Autore
Cesaroni, Giovanni

Titolo
Il razionamento del credito come meccanismo di trasmissione della politica monetaria in un modello di gestione della liquidità
Periodico
Rivista italiana degli economisti
Anno: 1999 - Volume: 4 - Fascicolo: 1 - Pagina iniziale: 73 - Pagina finale: 105

This paper, specifying the effects that liquidity management has on the profit function of a generic bank facing an adverse selection problem a là Stiglitz and Weiss (1981), gives a microeconomic foundation, of a partial equilibrium nature, of credit rationing as a transmission mechanism of monetary policy (Blinder 1987). We derive some comparative statics effects very similar to those obtained from Bernanke and Blinder (1992) econometric model. Our model transforms the Pareto-optimal equilibrium with credit rationing into a Pareto-dominated one, exemplifying how the size of agency costs stemming from informational asymmetries may depend on liquidity, a circumstance that is currently being underrated by the contemporary banking theory.



SICI: 1593-8662(1999)4:1<73:IRDCCM>2.0.ZU;2-I
Testo completo: http://www.mulino.it/ws/rwDirectDownload.php?doi=10.1427/3651
Testo completo alternativo: http://www.mulino.it/rivisteweb/scheda_articolo.php?id_articolo=3651

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