Imperfect Information, Uncertainty, and Credit Rationing

Jaffee, Dwight M.; Russell, Thomas

doi:10.2307/1885327

Cited by 968 publications

(413 citation statements)

References 2 publications

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“…5 Adverse selection may also lead to credit rationing along the lines of Jaffee and Russell (1976) The rest of this paper is organized as follows. Section 2 describes our data sources and section 3 provides descriptive statistics.…”

Section: Introductionmentioning

confidence: 99%

Money and liquidity in financial markets

Nyborg

Östberg

2014

Journal of Financial Economics

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Section: Introductionmentioning

confidence: 99%

Money and liquidity in financial markets

Nyborg

Östberg

2014

Journal of Financial Economics

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“…Asymmetric information in a market may lead to unwanted effects such as adverse selection (Akerlof, 1970;Ausubel, 1999) or credit rationing (Jaffee/Russell, 1976;Stiglitz/Weiss, 1981). Credit information sharing presents a solution to reduce these effects and mitigate moral hazard as well; as shown by Klein (1992) in a game theory model, credit reporting promotes morality by borrowers.…”

Section: Literature Reviewmentioning

confidence: 99%

Credit Information Sharing and Its Link to Financial Inclusion and Financial Intermediation

Morscher¹,

Horsch²,

Stephan³

2017

FMIR

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In this article, several regression analyses are conducted to analyse the relationship of credit information sharing (by both private credit bureaus and public credit registries) with financial inclusion and financial intermediation. We find that there is a positive relationship between information sharing mechanisms and financial inclusion (measured by account (at a financial institution), borrowed from a financial institution, and domestic credit). We do not find significant results for bank performance parameters. Whereas this is the case with bank non-performing loans, the data do not allow (due to low R 2 ) drawing conclusions on other parameters such as lending minus inflation rate or bank concentration.

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“…Le deuxième signal est une activité dont le coût varie avec la qualité du produit mais que le vendeur entreprend indépendam-ment de la réaction de l'acheteur à cette activité. Les articles de Rothschild et Stiglitz (1976), Salop et Salop (1976) et Jaffee et Russell (1976 Sur le marché du travail, Salop et Salop (1976) analysent des contrats contingents où l'information transmise concerne les probabilités de quitter l'entreprise. Il n'y a pas d'aversion pour le risque, mais les vendeurs ont une certaine incertitude.…”

Section: -Information Asymétrique Et éChangeunclassified

La théorie économique de l’information : exposé synthétique de la littérature

García

2009

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Le présent article fournit un exposé synthétique de la riche littérature sur l’économie de l’information. L’introduction situe la théorie économique de l’information dans la théorie économique générale et la définit par rapport au modèle des marchés contingents de Arrow-Debreu. Trois sections intitulées : Asymétrie d’information et structure des marchés, Transmission d’information par les prix et Information asymétrique et échange, analysent les principaux articles et leurs résultats. En conclusion, on aborde le thème de la valeur de l’information, on présente les caractéristiques de l’information en tant que bien et on souligne le défi que représente son intégration dans un modèle d’équilibre général.This paper attempts to give an integrated view of the numerous contributions to economic theory of information. After an introduction where the economics of information is placed within the context of general economic theory and defined relative to the Arrow-Debreu contingent market model, the paper reviews in three sections, entitled Asymetric information and Market Structure, Information revealed by prices, and Asymetric information and exchange, the core articles and their main results. The paper concludes with the value of information, its characteristics as a good, and the challenge of integrating it into a general equilibrium model

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Imperfect Information, Uncertainty, and Credit Rationing

Cited by 968 publications

References 2 publications

Money and liquidity in financial markets

Money and liquidity in financial markets

Credit Information Sharing and Its Link to Financial Inclusion and Financial Intermediation

La théorie économique de l’information : exposé synthétique de la littérature

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