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1、AmericanEconomicAssociationCreditRationinginMarketswithImperfectInformationAuthor(s):JosephE.StiglitzandAndrewWeissSource:TheAmericanEconomicReview,Vol.71,No.3(Jun.,1981),pp.393-410Publishedby:AmericanEconomicAssociationStableURL:http://www.jstor.org/stable/1802787
2、.Accessed:17/10/201107:14YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawid
3、erangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.AmericanEconomicAssociationiscollaboratingwithJSTORtodigitize,preserveande
4、xtendaccesstoTheAmericanEconomicReview.http://www.jstor.orgCreditRationinginMarketswithImperfectInformationByJOSEPHE.STIGLITZANDANDREWWEISS*Whyiscreditrationed?Perhapsthemosttheyreceiveontheloan,andtheriskinessofbasictenetofeconomicsisthatmarketequi-theloan.However
5、,theinterestrateabanklibriumentailssupplyequallingdemand;thatchargesmayitselfaffecttheriskinessoftheifdemandshouldexceedsupply,priceswillpoolofloansbyeither:1)sortingpotentialrise,decreasingdemandand/orincreasingborrowers(theadverseselectioneffect);or2)supplyuntild
6、emandandsupplyareequatedaffectingtheactionsofborrowers(theincen-atthenewequilibriumprice.Soifpricesdotiveeffect).Botheffectsderivedirectlyfromtheirjob,rationingshouldnotexist.How-theresidualimperfectinformationwhichisever,creditrationingandunemploymentdopresentinlo
7、anmarketsafterbankshaveinfactexist.Theyseemtoimplyanexcessevaluatedloanapplications.Whenthepricedemandforloanablefundsoranexcess(interestrate)affectsthenatureofthetrans-supplyofworkers.action,itmaynotalsoclearthemarket.Onemethodof"explaining"thesecondi-Theadversese
8、lectionaspectofinteresttionsassociatesthemwithshort-orlong-termratesisaconsequenceofdifferentborrowersdisequilibrium.Intheshorttermtheyarehavingd
