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| Author: | Vercammen, J. |
| Title: | Welfare-improving adverse selection in credit markets |
| Journal: | International Economic Review
2002 : NOV, VOL. 43:4, p. 1017-1033 |
| Index terms: | Credit markets Money markets Moral hazard Adverse selection |
| Language: | eng |
| Abstract: | A model of simultaneous adverse selection and moral hazard in a competitive credit market is developed and used to show that aggregate borrower welfare may be higher in the combined case than in the moral-hazard-only case. The analysis focuses on pooling equilibria because model structure precludes separating equilibria. |
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