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اقتصاد::
وامگیرنده
Property rights improve the ability of borrowers to pledge their assets as collateral, and thereby relax credit constraints.16
information to the producer (borrower) and set e 1/4 0 for simplicity.
assume, however, that the assets can be pledged as collateral against borrowing x from
the lender could make the stakes high enough for the borrower so that he puts in
Suppose that if a borrower has wealth w, then its collateral value is
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