农村金融服务体系创新与风险控制研究
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摘要
我国农村金融历经改革,无论是农业银行商业化改革、成立农业发展银行,还是剥离农信社不良资产,可以说都是在政府主导下的一次又一次的机构和业务重组。这种以国家大量注资作为改革动力的方式,始终无法获得治标又治本的效果。就现状而言,农村金融市场依然面临严重的信贷配给,农村金融服务体系也无法满足农村经济发展的需要。对此,本文以城乡统筹发展背景下的重庆市农村金融服务体系为例,运用博弈论方法和绩效评价手段,对重庆市农村金融服务体系进行分析和评价,力求寻找一条适合重庆市农村金融服务体系长足发展之路。研究基本结论如下：
1、农村金融服务体系难以满足市场需求的根源在于商业性的经营目的与政策性的发展要求相冲突。纵观农村金融服务市场,除农业发展银行属于政策性金融机构,发挥政策支农作用外,大多数金融机构都是以实现盈利最大化为目的的商业性金融机构。面对风险大、收益小的农村市场,商业性金融机构不是退出市场,就是选择收益风险较为匹配的大中型农村企业,致使大量有金融需求但无法达到一定条件的群体无法得到满足,而国家关于金融服务支持农村发展的愿望也无法得到满足。从农村金融供给主体行为分析就可以看到,在政策性金融和商业性金融无法有效发挥支农作用的情况下,地方政府只能通过控制、指导农村信用合作社来满足政策需要,而这一手段的实施却造成了农村金融服务体系的扭曲。
2、非正规金融在信息获取方面天然的优势,使其在一定程度上填补了正规金融服务空白。非正规金融属于“内生金融”,由于长期扎根于农村乡间,拥有天然的信息优势,可以提供正规金融不能或不愿提供的服务。在对农村金融需求者行为分析中可以清楚地看到,无论是企业还是个人,在市场经济条件下都是理性的,影响借款人行为最关键的因素在于成本和收益之间的平衡。结合自身经济条件,借款人都可以在正规金融与非正规金融之间做出理性选择。一些被正规金融排斥在外,或者可以从正规金融获得资金,但由于取得资金隐性成本(借款手续成本、时间成本等)过高,就会求助于非正规金融。
3、重庆市农村金融服务体系的问题不仅在于金融供给不足,更突出表现为效率低下。通过对重庆市农村金融服务体系进行考查后发现,仅有少部分区县的农村金融机构能够实现经营效率,绝大所数的商业性农村金融网点表现出纯技术无效。这就意味着商业性农村金融经营管理落后,难以达到最优效率；政策性金融受到规模、资金运用等多方面控制,缺少的则是规模效率。由此认为,发挥农村金融服务体系支农作用首先需要解决商业性农村金融机构经营管理问题,以及打破政策性金融行政束缚。
4、提高重庆市农村金融服务效率是满足现阶段农村经济发展的内在要求。提高重庆市农村效率的手段不应是政策主导下的强制变迁,而需要金融体系内外部通过创新来实现。重庆市农村金融服务体系的创新,应本着市场导向、协调发展、提高金融效率与满足宏观调控的原则,通过支持村镇银行、建立土地银行,培育新型农村金融机构等方式,从金融服务主体上进行创新；创新信贷担保方式,完善信贷担保,开立消费金融等方式,从服务方式上进行变革；建立农村金融联结制度,改革利率机制等方式,从制度根源进行突破,进而提高农村金融效率。
5、亟需建立合理有效的风险控制体系,保障重庆市农村金融服务体系安全。农村金融市场风险的客观性、扩散性、加速性和关联性四大特征,决定了重庆市农村金融服务体系内存在的风险不可避免,也无法消除。以重庆市农村金融数据为例,从总量控制指标、流动性指标、安全类指标和效益类指标四类指标进行分析可以发现：支农力度最大的农业银行、农村商业银行以及农业发展银行经营中存在一定的风险,所幸,目前这些风险尚在可控范围之内。要提高整个农村金融服务体系安全性,还需完善风险控制机制,对风险产生、发展过程进行全方位防范。
Whether it is reformed agriculture commercial bank, set up the Agricultural Development Bank, or spin-off non-performing assets of rural credit cooperatives, China's rural financial reform can be said that was the business restructured by government-led institutions. This large injection of country-driven approach to reform, it still can't get the effect. The rural financial market is still facing severe credit rationing, and rural financial service system is still unable to meet the needs of rural economic development. In this regard, this paper studied on innovation and risk-control the content of the rural financial service system, by using game theory and performance evaluation tools. Study basic conclusions are as follows:
First of all, source of rural financial service system can't meet the market demand is commercial business purpose and policy conflicts with the development requirements. Throughout rural financial services market, in addition to Agricultural Development Bank is a policy-oriented financial institutions, which is playing a policy role in supporting agriculture. The other financial institutions are commercial financial institutions, which is in order to achieve the maximum profit. As the rural risk and a small returning rural market, commercial financial institutions choose the more matches the large and medium rural enterprises, resulting in a large number of financial groups with special needs can't be met. It's easy to find that local government control rural credit cooperatives to meet the policy needs, and this means of implementation has resulted in rural distortions in the financial services system.
