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Spence

As Cosci (1993) one of the main consequences of the information anti-symmetrical it is that the problems of adverse election and moral risk justify the existence of the banks, as intermediate financiers. The presence of adverse election can induce that certain institutions if specialize in acquiring information on the risk of the projects that search resources in the credit market. Such situation makes possible the creditor to distinguish more easily between good and bad risks of credit, reducing of certain form the degree of asymmetry of present information in the market. The banks have an important advantage in acquiring information because they manage the accounts current of the firms and, therefore, possess information that are not unavailable for the other Agents of the market.

The presence of moral risk also induces that certain institutions if specialize in the activity of monitoramento. The bank has a great advantage in collecting information on the result of the financed projects of investment, since it has conditions to follow the development of the firms through banking relationship. For Spence (1974), the bank when loaning, purchase a source of resources in the future with money today, while the wing purchase money today with its capacity or disposal to return the resource in the future. It is as if the bank bought a lottery ticket, since it cannot directly observe the capacity of individual in returning the loaned resource. The decision to loan or it resource will not be based in the amount of information congregated by the bank on the real terms of payment of that debtor.

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