Uncertainty, market power and credit rationing

Paul Ramskogler

No 105, Department of Economics Working Paper Series from WU Vienna University of Economics and Business

Abstract: This paper explores the nexus between uncertainty and credit restrictions. A Post Keynesian approach to an explanation of access rationing to credit is developed and contrasted with the dominant relationship lending school. It is argued that access rationing to credit has be understood in terms of uncertainty and power. Differences in systemic uncertainty to which hetrogenous market participants are exposed can explain the reluctance of banks to lend to certain applicants. Monopsonistic power and uncertainty further help to understand why banks of a different size show differences in their lending behavior. (author's abstract)

Keywords: fundamental uncertainty; credit restrictions; power; Geldangebot; Entscheidung bei Unsicherheit; Kreditgewährung; Restriktion; Klein- und Mittelbetrieb; Neokeynesianismus (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (3)

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Working Paper: Uncertainty, market power and credit rationing (2007)
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