Secondly, informal finance is in the natural advantages of access to information to a certain extent, which could fill the gaps in the formal financial services. Informal finance is "Endogenous Financial",has natural information advantage can provide can't provide formal financial services by long-term roots in the rural countryside. We can clearly see that both enterprises and individuals in a market economy conditions are rational. Affect the borrower's behavior the most critical factor is the balance between costs and benefits. If the borrower can't borrow from the formal financial, or the borrowing cost is too high (the cost of borrowing procedures, time, cost, etc.), it will turn informal finance for help.
Thirdly, the issue of rural financial service system is not only for the financial supply shortage, but also outstanding performance as ineffective in Chongqing. It found that only few of rural financial institutions to achieve operational efficiency, the vast number of commercial rural financial network to demonstrate a purely technical null and void, through examine the rural financial service system. It means that the commercial rural financial difficult to achieve optimum efficiency, policy finance is under controlling, missing is the efficiencies of scale. From this view, play the role of financial support for agriculture in rural areas need to be resolved first of all a commercial operation and management of rural financial institutions, as well as to break the shackles of policy-oriented financial executive.
Fourthly, improving the efficiency of rural financial services is to meet the inherent requirements of rural economic development is very important at the present stage in Chongqing.
Improve the efficiency of the means of rural policy should not be mandatory under the government control. It needs rural financial service system innovation, and should be based on market-oriented and coordinated development, improve the financial efficiency and to meet the principles of macro-control. There are too many ways, as through the support of village banks,the establishment of land banks to cultivate new-type rural financial institutions, from financial services to innovate on the main body;innovation in credit guarantees, to improve the credit guarantee, the opening of consumer finance, the reform of interest rate mechanism, the establishment of rural financial link system, etc..
Last, it needs to establish effective risk control system, protection of rural financial service system in Chongqing security urgently. The four characteristics of the rural financial market risk are objectivity, diffusion, acceleration and relevance. It determines the rural financial service system in Chongqing memory in the inevitable. Take Chongqing rural financial data for example, the greatest efforts of the Agricultural Bank of Agriculture, Rural Commercial Bank and Agricultural Development Banks certain risks exist, it is fortunate that from the quota of total control, flow indicators, safety and efficiency class indicator categories of indicators to analyze four types. At present these risks are manageable. To improve the overall security of the rural financial service system not only needs to improve risk control mechanisms, risk birth and development of all-round prevention.
