Showing 1 - 10 of 10
This paper evaluates the performance of a rural credit market in Peru. We develop a model that shows that collateral requirements imposed by lenders in response to asymmetric information can lead not just to quantity rationing but also to transaction cost rationing and risk rationing. Just like...
Persistent link: https://www.econbiz.de/10005513647
Replaced with revised version of paper 08/03/05.
Persistent link: https://www.econbiz.de/10009442932
Replaced with revised version of paper 08/03/05.
Persistent link: https://www.econbiz.de/10005477005
By shrinking the available menu of loan contracts, asymmetric information can result in two types of nonprice rationing in credit markets. The first is conventional quantity rationing. The second is ‘risk rationing.’ Risk rationed agents are able to borrow, but only under relatively high...
Persistent link: https://www.econbiz.de/10011186177
This article addresses the problem of forecasting time series that are subject to level shifts. Processes with level shifts possess a nonlinear dependence structure. Using the stochastic permanent breaks (STOPBREAK) model, I model this nonlinearity in a direct and flexible way that avoids...
Persistent link: https://www.econbiz.de/10005468667
Micro-economic models posit that transaction costs isolate subsistence producers from output market shocks. We integrate microeconomic models of many heterogeneous households into a general-equilibrium model and show that supply on subsistence farms may respond, in apparently perverse ways, to...
Persistent link: https://www.econbiz.de/10011098019
Recent theoretical and empirical evidence suggests that risk (especially covariant risk that is correlated across producers) may discourage both the supply of agricultural credit and the willingness of small holders to utilize available credit and enjoy the higher expected incomes credit could...
Persistent link: https://www.econbiz.de/10011098028
The conquests of Alexander III (“The Great”) transformed the economic as well as political landscape of ancient Greece and Persia. It produced a prolific coinage, part of which survives today. This paper uses a hedonic price modeling approach to analyze auction prices of the major coin type...
Persistent link: https://www.econbiz.de/10011098029
Persistent link: https://www.econbiz.de/10011199771
Persistent link: https://www.econbiz.de/10011199773