| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Informal Finance: A Theory of Moneylenders |
| Andreas Madestam
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| 发表日期 | 2009
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| 出处 | Economy and Society
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| 出版年 | 2009
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| 语种 | 英语
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| 摘要 | I study the coexistence of formal and informal finance in underdeveloped credit markets. While weak institutions constrain formal banks, shallow pockets hamper informal lenders. In such economies, informal finance has two effects. By increasing the investment return it decreases borrowers’ relative payoff following default, inducing banks to lend more liberally (disciplinary effect). By channeling bank capital it reduces banks’ agency costs from lending directly to borrowers, limiting banks’ extension of borrower credit (rent-extraction effect). Among other things, the model shows that informal interest rates are higher, borrower welfare lower, and informal finance more prevalent when the rent-extraction effect prevails, consistent with stylized facts in poor societies. |
| 特色分类 | O12,O16,O17,D40
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| 关键词 | Credit Markets,Financial Development,Institutions,Market Structure
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/informal-finance-a-theory-of-moneylenders/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117746
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推荐引用方式
GB/T 7714 |
Andreas Madestam. Informal Finance: A Theory of Moneylenders. 2009.
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文件名：
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2010720171953469-09.pdf
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格式：
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Adobe PDF
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