A macroeconomic disequilibrium model of the German credit market

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Diskussionsbeiträge - Serie II ; No. 302

Classification and Topics

• Classification: Wirtschaft
• Subject: Finanzmarkt ; Kreditrationierung ; Ökonometrisches Makromodell ; Asymmetrische Information ; Deutschland

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Winker, Peter
• Event: Veröffentlichung
• (who): Universität Konstanz, Sonderforschungsbereich 178 - Internationalisierung der Wirtschaft
• (where): Konstanz
• (when): 1996

Further information

• Handle: http://hdl.handle.net/10419/101681
• Last update: 10.03.2025, 11:43 AM CET