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| Tekijä: | Canning, D. Jefferson, C. W. Spencer, J. E. |
| Otsikko: | Optimal credit rationing in not-for-profit financial institutions |
| Lehti: | International Economic Review
2003 : FEB, VOL. 44:1, p. 243-261 |
| Asiasana: | Financial institutions Capital markets Credit rationing |
| Kieli: | eng |
| Tiivistelmä: | The authors examine the dynamic optimization problem for not-for-profit financial institutions that maximize consumer surplus, not profits. They characterize the optimal dynamic policy and find that it involves credit rationing. Interest rates set by mature NFPs will typically be more favorable to customers than market rates, as any surplus is distributed in the form of interest rate subsidies, with credit retioning being required to prevent these subsidies from distorting loan volumes from their optimal levels. |
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