This study, first published in 1979, examines and contrasts two
concepts of credit rationing. The first concept takes the relevant
price of credit to be the explicit interest rate on the loan and
defines the demand for credit as the amount an individual borrower
would like to receive at that rate. Under the alternative
definition, the price of credit consists of the complete set of
loan terms confronting a class of borrowers with given
characteristics, while the demand for credit equals the total
number of loan which members of the class would like to receive at
those terms. This title will be of interest to students of monetary
economics.
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