Microfinance, accompagnement des demandeurs de crédits : une analyse économique des contrats alternatifs

Abstract

In this paper, we analyze the structure of the microfinance credit agreements in the presence of a double asymmetry of information on human capital and effort of the beneficiaries of loans. We study the impact of the accompaniment of project leaders on allocative efficiency and the repayment of loans. We find that in the absence of support, the risk of failure of the investment project is high enough and the increase in the interest rate as an adjustment variable discourages investment and amplifies discrimination access to credit. We also show that when the support is implied the risk of the investment project decreases and thus there is no risk transfer as part of the training and accompaniment of borrowers.