This paper argues that borrowers who are considered to be too risky are excluded from microfinance markets due to credit rationing. Insufficient institutional frameworks imply moral hazard which in turn causes the rationing of credit. Focusing on outreach and pricing issues, it
This dissertation explores the problems of low productivity in the microenterprise sector and of low formal credit use, principally microfinance, by poor households. I propose vulnerability to risk, defined as the inability to smooth consumption across negative income shocks, as a new
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