1、农村金融服务体系难以满足市场需求的根源在于商业性的经营目的与政策性的发展要求相冲突。纵观农村金融服务市场,除农业发展银行属于政策性金融机构,发挥政策支农作用外,大多数金融机构都是以实现盈利最大化为目的的商业性金融机构。面对风险大、收益小的农村市场,商业性金融机构不是退出市场,就是选择收益风险较为匹配的大中型农村企业,致使大量有金融需求但无法达到一定条件的群体无法得到满足,而国家关于金融服务支持农村发展的愿望也无法得到满足。从农村金融供给主体行为分析就可以看到,在政策性金融和商业性金融无法有效发挥支农作用的情况下,地方政府只能通过控制、指导农村信用合作社来满足政策需要,而这一手段的实施却造成了农村金融服务体系的扭曲。
2、非正规金融在信息获取方面天然的优势,使其在一定程度上填补了正规金融服务空白。非正规金融属于“内生金融”,由于长期扎根于农村乡间,拥有天然的信息优势,可以提供正规金融不能或不愿提供的服务。在对农村金融需求者行为分析中可以清楚地看到,无论是企业还是个人,在市场经济条件下都是理性的,影响借款人行为最关键的因素在于成本和收益之间的平衡。结合自身经济条件,借款人都可以在正规金融与非正规金融之间做出理性选择。一些被正规金融排斥在外,或者可以从正规金融获得资金,但由于取得资金隐性成本(借款手续成本、时间成本等)过高,就会求助于非正规金融。
3、重庆市农村金融服务体系的问题不仅在于金融供给不足,更突出表现为效率低下。通过对重庆市农村金融服务体系进行考查后发现,仅有少部分区县的农村金融机构能够实现经营效率,绝大所数的商业性农村金融网点表现出纯技术无效。这就意味着商业性农村金融经营管理落后,难以达到最优效率；政策性金融受到规模、资金运用等多方面控制,缺少的则是规模效率。由此认为,发挥农村金融服务体系支农作用首先需要解决商业性农村金融机构经营管理问题,以及打破政策性金融行政束缚。
4、提高重庆市农村金融服务效率是满足现阶段农村经济发展的内在要求。提高重庆市农村效率的手段不应是政策主导下的强制变迁,而需要金融体系内外部通过创新来实现。重庆市农村金融服务体系的创新,应本着市场导向、协调发展、提高金融效率与满足宏观调控的原则,通过支持村镇银行、建立土地银行,培育新型农村金融机构等方式,从金融服务主体上进行创新；创新信贷担保方式,完善信贷担保,开立消费金融等方式,从服务方式上进行变革；建立农村金融联结制度,改革利率机制等方式,从制度根源进行突破,进而提高农村金融效率。
5、亟需建立合理有效的风险控制体系,保障重庆市农村金融服务体系安全。农村金融市场风险的客观性、扩散性、加速性和关联性四大特征,决定了重庆市农村金融服务体系内存在的风险不可避免,也无法消除。以重庆市农村金融数据为例,从总量控制指标、流动性指标、安全类指标和效益类指标四类指标进行分析可以发现：支农力度最大的农业银行、农村商业银行以及农业发展银行经营中存在一定的风险,所幸,目前这些风险尚在可控范围之内。要提高整个农村金融服务体系安全性,还需完善风险控制机制,对风险产生、发展过程进行全方位防范。
Whether it is reformed agriculture commercial bank, set up the Agricultural Development Bank, or spin-off non-performing assets of rural credit cooperatives, China's rural financial reform can be said that was the business restructured by government-led institutions. This large injection of country-driven approach to reform, it still can't get the effect. The rural financial market is still facing severe credit rationing, and rural financial service system is still unable to meet the needs of rural economic development. In this regard, this paper studied on innovation and risk-control the content of the rural financial service system, by using game theory and performance evaluation tools. Study basic conclusions are as follows:
First of all, source of rural financial service system can't meet the market demand is commercial business purpose and policy conflicts with the development requirements. Throughout rural financial services market, in addition to Agricultural Development Bank is a policy-oriented financial institutions, which is playing a policy role in supporting agriculture. The other financial institutions are commercial financial institutions, which is in order to achieve the maximum profit. As the rural risk and a small returning rural market, commercial financial institutions choose the more matches the large and medium rural enterprises, resulting in a large number of financial groups with special needs can't be met. It's easy to find that local government control rural credit cooperatives to meet the policy needs, and this means of implementation has resulted in rural distortions in the financial services system.
Secondly, informal finance is in the natural advantages of access to information to a certain extent, which could fill the gaps in the formal financial services. Informal finance is "Endogenous Financial",has natural information advantage can provide can't provide formal financial services by long-term roots in the rural countryside. We can clearly see that both enterprises and individuals in a market economy conditions are rational. Affect the borrower's behavior the most critical factor is the balance between costs and benefits. If the borrower can't borrow from the formal financial, or the borrowing cost is too high (the cost of borrowing procedures, time, cost, etc.), it will turn informal finance for help.
