profits, and an aggregate credit expansion. Furthermore, we show that although these low standards may increase aggregate surplus, they also increase the risk of financial instability. We therefore provide an explanation for the sequence of financial liberalization, lending booms, and banking crises that have occurred in many emerging markets.
主题	Financial Economics
关键词	Banking competition Lending standards Asymmetric information
URL	https://cepr.org/publications/dp5149
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/534035
推荐引用方式 GB/T 7714	Filippo Altissimo,PIerpaolo Benigno,Diego Rodriguez Palenzuela. DP5149 Long-Run Determinants of Inflation Differentials in a Monetary Union. 2005.