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 PostWysłany: Pią 8:27, 22 Kwi 2011    Temat postu: ghd piastre syv jln mrtk enk Back to top

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The development of rural non-formal financial analysis of the New Institutional Economics


Abstract: This article first use of bounded rationality and asymmetric information theory, demonstration rural formal financial organizations can not effectively meet the financial needs of farmers; second, described a more informal finance in rural areas effectively solve the problem of information asymmetry; Then, based on repeated game theory to analyze the development of informal finance in rural areas of low risk. I think we should remove the inhibition of the rural non-formal financial policies, to fully play its role in rural economic development. Keywords: bounded rationality and asymmetric information in rural non-formal financial rural society the issue of farmers is the crux of the problem of agriculture, and rural residents of the capital lending, with its revenue growth trend of the basic changes about the extent and rate of growth of its revenue potential (He Guangwen, 1999). Therefore, from the perspective of household borrowing the development of rural finance has important practical significance. From market-oriented reforms in 1979, China's rural financial system for the gradual reform, the current form of the policy of the Agricultural Development Bank of China, Agricultural Bank of China commercial, cooperative co-existence of rural credit cooperatives in rural areas the formal financial structure. But now a large extent, this pattern of rural economic development can not meet the actual needs, there are still many problems, such as the shortage of financial services is not only prevalent in rural areas,[link widoczny dla zalogowanych], and appears to the county, the town economy tends to spread ; the same time, the rural formal financial institutions in fact have become the main channel for the outflow of rural funds. Based on this, some scholars diversification of the rural financial system point of view (He Guangwen, 2004; Zhang Hongyu, 2004). The author believes that the main body of the rural economy and rural small and medium farmers, the main demand for funds can be divided into two aspects of farmers and rural enterprises. Week pulse V, Xu Jin ago (2004) Farmer-based financing perspective, the use of information cost theory and contract theory to analyze the problem of financing farmers, proposed a Very unique perspective to their analysis, but there are following limitations: limited scale formal financial institutions can not decide to be closer to farmers; no depth community trust and self-compliance mechanism is functioning, there is no answer to the rural non-formal release of financial control risk analysis. In this, this paper from the bounded rationality, asymmetric information and repeated game theory point of view of the development of rural non-formal financial need. The limitations of formal financial institutions in rural areas of root of the problem lies in rural finance existing rural financial system reform failed to address the commercialization of rural finance and the the contradiction between (Zhang Qi, HUANG Ji, 2005). Here, we say, the rural financial system reform to address these contradictions, farmers to the formal financial institutions or financing problem to be solved is also open to question. Rational person, complete information is the new classical Economics the basic theory of default, means that market participants were able to enter all no-cost access to necessary financial information. In this ideal model, the formal financial institutions can easily understand the requirements of the farmers any credit loans and loans needed to know exactly the risks and the success probability of the project, farmers can foresee the future ability to repay loans. In this way, financial institutions can decide whether to approve based on different loan applications a farmer: a good credit status, the future solvency of the households get loans, households and financial institutions to achieve a win-win; not meet the conditions of the farmers are denied loans to the door outside. However, the reality of human reason is limited, Simon said: individuals or groups of individuals handling or using the information available capacity,[link widoczny dla zalogowanych], subject to the inevitable limitations, namely, the existence of information complexity; the world All possible and all are meaningful to identify a causal relationship, according to figure out what happened before the point of view of probability unconscionable that there is information uncertainty (Di Qu Qi). In short, bounded rationality and the resulting incomplete information, asymmetric is a true portrayal of reality. As a large agricultural country, the large number of farmers, geographically dispersed, resulting in a formal financial institutions and the severe asymmetric information among farmers. Farmers demand for funds with the following characteristics: small family-run decision for family life and the scale of production is not much demand for loans, the loan amount is small; farmers seasonal characteristics of the demand for loans was the hope that lending procedure is simple, flexible, timely (weekly pulse V,[link widoczny dla zalogowanych], Xu Jin, before 2004). The reality of the situation, decided to formal financial institutions can not effectively meet the needs of farmers on loan. The pursuit of profit maximization formal financial institutions, loan security and loan in a timely manner, the smooth recovery is its primary concern. In the lending process, farmers have more private information about yourself, such as the timely repayment of their loans, but only through the formal financial sector's credit to farmers for the investigation, the use of funds, evaluation of loan projects, Farmers can more to learn about timely repayment of private information to a certain extent, ease of information asymmetry between borrowers and lenders to reduce loan risks. But the financial institutions understand the costs farmers have to spend private information, while not a huge number of farmers, and geographically dispersed, making the financial institutions to get farmers to repay the loan timely information needs to pay a high personal cost, or to obtain all households private information is highly unlikely. This makes the formal financial sector services for the household unit cost of borrowing is too high, and the characteristics of household demand for loans and household loans from financial institutions decided to get the low income units, from the perspective of costs and benefits, financial institutions tend to refuse to farmers the loan application. Agriculture and weak high-risk characteristics of farmers decided to schedule the future solvency of uncertainty, so when the large number of financial institutions to provide loans to farmers, its risk is systemic, for budgetary hard constraints and safety principles, financial institutions will implement the Household loan demand significant time or seasonal characteristics, it is expected that formal financial institutions as financial services to meet a lot of cumbersome procedures and formalities may miss the best use of funds, the farmers may give up to the formal financial the idea of ​​lending organizations. Above analysis shows that, even if there is no Of course, the transition economies in the reform orientation of the formal financial institutions, such as the four large state-owned banks merge grass-roots institutions, postal savings are not only stored loans, credit unions, for various reasons as the Zhang Qi, HUANG Ji, 2005) and other non-agricultural and commercialization initiatives financing in rural areas exacerbated the situation, so that farmers The advantages of informal finance in rural areas and the risk analysis in accordance with international experience, many farmers in developing countries if you can not get from the formal financial capital, will instead seek to informal financial services (Zhang Qi, HUANG Ji, 2005). Informal finance is a useful complement to the formal financial or replacement, the economic explanation is as follows: informal finance in rural areas is conducive to solving the problem of asymmetric information rural community still retains traces of the traditional rural society, its characterized by relatively closed, internal population mobility is not. In this there is no From the relative sense, an individual's private information is symmetric, the supply capacity of the farmers of funds information available, and according to their motives (such as whether to charge interest for the purpose of profit) to decide whether lending. The reality of non-formal financial system, including guilds, private fund raising, private lending and other forms, in essence, are generally based on popularity, geographical and kinship based on have taken advantage of private information can be obtained the advantage of low-cost,[link widoczny dla zalogowanych], This also led to a civil non-formal financial showing no (or low) in mortgage-backed and loan characteristics of the low percentage of formal contract. Because of the rural non-formal financial effectively solve the problem of asymmetric information before the formal achievement of its rural finance supplement or even replace the position. Many empirical studies have proved this point, Wen Tiejun (2001) in three regions of 15 provinces found that the incidence of non-governmental lending up to 95%; He Guangwen et al (1999) found that loans from the farmers share of private lending than 75%, loan sources tend to about 0.3. Fixed Villages survey office (Cao Liqun, 2001), 2000 total borrowing items for each household was 1,020 yuan, of which about 700 came from private lending, accounting for about 68.6%. IFAD (2001) The study also pointed out that Chinese farmers from the informal financial market lending is about four times from the formal financial market.


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