Credit Market Failures and Policy
Credit Market Failures and Policy
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信贷市场失灵与政策
DOI：
10.2139/ssrn.981396
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发表时间：
2003
期刊：
影响因子：
1.3
通讯作者：
S. Modica
中科院分区：
文献类型：
--
作者：
E. Minelli;S. Modica
在一个简单的信贷市场模型中，基于Stiglitz-Weiss（1981），计算了均衡，并描述了纠正市场失灵的最优政策。一些广泛应用的政策，特别是利率补贴和投资补贴，相比，理论上的最优，和一个替代的最优政策，我们认为是更强大的模型误设定。还提供了一个洞察信贷政策和基础设施投资之间的权衡。最后，作为分析的应用程序，在意大利的Mezzogiorno的区域政策的某些方面的讨论。
In a simple model of the credit market, based on Stiglitz-Weiss (1981), equilibria are computed and optimal policies to correct market failures are characterized. Some widely applied policies, notably interest-rate subsidies and investment subsidies, are compared to theoretical optimum, and an alternative optimal policy is described which we argue is more robust to model misspecification. An insight on the trade-off between credit policy and infrastructural investment is also offered. A discussion of some aspects of regional policy in Italy's Mezzogiorno is finally presented as an application of the analysis.
影响因子：
4
作者：
Douglas Gale;M. Hellwig
通讯作者：
Douglas Gale;M. Hellwig