Some Evidence on the Empirical Significance of Credit Rationing
Bibliographic Data
| ID | 10172069 |
|---|---|
| Authors | Allen N Berger (University of South Carolina), Gregory F Udell (University of South Carolina) |
| Year | 1992 |
| Volume | 100 |
| Issue | 5 |
| Pages | 1047-1077 |
| Publication date | 1992-10-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/261851 |
| OpenAlex | W2073727737 |
| Language | EN |
| Citations received | 24 |
| References cited | 12 |
This paper examines the credit rationing debate using detailed contract information on over one million commercial bank loans from 1977 to 1988. While commercial loan rates are "sticky," consistent with rationing, this stickiness varies with loan contract terms in ways that are not predicted by equilibrium credit rationing theory. In addition, the proportion of new loans issued under commitment does not increase significantly when credit markets are tight, despite the fact that borrowers without commitments can be rationed whereas commitment borrowers are contractually insulated from rationing. Overall, the data suggest that equilibrium rationing is not a significant macroeconomic phenomenon. Copyright 1992 by University of Chicago Press
Actuarial science · Business · Credit crunch · Credit enhancement · Credit rationing · Credit reference · Credit risk · Economic growth · Economics · Empirical evidence · Financial system · Installment credit · Interest rate · Loan · Microeconomics · Monetary economics · Rationing · Banking stability, regulation, efficiency · Economic Theory and Policy · Finance · Global Financial Crisis and Policies
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| Unique citing works | 24 |
|---|---|
| Citations per year | 0,77 |
| Citation span | 1995 - 2026 (32) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 20 |