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- URN zum Zitieren dieses Dokuments:
- urn:nbn:de:bvb:355-epub-749777
- DOI zum Zitieren dieses Dokuments:
- 10.5283/epub.74977
Zusammenfassung
Using the modeling framework of Stiglitz and Weiss (1981), we show that – perhaps surprisingly – there is no influence of average project risk on the capital market equilibrium. The savings interest rate fully determines the amount of credit rationing and the nature of an equilibrium (adverse selection, two-prices etc.). This rate is, in turn, fully determined by the relative probabilities of ...
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