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  • 标题:Collateral requirements and market power in the Dutch mortgage market
  • 作者:Michiel van Leuvensteijn
  • 期刊名称:CPB Report
  • 印刷版ISSN:1385-1160
  • 出版年度:2003
  • 卷号:4
  • 页码:26-26
  • 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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