arbitration and adjudication. …

be eliminated by a government support in the form of credit guarantees or subsidies. The principal-agent model of this … interest rate is not a sufficiently robust policy instrument. Lump-sum guarantees and interest rate subsidies are evaluated as …

Provision of credit guarantees or subsidies may remove an adverse selection leading to credit rationing. This paper … concentrates on comparison of government budget costs of credit guarantees and subsidies in a monopolistic credit market. Different … costs of high-risk entrepreneurs, the budget-cost minimizing government should prefer guarantees over interest rate …

-free loans through third-party guarantees and relationship lending, but also through modifying loan terms, such as reducing loan … size. Guarantees are the relatively most important substitute, they reduce collateral requirements independently of …

A mechanism guarantees a certain welfare level to its agents, if each of them can secure that level against unanimously … familiar random dictator and voting by veto mechanisms yields a large family of maximal guarantees: it is exhaustive if n=2 and …

guarantees induce excessive encumbrance and fragility. To mitigate such risk shifting, we study prudential regulatory tools …