金融学专业外文翻译---非正规金融在肯尼亚制造业重要性的探讨-金融财政(编辑修改稿)

金融学专业外文翻译---非正规金融在肯尼亚制造业重要性的探讨-金融财政(编辑修改稿)内容摘要：

among informal lenders,interest rates are seldom used as a discrimination device to screen (1990)argues that lenders sometimes borrow from the informal market themselves and lend on at an even higher interest large cost of monitoring and administering informal contract sin creases the cost of risks and costs of delinquency are other explanations for the relatively high interest rates,although the loan portfolios of the informal lenders pared with formal lenders had low delinquency and default rates(Steel et al,1997).To these reasons,the opportunity costs of holding cash may alsobe paper later provides indications that the interest charged on infor mal loans may actually be lower than that charged on formal credit. Unlike mercial banks,informal lenders use personal,social,and business relationships to preselect Savings and Credit Associations(ROSCAs) use group membership as a selection device,traders and landlords only lend to their customers and tenants,while savings collectors tend to lend to regular ,remendations from previous clients and personal knowledge are important ingredients in the selection process. 4 Informal finance is sometimes taken as synonymous with moneylender activity,but Steel et al(1997)show(for the cases of Ghana,Malawi,Nigeria,and Tanzania)that angels are the most mon informal such loans bear no interest and social and economic ties replace collateral as well as ease enforcement ofthe loan relationship between the borrower and the angel reduces the involved moral hazard and hence the monitoring is not unmon,meaning that the borrower can sometimes bee the lender and vice sengage also in reciprocal lending among themselves,often in order to smooth out shortterm cash flow angels supply longterm isalso possible that firms with excess liquidity“invest”in the informal market by placing an amount for on ,in such instances,the transactions take place at market terms. Moneylenders lend without tying the loans to other moneylender,who,for instance,could be a regular moneylender,a pawnbroker,or an indigenous banker,often has intimate knowledge of the the high interest rates,small and mediumsized firms turn to moneylenders as a“lender of last resort”.Because of this,the moneylenders are sometimes in a monopolistic earned rent es from the information advantage that the moneylender has over high interest rates often charged by money lenders are not only amonopoly rent because he also incurs information and transaction the rentalso covers the opportunity cost of holding cash for money lenders being the last instance of credit,Bolnick(1992)argues that moneylenders promptly provide loans to these ,there are low transaction costs and no restrictions on the use of funds. Traders(tied credit)are another fairly mon source of informal supply either inputs or cash advances to firms and the credit is linked to purchases of some product at a highly discounted loans have some advantages pared with other types of loans because they represent a form of collateral that helps reduce uncertainty,moral hazard,and adverse selection(Udry,1990).Loans attached to transactions tend to have lower implicit interest rates and to be of larger size. In ROSCAs,individuals pool their savings on a regular basis to generate loanable funds,primarily for the rotation of access to the funds differs among ROSCAs,but most seem to use lotteries and going into a detailed description of the bidding system,the oute is lending at a market determined interest and monitoring costs of ROSCAs are very low。 default rates by the very nature of ROSCAs are low as could be angels as well as traders or manufacturers. Conclusions This paper has studied the extent to which Kenyan manufacturing firms use info。