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Crédit individuel et informalité sont-ils compatibles ? Une expérience brésilienne

  • Jaunaux, Laure
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    This article analyses an individual microcredit program developed in Rio’s shantytowns. We study its selection criteria and the determinants of borrowers’ repayment performance. More specifically, this work aims to study the link between informality and credit discipline. First, we question if individual microcredit targets informal agents, generally excluded from traditional commercial banking but considered as a major actor in Brazil. Then, we examine repayment capacities of these agents. Our results show a contradiction between selection criteria and the determinants of repayment performance: the likelihood of having access to a microcredit ex ante is lower for an informal agent than for a formal one, but, ex post, this latter turns out to be a “bad” debtor. Apparently, having access to alternative financing sources negatively impacts the reimbursement discipline of formal borrowers.

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    File URL: http://basepub.dauphine.fr/xmlui/bitstream/123456789/13356/1/jaunaux.pdf
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    Paper provided by Paris Dauphine University in its series Economics Papers from University Paris Dauphine with number 123456789/13356.

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    Date of creation: 2007
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    Publication status: Published in Economie internationale, 2007, Vol. 112, no. 4. pp. 99-131.Length: 32 pages
    Handle: RePEc:dau:papers:123456789/13356
    Contact details of provider: Web page: http://www.dauphine.fr/en/welcome.html

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    1. Maitreesh Ghatak & Timothy W. Guinnane, 1998. "The Economics of Lending with Joint Liability: Theory and Practice," Discussion Papers 98-16, University of Copenhagen. Department of Economics.
    2. Christian Ahlin & Robert Townsend, 2002. "Using Repayment Data to Test Across Models of Joint Liability Lending," Vanderbilt University Department of Economics Working Papers 0227, Vanderbilt University Department of Economics.
    3. Dean Karlan & Xavier Gine, 2006. "Group versus individual liability: A field experiment in the philippines," Natural Field Experiments 00253, The Field Experiments Website.
    4. Anjali Kumar, 2005. "Access to Financial Services in Brazil," World Bank Publications, The World Bank, number 13821, September.
    5. Jonathan Conning, 2005. "Monitoring by Peers or by Delegates? Joint Liability Loans and Moral Hazard," Economics Working Paper Archive at Hunter College 407, Hunter College Department of Economics.
    6. Henley, Andrew & Arabsheibani, G. Reza & Carneiro, Francisco G., 2006. "On defining and measuring the informal sector," Policy Research Working Paper Series 3866, The World Bank.
    7. Timothy Besley, 1995. "Nonmarket Institutions for Credit and Risk Sharing in Low-Income Countries," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 115-127, Summer.
    8. Beatriz Armendáriz de Aghion & Jonathan Morduch, 2000. "Microfinance Beyond Group Lending," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 401-420, July.
    9. Jonathan Morduch, 1999. "The Microfinance Promise," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1569-1614, December.
    10. Sharma, Manohar & Zeller, Manfred, 1997. "Repayment performance in group-based credit programs in Bangladesh: An empirical analysis," World Development, Elsevier, vol. 25(10), pages 1731-1742, October.
    11. McIntosh, Craig & Wydick, Bruce, 2005. "Competition and microfinance," Journal of Development Economics, Elsevier, vol. 78(2), pages 271-298, December.
    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.
    13. Stiglitz, Joseph E, 1990. "Peer Monitoring and Credit Markets," World Bank Economic Review, World Bank Group, vol. 4(3), pages 351-66, September.
    14. Maloney, William F, 1999. "Does Informality Imply Segmentation in Urban Labor Markets? Evidence from Sectoral Transitions in Mexico," World Bank Economic Review, World Bank Group, vol. 13(2), pages 275-302, May.
    15. Parikshit Ghosh & Debraj Ray, 1999. "Information and Enforcement in Informal Credit Markets," Boston University - Institute for Economic Development 93, Boston University, Institute for Economic Development.
    16. Maurício Cortez Reis & Gabriel Ulyssea, 2005. "Cunha Fiscal, Informalidade e Crescimento : Algumas Questões e Propostas de Políticas," Discussion Papers 1068, Instituto de Pesquisa Econômica Aplicada - IPEA.
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