| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP443 |
| DP443 The Economics of Rotating Savings and Credit Associations | |
| Tim Besley; Glenn Loury; Stephen Coate | |
| 发表日期 | 1990-08-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper examines the role and performance of an institution for allocating savings that is observed world-wide -- rotating savings and credit associations. We develop a general equilibrium model of an economy with an indivisible durable consumption good and compare and contrast these informal institutions with credit markets and autarkic saving in terms of the properties of their allocations and the expected utility which they obtain. We also characterize Pareto efficient and expected utility-maximizing allocations for our economy, which serve as useful benchmarks for the analysis. Among our results is the striking finding that rotating savings and credit associations that allocate funds randomly may sometimes yield a higher level of expected utility to prospective participants than would a perfect credit market. |
| 关键词 | Credit markets Financial intermediaries Rotating savings and credit |
| URL | https://cepr.org/publications/dp443 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529599 |
| 推荐引用方式 GB/T 7714 | Tim Besley,Glenn Loury,Stephen Coate. DP443 The Economics of Rotating Savings and Credit Associations. 1990. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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