出版社：Suntory Toyota International Centres for Economics and Related Disciplines
摘要：This paper contrasts individual liability lending with and without groups to joint liability lending. By doing so, we shed light on an apparent shift away from joint liability lending towards individual liability lending by some micro nance institutions First we show that individual lending with or without groups may constitute a welfare improvement so long as borrowers have sucient social capital to sustain mutual insurance. Second, we explore how a purely mechanical argument in favor of the use of groups - namely lower transaction costs - may actually be used explicitly by lenders to encourage the creation of social capital. We also carry out some simulations to evaluate quantitatively the welfare impact of alternative forms of lending, and how they relate to social capital.
关键词：micro nance; group lending; joint liability; mutual insurance
