COOPERATIVES AS INFORMATION MACHINES: GERMAN RURAL CREDIT COOPERATIVES, 1883–1914
COOPERATIVES AS INFORMATION MACHINES: GERMAN RURAL CREDIT COOPERATIVES, 1883–1914
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作为信息机器的合作社：德国农村信用合作社，1883-1914 年
DOI：
10.1017/s0022050701028042
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发表时间：
2001
期刊：
影响因子：
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通讯作者：
T. Guinnane
中科院分区：
文献类型：
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作者：
T. Guinnane
信用合作社在19世纪的德国非常普遍，考虑到该国高度发达的银行体系，这是令人惊讶的。对信用合作社成功的一个一般性解释是，它们有能力利用上级信息，并对违约者实行费用不高但有效的制裁。这些特点使得合作社可以向银行拒绝的个人贷款，并根据借款人的需要调整贷款条件。我用几家德国信用合作社的业务记录来检验这一说法。结果表明，真实的效率优势至少是它们成功的部分原因。
Credit cooperatives were widespread in nineteenth-century Germany, which is surprising given that country's highly developed banking system. One general explanation for the success of credit cooperatives emphasizes their ability to capitalize on superior information and to impose inexpensive but effective sanctions on defaulters. These features supposedly permit cooperatives to lend to individuals whom banks would spurn, and to tailor loan terms more closely to borrowers' needs. I use the business records of several German credit cooperatives to test this claim. The results show that real efficiency advantages are at least part of the explanation for their success.