Moneylenders and bankers: price-increasing subsides in a monopolistically competitive market (vol 52, pg 429, 1997)
成果类型：
Correction
署名作者：
Hoff, K; Stiglitz, JE
署名单位：
University System of Maryland; University of Maryland College Park; The World Bank; Stanford University
刊物名称：
JOURNAL OF DEVELOPMENT ECONOMICS
ISSN/ISSBN：
0304-3878
DOI：
10.1016/S0304-3878(98)00062-5
发表日期：
1998
页码：
485-518
关键词：
摘要：
In many areas of the world, a significant part of the cost of obtaining a good or service is the cost of enforcing the contracts entailed in its provision. Pie present models of markets with endogenous enforcement costs, motivated by studies of rural credit markets. We show that subsidies may have perverse effects under monopolistic competition, increasing prices or inducing exit. Higher prices (interest rates) result from the loss of scale economies or from negative externalities among suppliers. The models are consistent with the puzzling evidence that infusions of government-subsidized formal credit have not improved the terms offered by moneylenders. (C) 1998 Elsevier Science B.V.