The economics of rotating savings and credit associations¶
Besley, T., Coate, & Loury, G. (1993). The economics of rotating savings and credit associations. American Economic Review, 83(4), 792-810.
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Primes¶
- Risk Pooling
- Sociology & anthropology: Rotating credit associations pool capital; members contribute regularly and receive lump sums in turns, spreading access to credit without requiring formal lending institutions, a mechanism Besley, Coate, and Loury (1993) formalize as a welfare-improving institution under credit-market imperfections.
This sourceFormal welfare analysis showing ROSCAs allow members to pool savings and access lump-sum financing earlier than individual saving would permit, under credit-market imperfections.
- Sociology & anthropology: Rotating credit associations pool capital; members contribute regularly and receive lump sums in turns, spreading access to credit without requiring formal lending institutions, a mechanism Besley, Coate, and Loury (1993) formalize as a welfare-improving institution under credit-market imperfections.
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