Credit rationing

Japanese: 信用割当て - しんようわりあて（英語表記）credit rationing

In a market for funds, borrowers try to raise funds at the lowest possible interest rate, while lenders try to invest their assets at a high interest rate. When interest rates are lower than the equilibrium level, borrowers' demand for funds is greater than lenders' supply of funds, and interest rates rise in the market. In the opposite case, interest rates fall. Therefore, if interest rates are flexible, the supply and demand of funds will be equal at the equilibrium level, i.e., the point where the lender's supply curve and the borrower's demand for funds curve intersect. However, if for some reason interest rates are not sufficiently flexible and interest rates do not rise even if the demand for funds is greater than the supply of funds, the funds market will reach equilibrium with excess demand (demand for funds - supply of funds), and a limited amount of funds (supply) will be allocated to some or all of the borrowers of funds.

Source: Heibonsha World Encyclopedia, 2nd Edition Information

Japanese:

ある資金の市場において，借手はできるだけ低い金利(利子率)で資金を調達しようとし，貸手は高い金利で資産を運用しようとする。金利が均衡水準より低いときは貸手の資金供給より借手の資金需要のほうが大きく，市場において金利は上昇する。逆の場合は金利が低下する。それゆえ金利が伸縮的であれば，均衡水準すなわち貸手の資金供給曲線と借手の資金需要曲線の交わる点で，資金の需給は一致することになる。しかし，なんらかの理由で金利が十分伸縮的でなく，資金需要が資金供給より大きくても利子率上昇が生じないとすると，その資金市場では超過需要(資金需要－資金供給)を残したままで均衡し，限られた量の資金(供給)が一部または全部の資金需要者に割り当てられることになる。

出典　株式会社平凡社世界大百科事典第２版について　情報

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