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Credit union policies and performance in Latin America

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Glenn D. Westley
Sherrill Shaffer

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Abstract

This paper explores empirical linkages between credit unions' (CUs') policies and their financial performance, as measured by loan delinquency and profitability, using a unique micro dataset of credit unions in three Latin American countries. The estimated translog profit function is generalized using a slack variable concept that parameterizes any systematic deviation from profit- maximizing behavior exhibited within the sample. In general, we find that performance depends in important ways on two types of CU policy variables, some associated with the incentives of borrowers to repay and others that affect the CU's ability to screen loans.

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Paper provided by Federal Reserve Bank of Philadelphia in its series Working Papers with number 98-1.

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Date of creation: 1998
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Handle: RePEc:fip:fedpwp:98-1

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Keywords: Credit unions ; Latin America;

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  1. Banerjee, Abhijit V & Besley, Timothy & Guinnane, Timothy W, 1994. "Thy Neighbor's Keeper: The Design of a Credit Cooperative with Theory and a Test," The Quarterly Journal of Economics, MIT Press, vol. 109(2), pages 491-515, May. [Downloadable!] (restricted)
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  2. Loretta J. Mester, 1989. "Testing for Expense Preference Behavior: Mutual versus Stock Savings and Loans," RAND Journal of Economics, The RAND Corporation, vol. 20(4), pages 483-498, Winter. [Downloadable!] (restricted)
    Other versions:
  3. Smith, Donald J, 1984. " A Theoretic Framework for the Analysis of Credit Union Decision Making," Journal of Finance, American Finance Association, vol. 39(4), pages 1155-68, September. [Downloadable!] (restricted)
  4. Smith, Donald J & Cargill, Thomas F & Meyer, Robert A, 1981. "An Economic Theory of a Credit Union," Journal of Finance, American Finance Association, vol. 36(2), pages 519-28, May. [Downloadable!] (restricted)
  5. Berger, Allen N. & Hancock, Diana & Humphrey, David B., 1993. "Bank efficiency derived from the profit function," Journal of Banking & Finance, Elsevier, vol. 17(2-3), pages 317-347, April. [Downloadable!] (restricted)
  6. Christopher P. Beshouri & Dennis C. Glennon, 1996. "CRA as "market development" or "tax": an analysis of lending decisions and economic development," Proceedings, Federal Reserve Bank of Chicago, issue May, pages 556-585.
  7. Jayaratne, Jith & Strahan, Philip E, 1996. "The Finance-Growth Nexus: Evidence from Bank Branch Deregulation," The Quarterly Journal of Economics, MIT Press, vol. 111(3), pages 639-70, August. [Downloadable!] (restricted)
  8. Huppi, Monika & Feder, Gershon, 1990. "The Role of Groups and Credit Cooperatives in Rural Lending," World Bank Research Observer, Oxford University Press, vol. 5(2), pages 187-204, July.
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  9. Boyes, William J. & Hoffman, Dennis L. & Low, Stuart A., 1989. "An econometric analysis of the bank credit scoring problem," Journal of Econometrics, Elsevier, vol. 40(1), pages 3-14, January. [Downloadable!] (restricted)
  10. Ghani, Ejaz, 1992. "How financial markets affect long run growth : a cross country study," Policy Research Working Paper Series 843, The World Bank. [Downloadable!]
  11. Sealey, Calvin W, Jr & Lindley, James T, 1977. "Inputs, Outputs, and a Theory of Production and Cost at Depository Financial Institutions," Journal of Finance, American Finance Association, vol. 32(4), pages 1251-66, September. [Downloadable!] (restricted)
  12. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
  13. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August. [Downloadable!] (restricted)
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  14. Robert B. Avery & Raphael W. Bostic & Paul S. Calem & Glenn B. Canner, 1996. "Credit risk, credit scoring, and the performance of home mortgages," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jul, pages 621-648.
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  1. Neil Esho, 2000. "Scale Economies in Credit Unions: Accounting for Subsidies Is Important," Journal of Financial Services Research, Springer, vol. 18(1), pages 29-43, October. [Downloadable!] (restricted)
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