Publication detail

The Comparison of Credit Subsidies and Guarantees in Transition and Post-Transition Economies

Author(s): prof. Ing. Karel Janda M.A., Dr., Ph.D.,
Type: Articles in journals with impact factor
Year: 2005
Number: 0
ISSN / ISBN: 0013-3053
Published in: Journal of Economics (Ekonomicky casopis)
Publishing place: Bratislava
Keywords:
JEL codes:
Suggested Citation:
Grants: 402/05/2123 (2005-2007) Efficiency of Financial Markets and New Basel Capital Accord (NBCA)
Abstract: We compare the welfare effects of government credit subsidies and guarantees in transition and post-transition economies in the conditions of asymmetric information. We show that the guarantees and subsidies targeted to low risk borrowers decrease efficiency while those targeted to high risk borrowers increase efficiency both in transition and post-transition economies. The uniform non-targeted guarantees improve welfare. The uniform subsidies may be used to improve welfare in the economy subjected to credit rationing, but they do not have any effect on the size of collateral required in post-transition economy.
Downloadable: The Comparison of Credit Subsidies and Guarantees in Transition and Post-Transition

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