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Determinants of Moral hazard in Microfinance: Empirical Evidence from Joint Liability Lending Schemes in Malawi AgEcon
Simtowe, Franklin; Zeller, Manfred; Phiri, Alexander.
Moral hazard is widely reported as a problem in credit and insurance markets, mainly arising from information asymmetry. Although theorists have attempted to explain the success of Joint Liability Lending (JLL) schemes in mitigating moral hazard, empirical studies are rare. This paper investigates the determinants of moral hazard among JLL schemes from Malawi, using group level data from 99 farm and non-farm credit groups. Results reveal that peer selection, peer monitoring, peer pressure, dynamic incentives and variables capturing the extent of matching problems explain most of the variation in the incidence of moral hazard among credit groups. The implications are that Joint Liability Lending institutions will continue to rely on social cohesion and...
Tipo: Conference Paper or Presentation Palavras-chave: Moral hazard; Joint liability; Dynamic incentives; Group lending; Malawi; Financial Economics.
Ano: 2006 URL: http://purl.umn.edu/25287
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