The access to credit and financial services play a critical role in fostering economic growth and maintaining economic stability. The ability to obtain credit at a fair price and terms has remained one of the most powerful determinants of economic opportunity, income generation, wealth creation...

Credit-rationing model similar to Stiglitz and Weiss [1981] is combined with the information externality model of Lang and Nakamura [1993] to examine the properties of mortgage markets characterized by both adverse selection and information externalities. In a credit-rationing model, additional...

Loan volume creates public information. One lender’s underwriting activities generate valuable information not only for the lender itself, but also for other lenders operating in the same neighborhood. The Lang and Nakamura (L-N) model hypothesizes that the total loan volume in a...

This paper examines the factors that affect branch location choice of depository lenders. Consistent with previous studies, the tract level analysis in this paper finds a strong negative impact of neighborhood income and minority composition on individual access to depository branches even after...