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| Guirkinger, Catherine; Boucher, Stephen R.. |
| This paper evaluates the performance of a rural credit market in Peru. We develop a model that shows that collateral requirements imposed by lenders in response to asymmetric information can lead not just to quantity rationing but also to transaction cost rationing and risk rationing. Just like quantity rationing, these two additional forms of non-price rationing adversely affect farm resource allocation and productivity. We test the insights of the model using a panel data set from Northern Peru. We estimate the returns to productive endowments for constrained and unconstrained households using a switching regression model. We find that, consistent with the theory, productivity is independent of endowments for unconstrained households but is tightly... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial Economics; International Development. |
| Ano: 2007 |
URL: http://purl.umn.edu/6882 |
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| Boucher, Stephen R.; Guirkinger, Catherine; Trivelli, Carolina. |
| This paper provides a methodological bridge leading from the well-developed theory of credit rationing to the less developed territory of empirically identifying credit constraints. We begin by developing a simple model showing that credit constraints may take three forms: quantity rationing, transaction cost rationing, and risk rationing. Each form of non-price rationing adversely affects household resource allocation and thus should be accounted for in empirical analyses of credit market performance. We then outline a survey strategy to directly classify households as credit unconstrained or constrained and, if constrained, to further identify which of the three non-price rationing mechanisms is at play. We discuss several practical issues that arise due... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial Economics. |
| Ano: 2006 |
URL: http://purl.umn.edu/6883 |
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