English, Article, Journal or magazine article edition: Group-lending: Sequential financing, lender monitoring and joint liability Prabal Roy Chowdhury

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Group-lending: Sequential financing, lender monitoring and joint liability
Author
  • Prabal Roy Chowdhury
Physical Description
  • preprint
Notes
  • We develop a simple model of group-lendingbased on peer monitoring and moral hazard. We find that, in the absence of sequential financing or lender monitoring, group-lending schemes may involve under-monitoring with the borrowers investing in undesirable projects. Moreover, under certain parameter configurations, group-lending schemes involving either sequential financing, or a combination of lender monitoringand joint liability are feasible. In fact, group-lending schemes with sequential financing may succeed even in the absence of joint liability, though the repayment rate will be lower. In the absence of joint liability, however, group-lending with lender monitoring is unlikely to be feasible.
  • Group-lending, joint liability, peer monitoring, sequential financing, under-monitoring, lender monitoring
  • RePEc:ind:isipdp:04-10
Language
  • English
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