This study is about informal institutions in informal finance and
microfinance in Jamaica and Trinidad-Tobago. Informal institutions
are understood as unwritten social norms that cater to specific
needs in the society, and can be indirectly captured and measured
in their outcome. The institutional framework of this study helps
capture the institutional dynamics and the processes in informal
finance and microfinance. The framework demonstrates that informal
institutions exist in both informal finance and formal
microfinance, exposes the interface between financial
intermediaries and the informal institutions through certain
mechanisms like joint liability and social collateral that reduce
information asymmetries and transactions costs. The study also
includes an empirical investigation of client needs, preference and
benefits that provides the evidence as to why they subscribe to
informal institutions via the various financial intermediaries.
Academics and students in the area of institutional analysis would
particularly find this study of interest. The study also provides
some insights to microfinance practitioners in the Caribbean
regarding client preferences.
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