BELLOC, Bernard; FREIXAS, Xavier - In: Annales d'Economie et de Statistique (1989) 15-16, pp. 231-266
We examine the relationship between borrowers (firms) and lenders (banks), in a dynamic context, with asymmetric information. In particular, we take into account the fact that firms which apply for a grant have a past. They have liability and the banks will take it into consideration when making...