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1、TheReviewofEconomicStudiesLtd.CreditandEfficiencyinCentralizedandDecentralizedEconomiesAuthor(s):M.DewatripontandE.MaskinSource:TheReviewofEconomicStudies,Vol.62,No.4(Oct.,1995),pp.541-555Publishedby:TheReviewofEconomicStudiesLtd.StableURL:http://www.jstor.org/s
2、table/2298076Accessed:22/11/200803:06YouruseoftheJSTORarchiveindicatesyouracceptanceofJSTOR'sTermsandConditionsofUse,availableathttp://www.jstor.org/page/info/about/policies/terms.jsp.JSTOR'sTermsandConditionsofUseprovides,inpart,thatunlessyouhaveobtainedpriorpe
3、rmission,youmaynotdownloadanentireissueofajournalormultiplecopiesofarticles,andyoumayusecontentintheJSTORarchiveonlyforyourpersonal,non-commercialuse.Pleasecontactthepublisherregardinganyfurtheruseofthiswork.Publishercontactinformationmaybeobtainedathttp://www.j
4、stor.org/action/showPublisher?publisherCode=resl.EachcopyofanypartofaJSTORtransmissionmustcontainthesamecopyrightnoticethatappearsonthescreenorprintedpageofsuchtransmission.JSTORisanot-for-profitorganizationfoundedin1995tobuildtrusteddigitalarchivesforscholarshi
5、p.Weworkwiththescholarlycommunitytopreservetheirworkandthematerialstheyrelyupon,andtobuildacommonresearchplatformthatpromotesthediscoveryanduseoftheseresources.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.TheReviewofEconomicStudiesLtd.iscollaborat
6、ingwithJSTORtodigitize,preserveandextendaccesstoTheReviewofEconomicStudies.http://www.jstor.orgReviewofEconomicStudies(1995)62,541-5550034-6527/95/00240541$02.00?1995TheReviewofEconomicStudiesLimitedCreditandEfficiencyinCentralizedandDecentralizedEconomiesM.DEWA
7、TRIPONTDULBEAandECARE(UniversiteLibredeBruxelles),CEPRandCOREandE.MASKINHarvardUniversityFirstversionreceivedAugust1990;finalver'sionacceptedApr-il1995(Eds.)Westudyacreditmodelwhere,becauseofadverseselection,unprofitableprojectsmayneverthelessbefinanced.Indeedth
8、eymaycontinuetobefinancedevenwhenshowntobelow-qualityifsunkcostshavealreadybeenincurred.Weshowthatcreditdecentralizationoffersawayforcreditorstocommitnottorefinancesu
