model, providing novel evidence that labeled microcredit is effective in influencing household borrowing and investment …

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 …

This paper presents a model of the complete microcredit financing chain investor -> MIV -> MFI -> micro-borrower, in …