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Microcredit Revisited: Towards More Flexible Loan Contracts

In: Seasonality and Microcredit

Author

Listed:
  • Kazunari Tsukada

    (Japan External Trade Organization (IDE-JETRO))

Abstract

Group liability and a fixed repayment schedule with frequent installments are prominent features of microcredit loan contracts. These rules make it possible for lenders to reduce lending costs and provide borrowers with appropriate incentives to repay. Sometimes they facilitate mutual insurance among members and improve the welfare of borrowers by providing a commitment device that induces saving-like behaviors. However, they also impose considerable burdens on borrowers. This chapter reviews selected literature on the rigidity and flexibility of microcredit contracts and provides an overview of the microfinance revolution and its current presence in various parts of the world.

Suggested Citation

  • Kazunari Tsukada, 2014. "Microcredit Revisited: Towards More Flexible Loan Contracts," SpringerBriefs in Economics, in: Abu S. Shonchoy (ed.), Seasonality and Microcredit, edition 127, chapter 0, pages 9-19, Springer.
    • Handle: RePEc:spr:spbchp:978-4-431-55010-5_2
    DOI: 10.1007/978-4-431-55010-5_2
    as

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