Credit Rationing and Payment Incentives
构建了一个生产性借贷模型，其中违约会导致被资本市场排斥。当当前支付不超过未来进入资本市场的价值时，契约可执行。主要结论是，若此约束生效，则信贷被配给。
A model of borrowing for production is presented where default leads to exclusion from the capital market. This means contracts are enforceable, provided the current payment is less than or equal to the value of future access to the capital market. The main result of the paper is to show that if this constraint binds then credit is rationed.