Arbeitspapier
A macroeconomic disequilibrium model of the German credit market
Not all markets are always characterized by immediate market clearing, for example due to a delayed adjustment of quantities and prices. Macroeconometric disequilbrium models proved to be a valuable tool in assessing the relevance of such phenomena on goods and labour markets. Asymmetric information is the central ingredient of most theoretic models of credit markets allowing for a non market clearing price setting. However, often the empirical analysis is either restricted to the micro level or does not allow for disequilibrium at the macro level. In this paper a macromodel of the German credit market is constructed starting with a microeconomic theory of asymetric information. The resulting macroeconometric disequilibrium model is estimated for the market of loans to the private sector in West Germany 1975 - 1989. The results indicate that rationing on the credit market exhibited a relevant extent for several subperiods.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeiträge - Serie II ; No. 302
- Klassifikation
-
Wirtschaft
- Thema
-
Finanzmarkt
Kreditrationierung
Ökonometrisches Makromodell
Asymmetrische Information
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Winker, Peter
- Ereignis
-
Veröffentlichung
- (wer)
-
Universität Konstanz, Sonderforschungsbereich 178 - Internationalisierung der Wirtschaft
- (wo)
-
Konstanz
- (wann)
-
1996
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Winker, Peter
- Universität Konstanz, Sonderforschungsbereich 178 - Internationalisierung der Wirtschaft
Entstanden
- 1996
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