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On the Possibility of Credit Rationing in the Stiglitz-Weiss Model

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Arnold, Lutz G.
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Date of publication of this fulltext: 01 Mar 2005 13:47


Contrary to what is consistently assumed in the literature, the return function cannot be hump-shaped in the Stiglitz-Weiss (1981) model. This has important consequences for the possible occurrence of credit rationing and redlining. With a single class of borrowers, banks offer credit in two stages. Demand possibly exceeds supply in stage one, but not in stage two. With several observationally ...


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