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| Author: | Besley, T. Coate, S. Loury, G. |
| Title: | Rotating savings and credit associations , credit markets and efficiency |
| Journal: | Review of Economic Studies
1994 : OCT, VOL. 61:209, p. 701-719 |
| Index terms: | SAVINGS CREDIT ASSOCIATIONS |
| Language: | eng |
| Abstract: | This paper examines the allocative performance of rotationg savings and credit associations (roscas), a financial institution which is observed world-wide. The authors develop a model in which individuals save for an indivisible good and study roscas which distribute funds using random allocation and bidding. The allocations achieved by the two types of rosca are compared with that achieved by a credit market and with efficient allocations more generally. |
SCIMA