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The suspension of borrowing: an implicit penalty for loan default under imperfect information
Gu,Xinhua; Zhang,Yang; Qian,Xiaolin; Guo,Haizhen
2016-12-25
Source PublicationApplied Economics
ISSN14664283 00036846
Volume48Issue:60Pages:5882-5896
AbstractA credit seeker may be suspended from borrowing for a period of time due to a previous default. Such suspension is widely used in bank lending through credit check. Our work analyses the effects of suspension on the investment choice of borrowers under uncertainty and on the lending policy of banks facing asymmetric information. We show that suspension should be tightened at low loan rates, but loosened otherwise, to improve the repayment performance of borrowers. We also show that although credit rationing may not be completely removed due to imperfect information, the excess demand for credit or transitive waiting in the market can actually be attenuated by such efficient use of suspension. Our theoretical predictions are consistent with observed cyclical patterns of changes in lendingrates and suspension severity.
KeywordCredit rationing imperfect information interest rate suspension penalty
DOI10.1080/00036846.2016.1186797
URLView the original
Language英语
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被引频次[WOS]:1   [WOS记录]     [WOS相关记录]
Document TypeJournal article
专题DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorZhang,Yang
AffiliationDepartment of Finance and Business Economics,Faculty of Business Administration,University of Macau,,Macao
First Author AffilicationFaculty of Business Administration
Corresponding Author AffilicationFaculty of Business Administration
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Gu,Xinhua,Zhang,Yang,Qian,Xiaolin,et al. The suspension of borrowing: an implicit penalty for loan default under imperfect information[J]. Applied Economics,2016,48(60):5882-5896.
APA Gu,Xinhua,Zhang,Yang,Qian,Xiaolin,&Guo,Haizhen.(2016).The suspension of borrowing: an implicit penalty for loan default under imperfect information.Applied Economics,48(60),5882-5896.
MLA Gu,Xinhua,et al."The suspension of borrowing: an implicit penalty for loan default under imperfect information".Applied Economics 48.60(2016):5882-5896.
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