Signaling in Credit Markets
研究在贷款申请人拥有私人信息的不同假设下，竞争性贷款市场如何通过利率和贷款规模来筛选风险，并分析资金成本上升对平均贷款质量的影响。
In this paper we show that, under a variety of alternative assumptions about the private information of loan applicants, a competitive market for loans is characterized by screening. Banks separate out loan risks by offering higher loans at higher interest rates. Depending on the nature of the informational asymmetry, it may be that applicants with less risky projects select larger rather than smaller loans. Comparative statics implications are also examined. In particular, we explore the effects of an increase in banks' cost of funds on average loan quality.