A Note on Bankruptcy Rules and Credit Constraints in Temporary Equilibrium
论证破产规则与信贷约束本质相关，破产因信贷受限而发生。通过引入“一致”信贷配给概念，证明若配给一致且贷方对还款预期比借方更保守，则暂时均衡存在。
In this note it is argued that bankruptcy rules and credit constraints are intrinsically related concepts. Bankruptcy occurs because credit is constrained. By introducing the concept of a «consistent» credit rationing scheme, it can be shown that a temporary equilibrium exists if credit rationing is consistent and if lenders have more conservative expectations with regard to the borrower's future repayment capability than the borrower