haku: @indexterm urban areas / yhteensä: 151
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| Tekijä: | Calidoni, F. Fedele, A. |
| Otsikko: | Profit-maximizing behaviour replaces social sanctions in urban microcredit markets: The case of Italian MAGs |
| Lehti: | Economics of transition
2009 : VOL. 17:2, p. 329-349 |
| Asiasana: | credit urban areas profit |
| Kieli: | eng |
| Tiivistelmä: | In urban settings, poor local information networks and weak social sanctions make joint liability unable to guarantee high repayment rates to microlenders. Yet in Western Europe, microcredit programmes report good performance even if the majority of them require no collateral. This study covers data from three Italian microcredit institutions which operate in urban areas, granting individual loans without collateral to single entrepreneurs and teams. The results indicate that teams repay with higher probability. On this basis, a microlending instrument is developed. Like joint liability implemented in rural economies this instrument mitigates informational problems but unlike joint liability, fits the urban context in that it reproduces a cohesion among entrepreneurs based on profit-maximizing behaviour and not on social capital. |
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