Thirdly, the issue of rural financial service system is not only for the financial supply shortage, but also outstanding performance as ineffective in Chongqing. It found that only few of rural financial institutions to achieve operational efficiency, the vast number of commercial rural financial network to demonstrate a purely technical null and void, through examine the rural financial service system. It means that the commercial rural financial difficult to achieve optimum efficiency, policy finance is under controlling, missing is the efficiencies of scale. From this view, play the role of financial support for agriculture in rural areas need to be resolved first of all a commercial operation and management of rural financial institutions, as well as to break the shackles of policy-oriented financial executive.
Fourthly, improving the efficiency of rural financial services is to meet the inherent requirements of rural economic development is very important at the present stage in Chongqing.
Improve the efficiency of the means of rural policy should not be mandatory under the government control. It needs rural financial service system innovation, and should be based on market-oriented and coordinated development, improve the financial efficiency and to meet the principles of macro-control. There are too many ways, as through the support of village banks,the establishment of land banks to cultivate new-type rural financial institutions, from financial services to innovate on the main body;innovation in credit guarantees, to improve the credit guarantee, the opening of consumer finance, the reform of interest rate mechanism, the establishment of rural financial link system, etc..
Last, it needs to establish effective risk control system, protection of rural financial service system in Chongqing security urgently. The four characteristics of the rural financial market risk are objectivity, diffusion, acceleration and relevance. It determines the rural financial service system in Chongqing memory in the inevitable. Take Chongqing rural financial data for example, the greatest efforts of the Agricultural Bank of Agriculture, Rural Commercial Bank and Agricultural Development Banks certain risks exist, it is fortunate that from the quota of total control, flow indicators, safety and efficiency class indicator categories of indicators to analyze four types. At present these risks are manageable. To improve the overall security of the rural financial service system not only needs to improve risk control mechanisms, risk birth and development of all-round prevention.
引文
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2 黄金老：论金融脆弱性,《金融研究》,2001年第3期。
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[36]陆喜元.“农村金融服务体系缺失的政治经济分析”.《西北师范大学硕士学位论文》.2007年6月;
[37]王威.“中国农村金融服务体系协调发展研究”.《博士学位论文》.2007年6月
[38]张长全.胡德仁“论我国农村金融服务的规范与创新”.《农业经济问题》.2003年第5期：52-80
[39]王伟何广文于丽先.“信用担保作用机制与政府支持农信担保路径选择-以昆山农村合作经济投资担保公司为例”《经济与管理研究》.2007年11期
[40]鲁靖邓晶.“中国农村金融行为与金融创新研究”.《农业经济问题》.2005年第1期：48-54
[41]陈燕李晏墅李勇.“声誉机制与金融信用缺失的治理”.《中国工业经济》.2005年第8期：73-81
[42]武翔宇.“我国农村金融联结制度的设计”.《金融研究》.2008年第8期：156-254
[43]何广文.“中国农村金融组织体系创新路径探讨”.《金融与经济》.2007年第8期：11-16
[44]温涛主持.“农村资金配置绩效评价与制度创新研究——基于重庆新农村建设的现实背景”重庆市社会科学基金
[45]熊德平主持.“农村金融与农村经济协调发展机制与模式研究”.国家社会科学基金
[46]温涛.《农村金融风险控制与战略重组研究》.重庆：西南大学出版社.2008年1月出版
[47]Berger,Allen and Gregory Udall.1996."Universal Banking and the future of Small Business Lending"in Saunders,Anthony and Walters,Ingo.1996. Universal Banking:Financial System Design Reconsidered. Irwin Professional Publishing Co.
[48]Bush,Claudia M.,1998,Towards Universal Banking:Risks and Benefits for the Transition Economics. IN:Stanley,W. Black and Mathias Moersch (editors),"Competition and convergence in financial markets:The German and Anglo-American models",Published by Elsevier Science B. V. 1998. P313-368.
