Informal Credit Markets And The New Institutional Economics
Taylor & Francis
This book combines the theoretical approach to credit markets in the Philippines with certain precepts of the new institutional economics and offers important public policy issues that relate to the operation of the formal credit sector, such as liberalization of interest rates and deregulation. > The conventional wisdomaboutcreditmarketshas been radically alteredin recent years through the introduction of elements of moral hazard,adverseselectionofrisk,and quality-price relationships. Important empiricalstudies have been published which are leading to vastly different policyimplications. This analysis has not been explicitly extended to informalcredit markets so far, although it is widely recognized that credit transactedoutside the banking circuit is quantitatively huge and qualitatively critical,especially in developing countries.This book combines the new theoretical approach to credit markets withcertain precepts of the New Institutional Economics in order to analyzeinformal .
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