English, Article edition: A dynamic model of individual and group lending in developing countries Ani L. Katchova; Mario J. Miranda; Claudio Gonzalez-Vega

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Physical Description
  • article
Language
  • English

Edition details

Title
  • A dynamic model of individual and group lending in developing countries
Author
  • Ani L. Katchova
  • Mario J. Miranda
  • Claudio Gonzalez-Vega
Physical Description
  • article
Notes
  • This paper examines the contract design problem of microfinance institutions seeking to maximize outreach to the poor while remaining financially sustainable. A dynamic model of group lending is developed that shows how optimal interest rates depend on information regarding moral hazard and adverse selection problems, correlated project risks, and strategic default. Relative to traditional static models, the results indicate a dynamic model better explains the current experience with individual and group lending in developing countries.
  • Adverse selection, Individual and joint liability contracts, Microlending, Moral hazard, Strategic default
  • RePEc:eme:afrpps:v:66:y:2006:i:2:p:251-265
Language
  • English
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