Credit Rationing in an Open Economy
构建了一个存在信息不对称和道德风险的开放经济模型，证明信贷配给会改变财政政策的宏观效果，例如财政扩张可能导致经常账户盈余而非赤字，且信贷是否配给取决于税收负担。
This paper claims that credit market imperfections matter significantly to open economies and can alter basic macroeconomic results. This is demonstrated in the paper by use of an open-economy model with individual credit rationing, due to asymmetric information and moral hazard. The paper concentrates on the effect of fiscal policy and shows that when credit is rationed the standard result does not hold and a fiscal expansion may create a surplus instead of a deficit in the current account. Furthermore, the paper shows that whether credit is rationed or not depends on the tax burden. Copyright 1991 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.