Information and Enforcement in Informal Credit Markets
研究了多个放贷人且不共享信用记录的非正规信贷市场中，贷款执行如何通过微观配给和宏观配给机制影响贷款规模和利率动态，对理解关系型贷款中的违约激励有参考价值。
We study loan enforcement in informal credit markets with multiple lenders but no sharing of credit histories, and derive the dynamics of loan size and interest rates for relational lending. In the presence of a sufficient fraction of ‘natural defaulters’, the rest of the market can be incentivized against default by micro-rationing—sharper credit limits and possibly higher interest rates that serve as gateways into new borrowing relationships. When there are too few natural defaulters in the market, this can be supplemented by macro-rationing—random exclusion of some borrowers. When information collection is endogenized, multiple equilibria may arise.