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Does information sharing reduce the role of collateral as a screening device?

Stacescu, Bogdan; Karapetyan, Artashes
Journal article, Peer reviewed
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URI
http://hdl.handle.net/11250/223178
Date
2014
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Original version
Journal of Banking and Finance, 43(2014): 48-57   10.1016/j.jbankfin.2014.02.010
Abstract
Information sharing and collateral are both devices that help banks reduce the cost of adverse selection.

We examine whether they are likely to be used as substitutes (information sharing reduces the need for

collateral) or complements. We show that information sharing via a credit bureaus and registers may

increase, rather than decrease, the role of collateral: it can be required in loans to high-risk borrowers

in cases when it is not in the absence of information sharing. Higher adverse selection makes the use

of collateral more likely both with and without information sharing. Our results are in line with recent

empirical evidence.
Description
This is the authors’ accepted, refereed and final manuscript to the article. Publisher’s version available at http://dx.doi.org/10.1016/j.jbankfin.2014.02.010
Publisher
Elsevier
Journal
Journal of Banking and Finance

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