This paper focusses on the reasons of the poor performance of domestic resource mobilization in Peru. It begins with an analysis of the structure of domestic savings and its changes in the course of economic development (Section II) . After the description of the Peruvian financial sector...

Much of the existing literature on the use of informal credit arrangements such as ROSCAs (Rotating and Credit Saving Associations) theorises the use of such institutions as arising from market failures in the development of formal saving and credit mechanisms. As economic development proceeds,...