[49]Davis,J unior R & Paul G. Hare,1997,Reforming the systems of rural finance provision in Romania:some options for privatization and change,IN:Quarterly Journal of International Agriculture,1997,No.3.
[50]Federal Reserve Bank of New York,Current Issues in Economics and Finance,J une 1995
[51]Goldberg,Lawrence and Lawrence J.White.1997. De Novo Banks and Lending to Small Businesses:An Exploratory Analysis. May.
[52]Goldsmith,Raymond W. Financial Structure and Development.New Haven,CT:Yale University Press,1969.
[53]Levine,Ross,2003,More on Finance and Growth:More Finance,More Growth?IN:Federal Reserve Bank of ST. Louis Review,July/August 2003
[54]Lynch,David,1996,Measuring Financial Sector Development;A Study of Selected Asia-Pacific Countries,IN:The Developing E2 conomies,Mar,1996.
[55]McKinnon,Ronald I. Money and Capital in Economic Development.Washington,DC: Brookings Institution,1973.
[56]Mishkin,F. S.,1995;2001,The Economics of Money,Banking,and Financial Markets,Harper Collins College Publishers.
[57]Shull,Bernad,1999,The Separation of Banking and Commerce in the United States:An Examination of Principle Issues. IN:Financial Markets,Institutions & Instruments,May,1999,P1-55.
[58]Hatlebakk,Magnus. Capacity-constrained Collusive Price Discrimination in the Informal Rural Credit Markets of Nepal. REVIEW OF DEVELOPMENT ECONOMICS.FEB 2009.vol12:70-86
[59]Barslund,Mikke,Tarp,Finn.Formal and informal rural credit in four provinces of Vietnam. JOURNAL OF DEVELOPMENT STUDIES.2008.vol44:485-503
[60]Boucher,Steve,Guirkinger,Catherine.Risk,wealth and sectoral choice in rural credit market. AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS.NOV 2007.vol89:991-1004
[61]Guirkinger,Catherine,Boucher,Stephen R.Credit constraints and productivity in Peruvian agriculture. AGRICULTURAL ECONOMICS.NOV 2008.vol39:295-308
[62]Guirkinger,Catherine.Understanding the coexistence of formal and informal credit markets in Piura,Peru. WORLD DEVELOPMENT. AUG 2008.vol36:1436-1452.
[63]Boucher,Stephen R,Carter,Michael R.,Guirkinger,Catherine.Risk rationing and wealth effects in credit markets:Theory and implications for agricultural development. AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS.MAY 2008.vol90:409-423
[64]Hatlebakk,Magnus.Capacity-constrained Collusive Price Discrimination in the Informal Rural Credit Markets of Nepal. REVIEW OF DEVELOPMENT ECONOMICS.FEB 2009.vol13:70-86.
[65]Shiferaw,Bekele,Obare,Gideon,Muricho,Geoffrey.Rural market imperfections and the role of institutions in collective action to improve markets for the poor. NATURAL RESOURCES FORUM. FEB 2008.vol32:25-3
2 黄金老：论金融脆弱性,《金融研究》,2001年第3期。
[1]张杰.《中国农村金融制度：结构、变迁与政策》.北京：中国人民大学出版社,2003.
[2]韩俊.《农村市场经济体制建设》.江苏：江苏人民出版社,1998.
[3]成思危等.《改革与发展推进中国的农村金融》.北京：经济科学出版社,2003.
