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• W2130632912 abstract "AbstractResearch on informal financial institutions in transition economies is scant. This study investigates behaviour of urban money lenders in Uzbekistan. Money lending in Uzbekistan is a relatively new business which emerged mostly in response to targeted demand from fellow entrepreneurs during transition. We find that their lending behaviour is more stringent than suggested by previous studies of rural money lenders. They always require collateral, do not engage with the poor and avoid lending for consumption purposes. Their lending is short-term and targeted on specific business opportunities which enjoy healthy cash flows and offer quick returns. They have limited outreach from serving networks of connections within small geographical localities. Since they rely exclusively on their own resources for loanable funds, they often have to ration their loans. They actively use all available information and instruments to reduce default risks. Although borrowers live in closer geographical proximity to lenders in urban areas, they are also engaged in various heterogeneous activities and are more self-reliant with respect to the local community, which reduces the accuracy of money lenders' assessment of the character of borrowers as well as of their ability to repay. AcknowledgementResearch funding from the British Academy for this project is gratefully acknowledged [SG-51904].Notes 1. Money lending is one of the oldest professions, as abundant written evidence from the ancient Mesopotamian civilisation suggests. Loan agreements and standard interest charges were common practice as early as 3200 BC (Van de Mieroop Citation2005). Although formal financial institutions evolved from money lenders, the latter still play an important role in LDCs; money lenders have survived the advent of modern financial institutions even in developed economies (Leyshon et al.Citation2006). 2. Uzbekistan was the second poorest republic in the USSR after Tajikistan in terms of per capita income: in 1988 per capita income in Uzbekistan was only 62% of the USSR average. 3. Stiglitz (Citation2001) also hypothesises that as the market-based exchange system develops and deepens, interpersonal relations based on informal communitarian institutions decline in importance and are replaced by formal market contracts embedded in impersonal legal systems, which are of paramount importance for the efficient functioning of markets. 4. Tighter monetary policies since 2000 reduced the official inflation rate from about 22% in 2002 to near 8% in 2008. Correspondingly, the refinancing rate fell, to reduce real borrowing costs from 35% in 2002 to 14% in 2006–09 (CBU Citation2011). However, independent estimates of inflation are well above the official measure (EBRD Citation2011). 5. Another issue that was highlighted in previous fieldwork-based studies in Uzbekistan was the culture of hospitality. Uzbek culture demands that guests be shown special respect. The tradition of hospitality can be helpful in gaining trust and hence retrieving valuable information in a relaxed and informal setting (Wall Citation2008, Veldwisch Citation2008) but it also limits a researcher's freedom of movement and ability to manage time efficiently (Oberkircher Citation2011b). 6. The number of interviews necessary for validity in this kind of study is controversial (O'Reilly and Parker Citation2013). Creswell (Citation1998, p. 64) suggests between five and 25, whereas Morse (Citation1994, p.225) recommends at least six. Most existing empirical studies of the supply side of informal money lending have used less than 10 in-depth interviews with money lenders (see Schoar and Mukkawar (Citation2008, p. 6) for a detailed list). 7. The attitude is accurately expressed in the following local saying: ‘Xatga tushding, o'tga tushding’ which roughly translates as ‘[If you] find yourself on the script, [you will] find yourself on fire’. 8. According to the World Bank's alternative database, the Business Environment and Enterprise Performance Survey, which surveyed 366 small and medium-size enterprises in Uzbekistan in 2008, only around 4% of the respondents borrowed from formal credit institutions, whereas around 2% borrowed from informal institutions. But this database severely underestimates the extent of external credit use by firms as it uses a very narrow definition: borrowing only for the purpose of fixed capital formation. 9. To protect the identities of interviewees, first name pseudonyms are used throughout this article. Interviews were conducted in Uzbek and the translation into English is our own.10. This could also be due to informalisation of the state and society, which allows government officials to personalise their positions by using the rigidity of rules and regulations as an excuse for rent seeking. Paralysing bureaucracy and government corruption were also associated with the rise in the size of shadow economic activities in most TEs in the 1990s (Eilat and Zinnes Citation2002).11. To clarify the relevance of the context here, Uzbekistan is often used as a route for trafficking Afghan heroin to Central Asia and Europe and drug trafficking is a major issue in cities with immediate borders with not only Afghanistan but also Tajikistan and Turkmenistan." @default.
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• W2130632912 date "2014-07-03" @default.
• W2130632912 modified "2023-10-07" @default.
• W2130632912 title "Informal credit institutions in transition countries: a study of urban money lenders in post-communist Uzbekistan" @default.
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• W2130632912 doi "https://doi.org/10.1080/14631377.2014.937107" @default.
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