Displaced distortions: financial market failures and seemingly inefficient resource allocation in low-income rural communities

Christopher B. Barrett

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Displaced distortions: financial market failures and seemingly inefficient resource allocation in low-income rural communities

In: Development economics between markets and institutions

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Christopher B. Barrett

Christopher B. Barrett
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Type:: Chapter

Pages:: 73–85

DOI:: https://doi.org/10.3920/9789086866182_005

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Poor households in rural areas of the developing world commonly lack access to (formal or informal) credit or insurance. These financing constraints naturally spill over into other behaviours and (asset, factor and product) markets as households rationally exploit other market and non-market resource allocation mechanisms to resolve, at least partly, their financing problems. These displaced distortions of financing constraints commonly manifest themselves in allocative inefficiency that may lead researchers and policymakers to mistakenly conclude that poor households routinely make serious allocation errors and to direct policy interventions towards the symptoms manifest in other markets rather than towards the root financial markets failures cause.

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Development economics between markets and institutions

Incentives for growth, food security and sustainable use of the environment

Series: Mansholt Publication series, Volume: 4

Cover Development economics between markets and institutions

E-Book ISBN:: 9789086866182

Publisher:: Wageningen Academic

Print Publication Date:: 30 Oct 2007

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- Life Sciences

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Displaced distortions: financial market failures and seemingly inefficient resource allocation in low-income rural communities

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Development economics between markets and institutions

Incentives for growth, food security and sustainable use of the environment

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