Optimal credit rationing in not‐for‐profit financial institutions*
研究非营利金融机构如何通过信贷配给实现消费者剩余最大化，发现成熟机构会提供低于市场利率的贷款，并用配给防止补贴扭曲贷款规模。
We examine the dynamic optimization problem for not‐for‐profit financial institutions (NFPs) that maximize consumer surplus, not profits. We characterize the optimal dynamic policy and find that it involves credit rationing. Interest rates set by mature NFPs will typically be more favorable to customers than market rates, as any surplus is distributed in the form of interest rate subsidies, with credit rationing being required to prevent these subsidies from distorting loan volumes from their optimal levels. Rationing overcomes a fundamental problem in NFPs; it allows them to distribute the surplus without distorting the volume of activity from the efficient level.