Download e-book for kindle: Advances in economics and econometrics, vol. 3 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

ISBN-10: 0521818745

ISBN-13: 9780521818742

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Extra resources for Advances in economics and econometrics, vol. 3

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3. Taking Stock: How to Think About Credit Markets The model with a fixed cost of monitoring gives us a simple way of accounting for the facts that are listed herein. 2 in Dasgupta, 1989). Ghate (1992) also notes that very short short-term loans are often particularly expensive. On the face of it, this is puzzling because one would imagine that the scope for moral hazard is greater in longer-term contracts. The fixed cost approach can resolve this puzzle as long as there is a part of the fixed cost that is transaction specific and independent of the length of the contract.

The solution is typically to restrict the domain they control: Stringent bureaucratic rules about what loan officers can and cannot do are a feature of credit market intermediaries the world over. This, of course, comes at a cost. Credit decisions become bureaucratized and typically much less responsive to all but the hardest information. Assessments of the quality of the project and judgments about future profitability, both relatively soft information, will tend to have little impact on who gets credit.

The other approach to evidence would be to look directly for poverty traps. In other words, we could study the rates of economic mobility at different levels of wealth. Or we could look at the evolution of the wealth distribution and try to estimate from it the implied parameters of the underlying economy (including mobility rates). 56 The problem remains, however, that we have no independent estimate of the part of mobility that arises from sources that are excluded from our model, such as genetics or 53 54 55 56 For example, a series of nonconvexities at slightly different places may average to a convex map.

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Advances in economics and econometrics, vol. 3 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

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