Our paper examines the relationship between bank credit to the private sector and economic growth in Morocco during the … Morocco. In the long run, we show a feedback relationship between bank credit and economic growth, which explains the … illustrate the impact of exogenous FDI shocks on output and credit in Morocco in the short run …

Microfinance is typically associated with joint liability of group members. However, a large part of microfinance … contracts. Moreover, we show that microfinance institutions offer group loans when the loan size is rather large, refinancing … costs are high, and competition between microfinance institutions is low. Otherwise, individual loans are offered …