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Improving the functioning of the rural financial markets of Armenia

  • Kasarjyan, Milada
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    Theoretical literature suggests that social capital, respectively the underlying social networks, facilitate access to otherwise lacking production factors such as financial resources. In addition, the manifestation of different dimensions of social capital is suggested to facilitate collective action and better outcomes in communities. This work analyses by means of Social Network Analysis the role of social capital (bonding and bridging dimensions) in accessing productive resources, in particular access to information and micro-credit. In addition, it determines empirically the significance of social capital (structural and cognitive dimensions) for the credit repayment performance of joint liability borrowing group members. The significance of both cognitive and structural social capital shows that it is essential to consider different dimensions of social capital in such an analysis. Otherwise, analysis may result to biased results. The results suggest that transition brought not only socio-economic changes but also changes of social structures and social support networks to rural Armenia. Though village culture appears to be preserved, social support networks prioritise and benefit the kin members first.

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    This book is provided by Leib­niz Institute of Agricultural Development in Central and Eastern Europe (IAMO) in its series Studies on the Agricultural and Food Sector in Central and Eastern Europe with number 62 and published in 2011.
    Volume: 62
    Handle: RePEc:zbw:iamost:62
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    1. Amin, S. & Rai, A.S. & Topa, G., 2000. "Does Microcredit Reach the Poor and Vulnerable? Evidence from Nothern Bangladesh," Papers 28, Chicago - Graduate School of Business.
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    9. Huppi, Monika & Feder, Gershon, 1990. "The Role of Groups and Credit Cooperatives in Rural Lending," World Bank Research Observer, World Bank Group, vol. 5(2), pages 187-204, July.
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    15. Manski, Charles F, 1993. "Identification of Endogenous Social Effects: The Reflection Problem," Review of Economic Studies, Wiley Blackwell, vol. 60(3), pages 531-42, July.
    16. Coffé, Hilde & Geys, Benny, 2006. "Towards an empirical characterization of bridging and bonding social capital
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      ," Discussion Papers, Research Unit: Market Processes and Governance SP II 2006-11, Social Science Research Center Berlin (WZB).
    17. Stiglitz, Joseph E, 1996. "Some Lessons from the East Asian Miracle," World Bank Research Observer, World Bank Group, vol. 11(2), pages 151-77, August.
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