Zhao, Jianmei - In: Open economics 4 (2021) 1, pp. 1-13
constraint and prevalence of reciprocal loans in rural China. Based on the identification of rural households' credit constraint … status, we examine the effects of credit constraint on the utilization of informal reciprocal loans. We find that formal … credit constraint significantly increases rural borrowers' reliance on reciprocal loans, whereas the "debt of gratitude …