[4]黄盛华.“关于完善农村金融服务体系得思考”.《农业经济》.2000年第5期：40-41
[5]李明贤.“论提高我国农村金融体系的效率”.《农业经济问题》.2002年第7期：12-15
[6]冯兴元、何梦笔(德)、何广文.“试论中国农村金融的多元化”.《中国农村观察》.2004年第5期：17-21
[7]祝晓平.“论商业性农村金融的适度规模”.《金融研究》.2003年第9期：121-129
[8]张长全、胡得仁.“论我国农村金融服务的规范与创新”.《农业经济问题》.2003年第5期：52-80
[9]徐芳、王波.“农村金融体制改革与创新思路”.《经济学家》.2005年第5期：121-122
[10]董应良.“从农村金融体系变迁看农村金融制度创新”.《经济问题探索》.2005年第9期：140-143
[11]李静.“农村金融发展和改革的地区差别”.《中国农村观察》.2005年第6期：17-29
[12]西南财经大学中国金融研究中心调研组.“农村金融改革值得探讨的几个理论问题——基于重庆市农村信用社改革成效的跟踪调查”.《金融研究》.2006年第8期：93-102
[13]谢平、徐忠.“公共财政、金融支农与农村金融改革——基于贵州省及样本县的调查分析”《经济研究》.2006年第4期：106-114
[14]朱喜、李子奈.“改革以来我国农村信贷的效率分析”.《管理世界》.2006年第7期：68-76
[15]陈鹏、孙涌.“边际约束及成本结构变动下的农村金融改革与发展”.《管理世界》.2007年第3期81-88
[16]曹崇福.“金融杠杆与风险分担——支农再贷款操作效应的实证研究”.《金融研究》.2007年第2期：174-182
[17]王醒男.“基于需求与发展视角的农村金融改革逻辑再考”.《金融研究》.2006年第7期：53-64
[18]殷俊华.“金融缺口、非正规金融与农村金融制度改革”.《金融研究》.2006年第8期：103-110
[19]殷本杰.“金融约束：新农村建设的金融制度安排”.《中国农村经济》.2006年第6期：38-42
[20]徐忠、程恩江.“利率政策、农村金融机构行为与农村信贷短缺”.《金融研究》2004年第12期：34-44
[21]刁怀宏.“农村金融空洞化的成因及其破解：信贷合约交易的分析”.《中国农村经济》.2007年第8期：15-23
[22]熊德平.“农村金融与农村经济发展：基于交易视角的概念的重构”.《财经理论与实践》.2007年第3期：8-13
[23]吴晓灵.“完善农村服务体系支持社会主义新农村建设”.《中国农村信用合作》.2006年第6期：4-5
[24]唐双宁.“深化改革改进服务支持社会主义新农村建设做出新贡献”.《中国农村信用合作》. 2006年第6期：6-7
[25]吴晓灵.“农村金融要适度竞争”.《国际金融报》,2006-03-23.
[26]温涛.“新农村建设背景下农村金融风险防范与化解机制研究”.《金融理论与实践》.2007年第3期：29-32
[27]李芸、汪三贵.“我国农村机构经营状况与制度创新”.《农业经济问题》.2002年第7期：16-19
[28]蒋满霖.“我国农村金融体系框架的重新构建”.《探索》.2003年第3期：100-103
[29]蔡则祥.“我国农村金融组织体系的完善与创新”.《农业经济问题》.2002年第4期：22-28
[30]何广文.“中国农村金融转型与金融机构多元化”.《中国农村观察》.2004年第2期：12-20
[31]仇焕广‘、王济民、苏旭霞.“衡量我国农村金融风险的指标体系”.《农业技术经济》.2003年第1期：24-27
[32]高伟.“健全我国农村金融体系的建议”.《金融理论与实践》.2007年第1期：28-30
[33]谷慎、李成.“农村制度缺陷：我国农村金融效率低下的根源”.《财经科学》.2006年第9期：98-102
[34]黄鹂.“基于供求视角的河南农村金融服务充分性研究”.《金融理论与实践》.2008年第5期：53-56
[35]伍艳.“多维视角下农村金融服务体系的完善”.《农村经济》.2008年第3期：65-69
[36]陆喜元.“农村金融服务体系缺失的政治经济分析”.《西北师范大学硕士学位论文》.2007年6月;
[37]王威.“中国农村金融服务体系协调发展研究”.《博士学位论文》.2007年6月
[38]张长全.胡德仁“论我国农村金融服务的规范与创新”.《农业经济问题》.2003年第5期：52-80
[39]王伟何广文于丽先.“信用担保作用机制与政府支持农信担保路径选择-以昆山农村合作经济投资担保公司为例”《经济与管理研究》.2007年11期
[40]鲁靖邓晶.“中国农村金融行为与金融创新研究”.《农业经济问题》.2005年第1期：48-54
[41]陈燕李晏墅李勇.“声誉机制与金融信用缺失的治理”.《中国工业经济》.2005年第8期：73-81
[42]武翔宇.“我国农村金融联结制度的设计”.《金融研究》.2008年第8期：156-254
[43]何广文.“中国农村金融组织体系创新路径探讨”.《金融与经济》.2007年第8期：11-16
[44]温涛主持.“农村资金配置绩效评价与制度创新研究——基于重庆新农村建设的现实背景”重庆市社会科学基金
[45]熊德平主持.“农村金融与农村经济协调发展机制与模式研究”.国家社会科学基金
[46]温涛.《农村金融风险控制与战略重组研究》.重庆：西南大学出版社.2008年1月出版
[47]Berger,Allen and Gregory Udall.1996."Universal Banking and the future of Small Business Lending"in Saunders,Anthony and Walters,Ingo.1996. Universal Banking:Financial System Design Reconsidered. Irwin Professional Publishing Co.
