0 someone or something that lends money, especially a large financial organization such as a bank: --
1 a person or business, such as a bank, that lends money --
2 a bank or other financial organization that lends money that is then paid back with interest: --
Consequently, asymmetry of information between borrower and lender provides the former with an incentive to misrepresent actual productivity in an effort to reduce his payment.
The lender could ration the household's or firm's access to credit to ease his signal extraction program.
On the contrary, the former assumes that the project has already met some feasibility criteria leading to a lender's willingness to invest in it.
This comes from the model environment where borrowers are physically separated from lenders when t is realized.
The borrower worked for the lender, or substituted someone to work in his or her place, in lieu of paying interest on the loan.
In other words, we assume that international lenders offer a lower interest rate.
The authors set themselves the difficult tasks of addressing a broad audience of academics, policy-makers, mortgage lenders, housing associations, the voluntary sector and pressure groups.
This external social benefit will not be fully recognised by commercial lenders.
