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Arreglos no convencionales en los mercados de créditos

Author

Listed:
  • Francisco Galarza
  • Carolina Trivelli
  • Javier Alvarado

Abstract

El mercado de créditos es típicamente un mercado caracterizado por la existencia de información asimétrica, lo que condiciona la coexistencia de dos problemas. Uno derivado de la imposibilidad de los prestamistas de conocer y controlar las acciones del prestatario, que podrían afectar su capacidad (insolvencia) y voluntad (morosidad estratégica) para repagar una vez realizado el contrato de crédito (riesgo moral o acción oculta). El otro problema está asociado a la incapacidad de los prestamistas de conocer aspectos relevantes de los solicitantes de crédito en su decisión de prestar (selección adversa o información oculta). Ante estos problemas, los prestamistas adoptan una serie de arreglos –convencionales o no convencionales- para asegurarse el repago del préstamo. Este artículo concentra su atención en tres mecanismos no convencionales establecidos por prestamistas formales e informales para enfrentar el problema de información, uno implementado por las cajas municipales, otro por las organizaciones no gubernamentales (ONGs) crediticias, y una experiencia interesante de integración vertical entre prestamistas formales (bancos) e informales (ONGs). Todos estos arreglos apuntan hacia un aspecto clave en el mercado de créditos: la obtención de información, lo que implica que el mayor manejo de información acerca de los solicitantes de crédito en la etapa de selección de clientes sea decisivo para asegurar el repago y puede ser un sustituto importante de los requerimientos de garantías reales, sobre todo en contextos donde los mecanismos legales de recuperación son muy ineficientes y costosos, como en el caso peruano.

Suggested Citation

  • Francisco Galarza & Carolina Trivelli & Javier Alvarado, 2000. "Arreglos no convencionales en los mercados de créditos," Apuntes. Revista de ciencias sociales, Fondo Editorial, Universidad del Pacífico, vol. 27(46), pages 49-74.
    • Handle: RePEc:pai:apunup:es-46-03
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    References listed on IDEAS

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