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  5. Nonmarket Institutions for Credit and Risk Sharing in Low-Income Countries

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Nonmarket Institutions for Credit and Risk Sharing in Low-Income Countries

  • Timothy Besley
Journal of Economic Perspectives
vol. 9, no. 3, Summer 1995
(pp. 115–127)
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Abstract

The design credit and risk institutions in low-income countries provides one of the most exciting testing grounds for theories of contracting with imperfect information and limited enforcement. This paper reviews some of the recent literature, with a special focus on nonmarket institutions that cope with risk and provide credit. This literature attempts to bring together insights from economic theory, especially information economics, contract theory, and mechanism design theory. However, it is also applied, being motivated by the circumstance of the poor countries that their authors have visited and studied.

Citation

Besley, Timothy. 1995. "Nonmarket Institutions for Credit and Risk Sharing in Low-Income Countries." Journal of Economic Perspectives, 9 (3): 115–127. DOI: 10.1257/jep.9.3.115

JEL Classification

  • O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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