信息、非正规金融与中小企业融资-林毅夫

1No.C20030252003-9No.C200302520039192113Information,InformalFinance,andtheFinanceofSMEsAbstractInformalfinanceexistsratherextensivelyandhasservedasanimportantsourceoffinanceforthesmallandmedium-sizeenterprises(SMEs)tosetupandgrowinthedevelopingcountries.Comparedwithformalfinance,themarketofinformalfinanceexhibitsseveralnotablefeatures:higherinterestrates,littlerequirementforcollateral,etc.Andsothelocalfinancialmarketispartlysegmentedintotwooverlappingparts:informalandformalsections.Accordingtothispaper,informationasymmetrybetweentheborrowerandthelendercanproperlyaccountfortheextensivenessandcharacteristicsofinformalfinance.Theaboveideaismodeledinthispaperwithatheoreticalframeworkincludingheterogeneousborrowersandheterogeneouslendersinformalandformalfinancialinstitutions.JELClassificationG21G23G141ChristopherWoodruff2001199419982.53MichaelAliber2002NagpurKampala90Harare,12June2002DorisKumbawa,FinancialGazette,ZimbabweAndersIsaksson2002,ErnestAryeetey19982/32206090352199019982002200220022001KelleeTsai20012002100752000760207453199019856.573036198510269366.4386250KelleeTsai2001curbmarket19980.419961997882199419961991199933019992002PinakiBose(1998)Besey,Coate,andLoury(1993)SusanJohnson(2001)MarkSchreiner(2000)ErnestAryeetey(1998)432002419991964199420%30%5%14%200219883ErnestAryeetey(1998)moneylendersmoneylenders8%Malawi50%4RotatingSavingsandCreditAssociations(Rosca’s)5678stiglitzandWeiss(1981)Daviddemezaandwebb(1987)Bester(1985Diamond19841991Townsend1989)5619997200119982001199919991999FloroandYotopoulos(1991)8591.M10BB1xxHqLqiqiy~iy~[]∞,0()yFiy0()yFi0LHi,=Hy~Ly~inthesenseofmean-preservingspreads1[]HyE~=[]LyE~2[()()]00≥-∫yFyFLzH0≥∀z11aLqaMbHqbMcLqcMaM+bM+cMM2.B91.2.1011y()()yFyFLH≥second–orderstochasticdominanceAndreuMas-colellMichaelD.Whinston,andJerryR.Green:MicroeconomicTheory,OxfordUniversityPress,P194—199.6screeningdeviceI1.,()()(){}ccbbaaCRCRCR,,,,,iy+iCiR12iyiy~iCii()CR,(){}CyRCRii+=~,min,r()CRi,r-rr1i()CR,()(){}CkCkRyCRiiii+---=1,~max,pkCC0≥ikLHkk≥1()CR,RC13()CREL,r()CREH,r()CRi,riy~2()CR,LHkkRC()CREL,p()CREH,p()CRi,piy~12121372.i()iiCR,()iiiCRE,pip≥ipii()iiCR,()iiiCRE,p≥()jjiCRE,pji≠3.3()CR,RC()CR,2()()()()CRFCRFkdCdRCRiiitconsCREii---+-===1,tan,ps0LHi,=RC231iR()0,REip=0LHi,=RC-C-kCR-CR+kC()CRi,p()CRi,riy1834.4()CR,RC()CR,4()()()()CRFCRFdCdRCRiitconsCREii----===1,tan,rm0LHi,=()CREH,pRC()CREL,pCR2CRR=C()0,=CREHp()0,=CRELp1HR1LR()HH1~kyE+()L1~kyEL+9RC150iR()rr=0,REiLHi,=5.RCiiiiR()rr=CREH,()rr=CREL,RCC0LR0HRrr5R=CRC()CREH,r()CREL,r4101.