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Village Funds in the Rural Credit Market of Thailand

  • Menkhoff, Lukas
  • Rungruxsirivorn, Ornsiri

This paper examines the contribution of recently introduced village funds in rural Thailand, one of the largest microfinance programs ever implemented. We use a cross-sectional approach examining village funds in relation to competing financial institutions. We find, first, that village funds reach the target groups of lower income households better than existing institutions from the formal sector. Second, village funds provide loans to those kinds of borrowers which tend to be customers of informal financial institutions. Third, village funds help to reduce credit constraints. Overall, village funds seem to provide services in the intended direction.

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File URL: http://econstor.eu/bitstream/10419/40243/1/45_rungruxsirivorn.pdf
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Paper provided by Verein für Socialpolitik, Research Committee Development Economics in its series Proceedings of the German Development Economics Conference, Frankfurt a.M. 2009 with number 45.

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Date of creation: 2009
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Handle: RePEc:zbw:gdec09:45
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  1. Zeller, Manfred, 1994. "Determinants of credit rationing," FCND discussion papers 2, International Food Policy Research Institute (IFPRI).
  2. Joseph P. Kaboski & Robert M. Townsend, 2005. "Policies and Impact: An Analysis of Village-Level Microfinance Institutions," Journal of the European Economic Association, MIT Press, vol. 3(1), pages 1-50, 03.
  3. Jain, Sanjay, 1999. "Symbiosis vs. crowding-out: the interaction of formal and informal credit markets in developing countries," Journal of Development Economics, Elsevier, vol. 59(2), pages 419-444, August.
  4. Bell, Clive, 1990. "Interactions between Institutional and Informal Credit Agencies in Rural India," World Bank Economic Review, World Bank Group, vol. 4(3), pages 297-327, September.
  5. Niels Hermes & Robert Lensink, . "The empirics of microfinance: what do we know?," ULB Institutional Repository 2013/14198, ULB -- Universite Libre de Bruxelles.
  6. M. Mohieldin & P. Wright, 1994. "Formal and Informal Credit Markets in Egypt," Working Papers 9415, Economic Research Forum, revised Oct 1994.
  7. Mikkel Barslund & Finn Tarp, 2007. "Formal and Informal Rural Credit in Four Provinces of Vietnam," Discussion Papers 07-07, University of Copenhagen. Department of Economics.
  8. Marcel Fafchamps & Susan Lund, 2000. "Risk-Sharing Networks in Rural Philippines," Economics Series Working Papers 10, University of Oxford, Department of Economics.
  9. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2008. "Formal versus informal finance : evidence from China," Policy Research Working Paper Series 4465, The World Bank.
  10. Hoff, Karla & Stiglitz, Joseph E, 1990. "Imperfect Information and Rural Credit Markets--Puzzles and Policy Perspectives," World Bank Economic Review, World Bank Group, vol. 4(3), pages 235-50, September.
  11. Conning, Jonathan & Udry, Christopher, 2007. "Rural Financial Markets in Developing Countries," Handbook of Agricultural Economics, Elsevier.
  12. Petrick, Martin, 2003. "Empirical measurement of credit rationing in agriculture: a methodological survey," IAMO Discussion Papers 45, Leibniz Institute of Agricultural Development in Central and Eastern Europe (IAMO).
  13. Sarmistha Pal, 2002. "Household sectoral choice and effective demand for rural credit in India," Applied Economics, Taylor & Francis Journals, vol. 34(14), pages 1743-1755.
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