In a setting with a low level of anonymous trust and without an effective shadow of courts, the possibility to return a low quality good can work as a simple mechanism to overcome moral hazard in buyer seller transactions. Informal firms – in contrast to formal ones – operate in the hidden...

Can distance-related information asymmetries in credit markets be overcome with contract design and credit scoring models? To answer this question, we explore differences in foreign and domestic banks' credit contract terms and pricing models. Using a sample of firms that borrow from both...

The eight cases presented in this publication involve organizations that have achieved recognition for their success in adapting their products to the microentrepreneurial market by applying the criteria of institutional efficiency and sustainability. In each study, the reader is provided with...