Title: Credit Rationing in the Commercial Loan Market: Estimates of a Structural Model Under Conditions of Disequilibrium
Abstract: The Journal of FinanceVolume 34, Issue 3 p. 689-702 Article Credit Rationing in the Commercial Loan Market: Estimates of a Structural Model Under Conditions of Disequilibrium C. W. SEALEY JR., C. W. SEALEY JR. Faculty of Commerce and Business Administration, University of British Columbia. An earlier version of this paper was presented at the winter meetings of the Econometric Society, 1977. The author is indebted to Professor Stephen Goldfeld, a referee of this journal, for numerous suggestions which greatly improved the paper. Dwight M. Jaffee also provided valuable comments. The author is, of course, solely responsible for any remaining errors.Search for more papers by this author C. W. SEALEY JR., C. W. SEALEY JR. Faculty of Commerce and Business Administration, University of British Columbia. An earlier version of this paper was presented at the winter meetings of the Econometric Society, 1977. The author is indebted to Professor Stephen Goldfeld, a referee of this journal, for numerous suggestions which greatly improved the paper. Dwight M. Jaffee also provided valuable comments. The author is, of course, solely responsible for any remaining errors.Search for more papers by this author First published: June 1979 https://doi.org/10.1111/j.1540-6261.1979.tb02134.xCitations: 50 Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat REFERENCES 1Takeshi Amemiya. "A Note on a Fair and Jaffee Model". Econometrica, VIIIL (July, 1974). Google Scholar 2G. L. Bach and C. L. Huezenga. "The Differential Effects of Tight Money". American Economic Review, LI (March, 1961). Google Scholar 3R. C. Fair and Dwight M. Jaffee "Methods of Estimation for Markets in Disequilibrium". Econometrica, XL (May, 1972). Google Scholar 4Ray C. Fair, and Harry H. Kelejian "Methods of Estimation for Markets in Disequilibrium: A Further Study". Econometrica, VIIIL (January, 1974). Google Scholar 5Marshall Freimer and Myron J. Gordon "Why Bankers Ration Credit". Quarterly Journal of Economics, LXXIX (August, 1965). Google Scholar 6Stephen M. Goldfeld Commercial Bank Behavior and Economic Activity (Amsterdam: North-Holland Publishing Co., 1966). Google Scholar 7Stephen M. Goldfeld and Richard E. Quandt " Estimation in a Disequilibrium Model and the Value of Information" ( Research Memorandum No. 169, Econometric Research Program, Princeton University, July 1974). Google Scholar 8Stephen M. Goldfeld and Richard E. Quandt Nonlinear Methods in Econometrics (Amsterdam: North-Holland Publishing Co., 1972). Google Scholar 9John Hand. The Availability of Credit and Corporate Investment (unpublished Ph.D. Dissertation, Massachusetts Institute of Technology, 1968). Google Scholar 10D. G. Harris. " Rationing Credit to Business: More Than Interest Rates". Business Review. Federal Reserve Bank of Philadelphia (August, 1970). Google Scholar 11D. G. Harris. "Credit Rationing at Commercial Banks". Journal of Money, Credit, and Banking, VI (1974). Google Scholar 12D. G. Harris. "Interest Rates, Non-price Terms, and the Allocation of Bank Credit". Southern Economic Journal, XL (January, 1974). Google Scholar 13D. G. Harris "A Model of Bank Loan Term Adjustment". Western Economic Journal, XI (December, 1973). Google Scholar 14Michael J. Hartley and Parthasaradhi Mallela. "The Asymptotic Properties of a Maximum Likelihood Estimator for a Model of Markets in Disequilibrium". Econometrica, VL (July, 1977). Google Scholar 15Donald D. Hester " An Empirical Examination of a Commercial Bank Loan Offer Function". Studies of Portfolio Behavior. Edited by Donald D. Hester and James Tobin (New York: John Wiley and Sons, Inc., 1967). Google Scholar 16Donald R. Hodgman "In Defense of the Availability Doctrine: A Comment". Review of Economics and Statistics, IXL (February, 1959). Google Scholar 17Donald R. Hodgman "Credit Risk and Credit Rationing". Quarterly Journal of Economics, LXXIV (May, 1960). Google Scholar 18R. Hooke and T. A. Jeeves. "Direct Search Solution of Numerical and Statistical Problems". Journal of the Association of Computing Machinery, VIII (April, 1961). Google Scholar 19Dwight M. Jaffee Credit Rationing and the Commercial Loan Market (New York: John Wiley and Sons, Inc., 1971). Google Scholar 20Dwight M. Jaffee and Franco Modigliani. "A Theory and Test of Credit Rationing". American Economic Review, LIX (December, 1969). Google Scholar 21John H. Kareken "Lenders' Preferences, Credit Rationing, and the Effectiveness of Monetary Policy". Review of Economics and Statistics, XXXIX (August, 1957). Google Scholar 22John H. Kareken "In Defense of the Availability Doctrine: Reply". Review of Economics and Statistics, IXL (February, 1959). Google Scholar 23John Kareken and R. M. Solow. " Lags in Monetary Policy." Commission on Money and Credit, Stabilization Policies (Englewood Cliffs, N. J.: Prentice-Hall, 1963). Google Scholar 24Robert E. Krainer "Structural Estimates of Supply and Demand in the USA Short Term Bank Loan Market". Oxford University Institute of Economics and Statistics Bulletin, XXXI (February, 1969). Google Scholar 25Jean-Jacques Laffont and René Garcia. "Disequilibrium Econometrics for Business Loans". Econometrica, VL (July, 1977). Google Scholar 26Dudley G. Luckett "Credit Standards and Tight Money". Journal of Money, Credit and Banking, II (November, 1970). Google Scholar 27G. S. Maddala and Forrest D. Nelson "Maximum Likelihood Methods for Models of Markets in Disequilibrium". Econometrica, VIIIL (November, 1974). Google Scholar 28Jacques Melitz and Morris Pardue. "The Demand and Supply of Commercial Bank Loans". Journal of Money, Credit and Banking, V (May, 1973). Google Scholar 29Merton H. Miller "Credit Risk and Credit Rationing: Further Comment". Quarterly Journal of Economics, LXXVI (August, 1962). Google Scholar 30Boris P. Pesek "Bank's Supply Function and the Equilibrium Quantity of Money". The Canadian Journal of Economics, III (August, 1970). Google Scholar 31W. L. Silber. Portfolio Behavior of Financial Institutions (New York: Holt, Rinehart, and Winston, Inc., 1970). Google Scholar 32W. L. Silber and Murray E. Polakoff "The Differential Effects of Tight Money: An Econometric Study". Journal of Finance, XXV (March, 1970). Google Scholar 33Richard E. Towey "Money Creation and the Theory of the Banking Firm". Journal of Finance, XXXIX (March, 1974). Google Scholar 34Donald P. Tucker "Credit Rationing, Interest Rate Lags, and Monetary Policy Speed". Quarterly Journal of Economics, LXXXII (February, 1968). Google Scholar Citing Literature Volume34, Issue3June 1979Pages 689-702 ReferencesRelatedInformation
Publication Year: 1979
Publication Date: 1979-06-01
Language: en
Type: article
Indexed In: ['crossref']
Access and Citation
Cited By Count: 97
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot