| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6498 |
| DP6498 Enforcement Problems and Secondary Markets | |
| Jaume Ventura; Fernando Broner; Alberto Martin | |
| 发表日期 | 2007-09-28 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We propose a heteroscedastic regression model to identify the determinants of the dispersion in interest rates on loans granted to small and medium sized enterprises. We interpret unexplained deviations as evidence of the banks? discretionary use of market power in the loan rate setting process. ?Discretion? in the loan-pricing process is most important, we find, if: (i) loans are small and uncollateralized; (ii) firms are small, risky and difficult to monitor; (iii) firms? owners are older, and, (iv) the banking market where the firm operates is large and highly concentrated. We also find that the weight of ?discretion? in loan rates of small credits to opaque firms has decreased somewhat over the last fifteen years, consistent with the proliferation of information-technologies in the banking industry. Overall, our results reflect the relevance in the credit market of the costs firms face in searching information and switching lenders. |
| 主题 | Financial Economics |
| 关键词 | Financial intermediation Loan rates Price discrimination Variance analysis |
| URL | https://cepr.org/publications/dp6498 |
| 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/535337 |
| 推荐引用方式 GB/T 7714 | Jaume Ventura,Fernando Broner,Alberto Martin. DP6498 Enforcement Problems and Secondary Markets. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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