Actual and Historical Experiences of Successful Joint-Liability Lending

Marta Santagata
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Marta Santagata: Department of Economics, University of Genova, Italy

Economia Internazionale / International Economics, 2025, vol. 78, issue 2, 247-264

Abstract: The considerable growth of Microfinance Institutions (MFIs) in developing countries has fostered an extensive literature on the factors that explain the economic rationality of these institutions. Within this literature, several theories of joint-liability lending have been proposed that emphasise the informational and enforcement advantages of this form of credit over traditional credit. These advantages, which underlie the growth of MFIs such as the Grameen Bank, may explain the origin and spread of institutions such as Cooperative Credit Banks (CCBs) in Europe and Italy in the 19th century. Such institutions even at present contribute to solving situations of market failure. Esperienze attuali e storiche di successo nel prestito con responsabilità congiunta La significativa crescita delle Istituzioni di Microfinanza nei paesi in via di sviluppo ha favorito un’ampia letteratura sui fattori che spiegano la razionalità economica di queste istituzioni. Nell’ambito di questa letteratura sono state proposte diverse teorie relative al prestito con responsabilità congiunta, le quali enfatizzano i vantaggi informativi e di enforcement di questa forma di credito rispetto al credito tradizionale. Questi vantaggi, che sono alla base della crescita delle Istituzioni di Microfinanza come la Grameen Bank, possono spiegare l’origine e la diffusione nell’Ottocento in Europa e in Italia di istituzioni come le Banche di Credito Cooperativo. Tali istituzioni anche al presente contribuiscono a risolvere situazioni di fallimento di mercato.

Keywords: Microfinance Institution; Joint Liability; Credit Cooperative Banks (search for similar items in EconPapers)
JEL-codes: G20 O12 (search for similar items in EconPapers)
Date: 2025
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