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Microfinance and markets: New results for the Besley-Coate group lending model

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Arnold, Lutz G. ; Reeder, Johannes ; Steger, Susanne E.
Date of publication of this fulltext: 08 Apr 2009 13:53


Microfinance currently experiences a huge inflow of private investors and a surge in the use of market instruments. This raises the question of what market equilibria in microfinance markets look like and which kinds of market failure tend to afflict them. The present paper conducts an equilibrium analysis of Besley and Coate’s (1995) group lending model with enforcement problems.We show that a ...


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