The Welfare Implications of Costly Monitoring in the Credit Market: A Note

Bin Xu

Economic Journal, 2000, vol. 110, issue 463, 576-80

Abstract: Hillier and Worrall (1994) derived a surprising result that credit should be further rationed in the costly-monitoring credit-rationing equilibrium. This note shows that their result may be reversed if monitoring costs are endogenously determined.

Date: 2000
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