By Vania Sena
Collateral - usually outlined as an asset used to supply protection for a lender's personal loan - is a crucial function of credits contracts and all of the to be had facts means that its use is getting extra pervasive. This informative ebook builds upon contemporary study into this subject. Sena analyses 3 case-studies that revolve round the influence that monetary constraints have on fiscal results. within the first case-study, the connection among businesses’ technical potency and lengthening monetary strain is explored. the writer then is going directly to exhibit, within the moment case examine, that less than particular conditions, expanding monetary strain and extending product industry pageant can together have a good influence on organisations’ technical potency, whereas now not being real for all sorts of businesses. within the 3rd case, she analyses the influence that finance constraints have on women’s start-ups.
Unique and revealing, this is often the 1st booklet to deal so greatly with the subject of collateral, and as such, is a beneficial connection with postgraduates and pros within the fields of macroeconomics, financial and company economics.
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Additional info for Credit and Collateral
The success probability depends on two parameters: the quality of the project (varying itself across borrowers) and a set of actions that can be taken by the borrower once the loan has been granted (moral hazard). None of the two parameters can be observed by the bank: the quality of the project is known only to the borrower while the choice of the action can only be observed ex post by the bank. It is assumed that the borrower’s quality and the choice of the action are (partial) substitutes. Indeed, for the borrower the choice of the action is costly and it is costlier to choose the good action rather than to choose the bad action.
2001). For example, in the Netherlands, 34 per cent of self-employed individuals are women while in Finland, Denmark, Spain, Belgium and the UK the percentage is somewhat lower, with figures of around 25 per cent (Duchenaut, 1997; Nilsson, 1997). , 2005). g. , 1999; Haynes and Haynes, 1999; Coleman, 2000); however, by now there exists a substantial part of the empirical literature that focuses on European countries. An obvious starting point for any survey on female entrepreneurship is the literature on self-employment and entrepreneurship that focuses on the motives behind the individuals’ choice of becoming self-employed.
Generally speaking, the economic literature that looks at the relationship between economic outcomes and financial constraints is characterized by a recurring theme: financial constraints are “bad” as they alter the incentives structure economic agents are exposed to in such a way that the resulting market equilibrium is inefficient. Also they prevent potentially profitable and welfareenhancing projects from being funded and allow borrowers’ personal characteristics (that do not necessarily have any bearing on the future profitability of a project) to affect the market equilibrium.
Credit and Collateral by Vania Sena