()RpiRi1(){}iiyRRp~,min=()Rpiiy~R()REpL()REpH6i1()()RFdRRdEpii-=10LHi,=R70iR()r=REpiLHi,=2.()RIipiyRR()Rpi()RiIp611(){}0,~maxRyRiiI-=pLHi,=()RIipiy~R()REHIp()RELIp6i()REIip()()()RFdRRdEiIi--=1pLHi,=()REHIp()RELIpR71iR()0=REIipLHi,=Rr[]HyE~=[]LyE~()REpH()REIHp()REILp()REpL1HR1LR0HR0LR7121.0==LHkk()CREi,r()CREi,p50==LHkk81)**LLCR,()rr=CREH,abc()rr=**LLLCRE,,r==**LLCR20HRb0LRac()0HHREpr()0LLREpr3a**LLCR,0LRrr[]HyE~=[]LyE~0HR0LR()REpH()REpL()REIHp()REILpR()rr=CREH,()rr=CREL,R=CR80==LHkk**LLCR,()CREH,p()CREL,pC13a()()rp-=**LLLLyECRE~,b()rr=CREH,**LLCR,0HRb()()rp-=HHIHyERE~0c0LR()()rp-=LLLIyERE~02.0ik()CREi,r()CREi,p6760LHkk91)0HR0eLeLCR,bac()rr=0,0HHRE(eLR,eLC)()rr=eLeLLCRE,()eLeHCRE,Lp≤()0,0HHREp20HRb0LRac()0HHREpr()0LLREpr3aeLeLCR,0LRa()eLeLLCRE,p()()rp-=LLLIyERE~0b0HR00HRb()0,0HHREp()r-HyE~c0LR()()rp-=LLLIyERE~01470≥LHkk1010HR0bac()rr=0,0HHRE20HRb0LRac()0HHREpr()0LLREpr3b0HR00HRb()0,0HHREp()r-HyE~rr[]HyE~=[]LyE~0LR()REpH()REpL()REIHp()REILpR()rr=CREH,()rr=CREL,R=CReLeLCR,()CREH,pC0HR90LHkk15ac0LR()()rp-=LLLIyERE~0.iqiy~Hy~0HRˆHq1-HqLy~0LRˆLq1-LqHy~Ly~1-HqHRˆ1-LqLRˆHRˆLRˆ,HqLq.rr[]HyE~=[]LyE~0LR()REpH()REpL()REIHp()REILpR()rr=CREH,()rr=CREL,R=CR()CREH,p()CREL,pC0HR100≥LHkk161.1()CREH,rC*Hq+R*1-Hq=R-(R-C)Hq()CREL,rC*Lq+R*1-Lq=R-(R-C)LqRCRC()CREL,r()CREH,r()()iitconsCREiqqdCdRCRi--===1,tan,rm,()CREH,r()CREL,r0iR()rr=0,REi0iRiq-1rLHi,=R=C()rr=CREi,R=CrLHi,=11RR=C0HR()rr=CREH,0LR()rr=CREL,rC112()CREH,p-C-kHC*Hq+HRˆ-R-kHC*1-Hq=E(Hy~)-(R+kHC)+(R-C)Hq()CREL,p-C-LC*Lq+LRˆ-R-kLC*1-Lq=E(Ly~)-(R+kLC)+(R-C)Lq0≥≥LHkkRCRC()CREH,p()CREL,p()()iiitconsCREiqqkdCdRCRi-+-===1,tan,ps,()CREH,p()CREL,p()CREi,p()CREi,r1iR()0,REip01iR()iiqyE-1~LHi,=17R=C()CREi,p0Ri=Ci()i1~kyEi+LHi,=12R()rr=CREH,R=C0HR()CREH,p0LR()rr=CREL,()CREL,pr12R()REIHp()REILp1HR()REpH0HR1LR()REpL0LRrE(Hy~)132.1()REpHHq*0+R*1-HqR*1-Hq()REpLLq*0+R*1-LqR*1-Lq()REpL()REpH()REpH()REpL0iR()r=REpi0iRiq-1rLHi,=()REpiE(Hy~)E(Ly~)2()REIHpHq*0+HRˆ-R*1-HqE(Hy~)-R*1-Hq()REILpLq*0+LRˆ-R*1-LqE(Ly~)-R*1-Lq18()REIHp()REILp()REIHp()REILp1iR()REIip01iR()iiqyE-1~LHi,=133.10==LHkk**=LLCRr(2)0=LHkk15(eLR,eLC)()rr=CREL,()CREH,p≤()0,0HHREp(3)0≥LHkk16CRR=CrrE(Hy~)0HR0LR()REIHp()REILp()REpH()REpHR()rr=CREH,()rr=CREL,(**LLCR,)14(CREH,p()CREL,p19CRR=CrrE(Hy~)0HR0LR()REIHp()REILp()REpH()REpHR()rr=CREH,()rr=CREL,(eLR,eLC)15()CREH,p20CRR=CrrE(Hy~)0HR0LR()REIHp()REILp()REpH(REpHR()rr=CREH,()rr=CREL,16(CREH,p(CREL,p211234560=LHkk1.(){}CkCCkRyCRiiii----=,~max,p(){}()ydFCkCCkRyCREiiiii----=∫∞,~max,0p()()()()ydFCkRyydFCkCiCRiiiCR∫∫∞----+--