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Micro-microcrédit et asymétries d’information : cas du Maroc
[INFORMATION asymmetries and microcredit: The Moroccan case]

Author Info

  • Abdelhamid, El Bouhadi
  • Omar, Essardi

Abstract

In this paper we apply the Principal/Agent theory in case of microcredit granted to the Moroccan micro-companies. The practice reveals us that a part of the receipted credits is diverted from its initial objective. Indeed, a situation of information asymmetries linked with adverse selection and moral hazard can be noticed. Given that the Agent behavior (the debtor) is unobservable, the Principal (the Creditor) cannot select every time the good types of Agents.

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File URL: http://mpra.ub.uni-muenchen.de/20080/1/MPRA_paper_20080.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20080.

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Date of creation: 15 May 2007
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Handle: RePEc:pra:mprapa:20080
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Keywords: Microfinance; Microcredit Institutions; Moroccan Micro-companies; Adverse Selection; Moral Hazard; Principal/Agent Theory; Information Asymmetries.;

Find related papers by JEL classification:

  • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
  • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
  • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
  • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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  1. Ghatak, M. & Guinnane, T.W., 1998. "The Economics of Lending with Joint Liability: Theory and Practice," Papers 791, Yale - Economic Growth Center.
  2. Gangopadhyay, Shubhashis & Lensink, Robert, 2001. "Joint liability lending: a note," Research Report 01E09, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  3. Alessandro Fedele, 2006. "Joint Liability Lending In Microcredit Markets With Adverse Selection: A Survey," The IUP Journal of Bank Management, IUP Publications, vol. 0(2), pages 55-63, May.
  4. 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.
  5. Rui Albuquerque & Hugo A. Hopenhayn, 2004. "Optimal Lending Contracts and Firm Dynamics," Review of Economic Studies, Wiley Blackwell, vol. 71(2), pages 285-315, 04.
  6. David MARTIMORT, 1992. "Multi-principaux avec anti-sélection," Annales d'Economie et de Statistique, ENSAE, issue 28, pages 1-37.
  7. Bruno Biais & Thomas Mariotti, 2005. "Strategic Liquidity Supply and Security Design," Review of Economic Studies, Oxford University Press, vol. 72(3), pages 615-649.
  8. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
  9. Rajan, Raghuram G & Zingales, Luigi, 1998. "Power in a Theory of the Firm," CEPR Discussion Papers 1777, C.E.P.R. Discussion Papers.
  10. Luigi Zingales, 2000. "In Search of New Foundations," NBER Working Papers 7706, National Bureau of Economic Research, Inc.
  11. Bruno Biais & David Martimort & Jean-Charles Rochet, 2000. "Competing Mechanisms in a Common Value Environment," Econometrica, Econometric Society, vol. 68(4), pages 799-838, July.
  12. Ghatak, Maitreesh, 1999. "Group lending, local information and peer selection," Journal of Development Economics, Elsevier, vol. 60(1), pages 27-50, October.
  13. Ghatak, Maitreesh, 2000. "Screening by the Company You Keep: Joint Liability Lending and the Peer Selection Effect," Economic Journal, Royal Economic Society, vol. 110(465), pages 601-31, July.
  14. Peter DeMarzo & Darrell Duffie, 1999. "A Liquidity-Based Model of Security Design," Econometrica, Econometric Society, vol. 67(1), pages 65-100, January.
  15. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
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