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| Author: | Ahlin, C. Townsend, R.M. |
| Title: | Using repayment data to test across models of joint liability lending |
| Journal: | Economic Journal
2007 : FEB, VOL. 117:517, p. F11-F51 |
| Index terms: | joint business ventures liability loans Thailand |
| Language: | eng |
| Abstract: | Theories rationalizing joint liability lending are rich in implications for repayment rates. This study exploits this fact to test four diverse models. It is shown that the models' repayment implications do not always coincide. E.g., higher correlation of output and borrowers' ability to act co-operatively can raise or lower repayment, depending on the model. Data from Thai borrowing groups suggest that repayment is affected negatively by the joint liability rate (ceteris paribus) and social ties, and positively by the strength of local sanctions and correlated returns. |
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