Roscas as financial agreements to cope with social pressure∗
نویسنده
چکیده
In developing countries, traditional social obligations often press rich individuals to share their income. In this paper, we posit a “model of social pressure” in which people can sign binding financial agreements among them. These agreements may help to escape social obligations. It turns out that an anonymous and efficient agreement corresponds to one of the most developed and puzzling financial institution in developing countries: Rotating savings and credit associations (Roscas).
منابع مشابه
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