haku: @author Smith, R. / yhteensä: 19
viite: 7 / 19
| Tekijä: | Smith, R. |
| Otsikko: | Money and credit with asymmetric information |
| Lehti: | Journal of Financial Intermediation
1994 : JUN, VOL. 3:3, p. 213-244 |
| Asiasana: | MONEY CREDIT ASYMMETRIC INFORMATION |
| Kieli: | eng |
| Tiivistelmä: | This paper studies the use of cash and credit for making transactions when there is asymmetric information in credit markets. For relatively low inflation rates, equilibria are of the pooling variety and low-credit-risk consumers signal their riskiness to lenders only indirectly by establishing a good track record in credit markets. For higher inflation rates there may exist a separating equilibrium in which low-credit-risk consumers directly signal their type to lenders by specializing in cash early in life and specializing in credit later in life. |
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