Understanding the coexistence of formal and informal credit markets in Piura, Peru

被引:99
作者
Guirkinger, Catherine [1 ]
机构
[1] Univ Namur, Ctr Res Econ Dev, Namur, Belgium
基金
美国安德鲁·梅隆基金会;
关键词
informal credit; credit rationing; risk; asymmetric information; Latin America; Peru;
D O I
10.1016/j.worlddev.2007.07.002
中图分类号
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号
0201 ; 020105 ; 03 ; 0303 ;
摘要
This paper examines why farm households seek informal loans in Piura, Peru, where formal lenders offer loans at lower interest rates. A panel data econometric analysis reveals that the informal sector serves various types of clients: households excluded from the formal sector but also households that prefer informal loans because of lower transaction costs or lower risk. An in-depth examination of contract terms and loan technologies permits an accurate comparison of effective loan costs and contractual risk across sectors and reveals that proximity and economics of scope enjoyed by informal lenders enable them to substitute information-intensive screening and monitoring for contractual risk and supply these various types of clients. (c) 2008 Elsevier Ltd. All rights reserved.
引用
收藏
页码:1436 / 1452
页数:17
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