出版社：Suntory Toyota International Centres for Economics and Related Disciplines
摘要：Motivated by recent controversies surrounding the role of commercial lenders in micro nance, we analyze borrower welfare under di erent market structures, considering a benevolent non-pro t lender, a for-pro t monopolist, and a competitive credit market. To understand the magnitude of the e ects analyzed, we simulate the model with parameters estimated from the MIX Market database. Our results suggest that market power can have severe implications for borrower welfare, while despite possible information frictions competition typically delivers similar borrower welfare to non-pro t lending. In addition, for-pro t lenders are less likely to use joint liability than non-pro ts.
关键词：micro nance; market power; for-pro t; social capital
