دانلود مقاله ISI انگلیسی شماره 50331
ترجمه فارسی عنوان مقاله

افزایش توانایی از طریق دسترسی به اعتبار: اعتبار به عنوان یک سیگنال قابل اعتماد تحت اطلاعات نامتقارن

عنوان انگلیسی
Enhancing capabilities through credit access: Creditworthiness as a signal of trustworthiness under asymmetric information
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
50331 2011 14 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Public Economics, Volume 95, Issues 3–4, April 2011, Pages 265–278

ترجمه کلمات کلیدی
آزمایش درست - قرضه های کوچک - بازی سرمایه گذاری - اعتماد - امانت
کلمات کلیدی انگلیسی
O16; C93; D03Field experiment; Microfinance; Investment game; Trust; Trustworthiness
پیش نمایش مقاله
پیش نمایش مقاله  افزایش توانایی از طریق دسترسی به اعتبار: اعتبار به عنوان یک سیگنال قابل اعتماد تحت اطلاعات نامتقارن

چکیده انگلیسی

Creditworthiness and trustworthiness are almost synonyms because, under asymmetric information, the act of conferring a loan has the indirect effect of signaling the trustworthiness of the borrower. We test the creditworthiness/trustworthiness nexus in an investment game experiment on a sample of participants/non-participants in a microfinance program in Argentina and find that trustors give significantly more to (and believe they will receive more from) microfinance borrowers. The first- and second-order beliefs of trustees are also consistent with this picture. Our findings then show that MF participants appear more trustworthy and this may help microfinance to work. A related consequence is that, if (and only if) borrower's trustworthiness is not public information, the mere loan provision acts as a reputation enhancing signal increasing the borrower's attractiveness as a business partner. In such case we have a channel through which a private financial intermediary contributes to the provision of a public good like information, thereby reducing the adverse consequences of market failures on the creation of economic value.