Credit Rationing in the Commercial Loan Market: Estimates of a Structural Model Under Conditions of Disequilibrium


  • C. W. SEALEY JR.

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    • Faculty of Commerce and Business Administration, University of British Columbia. An earlier version of this paper was presented at the winter meetings of the Econometric Society, 1977. The author is indebted to Professor Stephen Goldfeld, a referee of this journal, for numerous suggestions which greatly improved the paper. Dwight M. Jaffee also provided valuable comments. The author is, of course, solely responsible for any remaining errors.