出版社：Netherlands Bureau for Economic Policy Analysis
摘要：This article explores the relationship between a lender¡¯s
market power and the use of collateral requirements. Manove
et al. (2001) suggest that, theoretically, in less efficient markets,
when lenders have market power due to inelastic
demand, lenders will relax their collateral requirements and
intensify their screening activity. Qualitative evidence does not
suggest that lenders with market power screen more intensively.
Comparing different types of lenders (banks, life insurance
companies and other lenders, like pension funds), we
find that those with more market power tend to have less
stringent collateral requirements. The differences between the
three types of lenders are so small as to be insignificant, however,
leaving only indications in favour of the suggested theoretical
model.
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