Abstract
Some people could assume that, in giving creadit, the more credit the banks would give, the more profit they could make. But when credit is rationed, only the loans with the surest payment return expectancy are accorded, and banks collect what they expect. If instead of rationing credit, banks just asked for higher rates for it, the actual effect in the loan portfolio could be proved to bet hat a higher percentae of loan petitioners would fail to pay, so they loan portfolio would be composed of a higher percentage of unsage loans and consequently profit would be less. Thus, by rationing credit, banks maximize profit better than by raising interest rates. Stiglitz won the Nobel prize in Economics by providing the banks' behavior in credit rationing (1981).
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