Subsidized Credit Programs: The Theory, the Record, the Alternatives~Evaluationspecial study

摘要

This paper presents an overview of experience with targeted and subsidized creditand of the theoretical foundations of such programs. The paper first reviews how governments and donors have traditionally approached credit and the rationale involved. The next section presents an overview of how thinking about credit policy and development has evolved and what the main issues have been. Next, the paper goes over the empirical record of both targeted credit and the financial liberalization alternative as reflected in USAID or USAID-supported analyses and the professional literature. The paper concludes by identifying lessons learned of operational significance.