摘要：Evidence suggests that there are considerable differences in the proportions of the population that report that they are credit constrained between countries. For example Crook and Hochguertel (2008) find that in 2004 the proportion of credit applicants that report being rejected, conditional on application was 30.5%, 11.9% and 4.5% for the US, Italy and Holland respectively and in 2002 it was 5.1% for Spain. Although the periods over which the respondents were asked to assess the success of their applications differed, it is extremely unlikely to account for these differences in proportions. There are many definitions of being ‘credit constrained’ and a variety of approaches to explaining why a household is credit constrained. However there appears to be no empirical work that compares the interest rates elasticity of those who are credit constrained and those who are not. This is the aim of this paper.
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