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Abstract

The existing theoretical analysis of microfinance focuses on the nature of the loan contract such as group liability. We draw attention to the role of missing or imperfect labor market in understanding some of the important `second generation- debates in microfinance. Our analysis helps explain a number puzzles in microfinance such as i high repayment rates with high interest rates, ii difficulties in scaling up projects, iii conflicting views about interest rate elasticity of demand for microcredit. The analysis implies that while microcredit can play a vital role when labor markets are underdeveloped, demand for such loans may progressively decline as markets develop.



Item Type: MPRA Paper -

Original Title: Microfinance and Missing Markets-

Language: English-

Keywords: Microfinance; Microcredit Puzzles; Labor Market; Missing Markets; High Interest Rate; Scaling Up; Interest Rate Elasticity of Microcredit; Progressive Lending; Structural Change-

Subjects: D - Microeconomics > D1 - Household Behavior and Family Economics > D13 - Household Production and Intrahousehold AllocationJ - Labor and Demographic Economics > J4 - Particular Labor Markets > J43 - Agricultural Labor MarketsO - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and GovernanceD - Microeconomics > D5 - General Equilibrium and Disequilibrium > D52 - Incomplete MarketsO - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O12 - Microeconomic Analyses of Economic DevelopmentJ - Labor and Demographic Economics > J2 - Demand and Supply of Labor > J23 - Labor Demand-





Autor: Emran, M. Shahe

Fuente: https://mpra.ub.uni-muenchen.de/41451/







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