The soft budget constraint, the debt overhang and the optimal degree of credit centralization

被引：0
|
作者：
Tsuji, Kenji [1 ]
机构：
[1] Osaka City Univ, Grad Sch Econ, Sumiyoshi Ku, Osaka 5588585, Japan
来源：
JAPAN AND THE WORLD ECONOMY | 2007年 / 19卷 / 02期
关键词：
the soft budget constraint; the debt overhang; the degree of credit centralization; FINANCIAL TRANSITION; JAPAN; INVESTMENT;
D O I：
10.1016/j.japwor.2005.09.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The paper analyzes the optimal degree of credit centralization in the situation where the soft budget constraint and the debt overhang problems may occur. The paper characterizes the optimal range of credit centralization, and shows that the entrepreneur with a greater endowment or higher credit quality is likely to choose a lower degree of credit centralization. (c) 2005 Elsevier B.V. All rights reserved.
引用
收藏
页码：187 / 197
页数：11
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