This paper investigates how financial, trade, institutional and political liberalization policies have affected financial sector competition in Africa using updated data to appraise second generation reforms. The 'freedom to trade' and 'economic freedom' indices are employed. Hitherto,...

This paper studies how microfinance lenders with different profit orientations, namely non-profits and for-profits, design their lending contracts to extract borrower repayment in the context of rising competition among lenders. We develop a model of individual lending scheme where dynamic...