[48]Bush,Claudia M.,1998,Towards Universal Banking:Risks and Benefits for the Transition Economics. IN:Stanley,W. Black and Mathias Moersch (editors),"Competition and convergence in financial markets:The German and Anglo-American models",Published by Elsevier Science B. V. 1998. P313-368.
[49]Davis,J unior R & Paul G. Hare,1997,Reforming the systems of rural finance provision in Romania:some options for privatization and change,IN:Quarterly Journal of International Agriculture,1997,No.3.
[50]Federal Reserve Bank of New York,Current Issues in Economics and Finance,J une 1995
[51]Goldberg,Lawrence and Lawrence J.White.1997. De Novo Banks and Lending to Small Businesses:An Exploratory Analysis. May.
[52]Goldsmith,Raymond W. Financial Structure and Development.New Haven,CT:Yale University Press,1969.
[53]Levine,Ross,2003,More on Finance and Growth:More Finance,More Growth?IN:Federal Reserve Bank of ST. Louis Review,July/August 2003
[54]Lynch,David,1996,Measuring Financial Sector Development;A Study of Selected Asia-Pacific Countries,IN:The Developing E2 conomies,Mar,1996.
[55]McKinnon,Ronald I. Money and Capital in Economic Development.Washington,DC: Brookings Institution,1973.
[56]Mishkin,F. S.,1995;2001,The Economics of Money,Banking,and Financial Markets,Harper Collins College Publishers.
[57]Shull,Bernad,1999,The Separation of Banking and Commerce in the United States:An Examination of Principle Issues. IN:Financial Markets,Institutions & Instruments,May,1999,P1-55.
[58]Hatlebakk,Magnus. Capacity-constrained Collusive Price Discrimination in the Informal Rural Credit Markets of Nepal. REVIEW OF DEVELOPMENT ECONOMICS.FEB 2009.vol12:70-86
[59]Barslund,Mikke,Tarp,Finn.Formal and informal rural credit in four provinces of Vietnam. JOURNAL OF DEVELOPMENT STUDIES.2008.vol44:485-503
[60]Boucher,Steve,Guirkinger,Catherine.Risk,wealth and sectoral choice in rural credit market. AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS.NOV 2007.vol89:991-1004
[61]Guirkinger,Catherine,Boucher,Stephen R.Credit constraints and productivity in Peruvian agriculture. AGRICULTURAL ECONOMICS.NOV 2008.vol39:295-308
[62]Guirkinger,Catherine.Understanding the coexistence of formal and informal credit markets in Piura,Peru. WORLD DEVELOPMENT. AUG 2008.vol36:1436-1452.
[63]Boucher,Stephen R,Carter,Michael R.,Guirkinger,Catherine.Risk rationing and wealth effects in credit markets:Theory and implications for agricultural development. AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS.MAY 2008.vol90:409-423
[64]Hatlebakk,Magnus.Capacity-constrained Collusive Price Discrimination in the Informal Rural Credit Markets of Nepal. REVIEW OF DEVELOPMENT ECONOMICS.FEB 2009.vol13:70-86.
[65]Shiferaw,Bekele,Obare,Gideon,Muricho,Geoffrey.Rural market imperfections and the role of institutions in collective action to improve markets for the poor. NATURAL RESOURCES FORUM. FEB 2008.vol32:25-3