信贷市场及其机构的演化:基于交易的功能观——以担保公司的出现为例

信贷市场和其他市场一样,它的功能是有效率配置资源。但是信贷配给的存在,使得这种功能遇到了障碍。分析信贷市场上的合约和机构安排,有助于从本源上说明信贷配给产生的原因。依据功能观,信贷市场的演化方向是不断降低信贷配给。以担保公司的出现为例进行的模型分析表明,造成这一演化的动力是交易以及不同交易方式之间的竞争。

The Evolution of Credit Market and Institutions:A Functional Perspective Based on Transaction

Based on the functional perspective of transaction, this paper analyses evolution of the credit market and institutions by a simple model and a brief case study. Like other markets, the credit market is a mechanism of allocating resource efficiently, however, credit rationing means that this mechanism is frictional, which suggests that the direction of the credit market's evolution is to release the robustness of the rationing, according to the functional perspective. This paper suggests that transaction, to be concrete, the competition of different transactions, serves this process how to evolve.