By analyzing the financing difficulties faced by the small and medium-sized firms, the paper built an artificial credit markets with the agent-based computational modeling to simulate the real world credit transaction...By analyzing the financing difficulties faced by the small and medium-sized firms, the paper built an artificial credit markets with the agent-based computational modeling to simulate the real world credit transactions. There are firms, banks, different risk-type projects as well as legal and supervision environments in which debt contracts constitute the financial instruments. The simulation results show that the number of collateral, average success probability of projects, and the prime interest rate have materially impact on bank's average profit, bank's capital, the overall interest rate,the number of borrowing firms, loan size, and the degree of credit rationing. These results in line with those of the classical S-W model in the sense that the relationship between bank profits and interest rates is non-monotonic as well as the relationship between credit rationing and interest rates. And thus there is an adverse selection effect in credit rationing theory.展开更多
基金supported by the National Natural Science Foundation of China under Grant Nos.71532009,71320107003 and 71271145Core Projects in Tianjin Education Bureaus Social Science Program under Grant Nos.2012JWZD11 and 2014ZD13Specialized Research Fund for the Doctoral Program of Higher Education of China under Grant No.20110032110031
文摘By analyzing the financing difficulties faced by the small and medium-sized firms, the paper built an artificial credit markets with the agent-based computational modeling to simulate the real world credit transactions. There are firms, banks, different risk-type projects as well as legal and supervision environments in which debt contracts constitute the financial instruments. The simulation results show that the number of collateral, average success probability of projects, and the prime interest rate have materially impact on bank's average profit, bank's capital, the overall interest rate,the number of borrowing firms, loan size, and the degree of credit rationing. These results in line with those of the classical S-W model in the sense that the relationship between bank profits and interest rates is non-monotonic as well as the relationship between credit rationing and interest rates. And thus there is an adverse selection effect in credit rationing theory.
