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Capital market imperfections
All the limitations that reduce the range of financial contracts that agents can sign and/or that prevent them to be honored are called imperfections. These restrictions are more common in capital markets. There are three basic reasons for that: Firstly, lenders do not have full information about the borrower, whether they have the capacity to pay back their debt and/or whether they are willing to pay (asymmetric information). Secondly, lender needs to trust the borrower to commit and to pay back his/her debt or there needs to have a third party to enforce the contract as it is more difficult to enforce contracts ex post (limited commitment). Finally, since the exchange does not happen at the same time, there is always room for renegotiation.
== Perfect capital markets ==
In perfect capital market case, assuming complete markets, perfect rationality of agents and under full information, the equilibrium occurs where the interest rates clear the market, with the supply of funds equal to the demand. This type of equilibrium is called Arrow-Debreu equilibrium, which is defined as there is a set of prices (in this case interest rates) under which demand and supply of the market are equal to each other.〔Arrow, Kenneth J. and Gerard Debreu (1954), "Existence of an Equilibrium for a Competitive Economy," Econometrica, Vol. 22, No. 3 (Jul., 1954), pp. 265–290.〕 Moreover, we can analyze the firm's investment decision and its owner's consumption/saving decision separately〔Fisher, Irving (1930), "Theory of Interest: As determined by impatience to spend income and opportunity to invest it," New York: Kelley and Millman〕 (Fisher separation theorem). In addition to that, even in case of bankruptcy risk, the resulting optimum choice of firm will be efficient as the interest rate increases to capture the bankruptcy risk. Therefore, the possibility of default of the borrower is not a main driving force that leads to imperfect capital markets.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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