Thank you for this comment. I very much hope to see more in-depth research on the many issues that this price externality raises. The point you raise regarding the potential distributional implications of this price externality is an important one. When aggregate credit is scarce, the "lucky ones" who have access to financing can realize high returns given the low equilibrium prices. Your intuition is correct that allowing for broader access to finance may change the distribution of surplus. Whether this distributional change is favorable or not depends on who benefits more from more access to credit (it is likely to benefit those who have better access to credit, and hurt those who remain credit rationed). Regardless, the price externality will benefit the owners of the "constrained goods" - for example, if access to credit increases the demand for land, this will lead to an appreciation in the price of land which will benefit land owners. I hope to see more research on these important issues.