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Kellee S. Tsai

In: Grass-Roots Democracy in India and China: The Right to Participate

Chapter 10: Imperfect Substitutes: The Local Political Economy of Informal Finance and Microfinance in Rural China and India

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Imperfect Substitutes: The Local Political Economy of Informal Finance and Microfinance in Rural China and India
Imperfect substitutes: The local political economy of informal finance and microfinance in rural China and India
KelleeS.Tsai1

‘[O]fficial reports of the moneylender's impending demise are much exaggerated’ (Clive Bell on India, 1990).

‘The fact that these private or underground credit money houses exist and sometimes thrive in the countryside even today has revealed that farmers need them (People's Daily on China, 29 November 2002).

Introduction

Developmental economists have long noted the complexity of providing effective rural credit delivery in large, agrarian countries such as India and China.2 Establishing and maintaining a network of rural financial institutions is expensive and managing their operations is difficult in the absence of proper training, monitoring and incentive structures. ...

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