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1 (1) (Karlan, 2004) aa37065@mail.ecc.u-tokyo.ac.jp (1) (1973) (1978) (1991) (1991) 1

2 (, 1978, 7 ) (2) (1988) 38 2 (3) (4) (2) (1986) 91 (1996) 2 1 (1993) 1 (3) (1961) 4 (2000) 1 (1988) (4) (1961) 4 (1978) 3 4 (1981) 2

3 (5) 2.2 (6) (7) (, 1979, 201 ) (8) (1982) (, 1982, 220 ) (9) (1996, 2 1 ) (10) (5) (1993) (1961) 4 2 (1987) (1984) (1985) (6) (1989) (7) (1969) (1979) 3 1 (1987) (8) (1990) (1988) (2004) (9) (1995) 1 1 (1988) (2004) (10)

4 (1997, ) (1995) 178 (2004, 1 ) (1996) (, 1987, 1 ) (, 1987, ) (11) (12) (, 1987, 1 ) (13) (14) (11) (1978) 89 (12) (1959) (1978) (1984) (1978) (13) (, 2003, 3 4 ) (1977) (1978) (14) (1979) 3 1 (1987) (1989) 4

5 (1989) (15) (, 1989, 44 ) (, 1995) 2.3 (1989) 5 6 (16) (17) (18) (15) (1978) 4 25 (16) (1996) (1992, 1996) (17) (1989) 32 (1995) (1994) (18) (1989) 42 5

6 (19) s i x is α s x is y i y i = α s x is (19) (2004) 6

7 Y Y = s α s i x is y i Y (20) (1978, 92 ) Y δ t T = t(y δ) y s δ s T = t s (y s δ s ) i x is δ is T = t s (y is δ is )x is (21) (22) (, 1985, 20 ) T i y i δ i t T = t i (y i δ i ) (1985) δ i y i δ i = 0 (1979) (, 1979, 201 ) (1998, 7 ) (20) (1961) 4 2 (21) (, 1985, 20 ) (22) (1985) 7

8 3.2 (23) (24) (25) (, 1995, 218 ) (, 1961, 133 ) (, 2002, 40 ) (, 2000, 42 ) (23) Innes (1990) Che (2002) (24) (2000) 1 2 (25) (1993) 49 8

9 1 2 (26) Innes (1990) Theorem 1 2 (27) (1961, 4 ) 3.4 (28) (29) (26) (, 1995) (27) (2000) (28) Morduch (1999a) Armendáriz de Aghion and Morduch (2005) Ghatak and Guianne (1999) (2003) (29) (Morduch, 1999b) 9

10 5 (30) (Greif, 2002) (, 1979;, 2001, ) (31) 2 (30) (2003) 9 Armendáriz de Aghion and Morduch (2005) (31) Che (2002) liquidity effect 10

11 3 (, 2003, 6.5) 3.5 (32) 1 Che (2002) 1 (33) (34) Giné et al. (2005) 2 (, 1994, 77 ) (32) (Bolton and Dewatripont, 2005, ch.9) (33) (Hölmstrom, 1982) (34) 11

12 1 2 (35) (1995) (36) (37) (35) Che (2002) Proposition 4 Ghatak and Guianne (1999) (2003) 6.5 (36) (1964) 3 2 (1995) (, 2003, 92 ) (37) (1996)

13 (, 1950, ) (38) (, 1993, 24 ) (, 1950, 125 ) 4.2 (39) (1996) 1 (40) (1996) (2000) (41) (42) (38) (1950) 2 1, 4 4 (1936) (1938) (39) (40) (41) (1964) 1 4 (1995) (1996) 1 (42) (2000) (1958) 2 13

14 (43) (, 1995, 233 ) (, 1996, 1 ) (44) (45) (46) 2 (43) (1975) 5 (1996) 4 (44) (1964) 1 4 (1995) (45) (2003); (2003, 2004) (46) Rogerson (1985) 2 Ligon (1998) Townsend (1994) Townsend (1982) Thomas and Worrall (1990) Atkeson and Lucas (1992) Phelan (2000) Coate and Ravallion (1993) Ligon et al. (2002) 14

15 (, 1994;, 2000, ) (47) (47)

16 (2000) (2000) (1956)

17 2 (48) (, 1994, 5 ) (49) (50) (1994) 172 (1987) (, 1987, 125 ) (48) (1991) 23 (1958) 114 (1976) (1998) 1 (49) (1982) (1987) (50) (1964) 1 4 (1995) (1996) 1 17

18 1 2 3 (51) (52) 5.3 (2000) (, 2000, 63 ) (51) (1997) (52) 18

19 (53) (54) (55) (56) (2002) (1958) (57) (, 1958, 95 ) (58) threat point (59) (53) (2000) 54 (54) (2000) (55) (2003) (56) (1961, 4 ) (1982, 2 6 ) (57) (1961) 6 (58) (2002) 248 (59) (1958) (2002) (2000)

20 (60) (2000) (61) (62) (1996) (60) (1996) 3 4 (61) 1 2 (1982) (62) (1996) 3 20

21 (1975, 5 ) (, 1975, 246 ) (63) 6 2 (63) (1996)

22 (1996, 5 ) (64) (1986) (1996) (1996, 5 ) (65) (66) (1986) ( ) (1982) (1958) ( ) (1982) Armendáriz de Aghion, Beatriz and Jonathan Morduch (2005) The Economics of Microfinance. MIT (64) (1996, 5 ) (2004) (2004, 3 3 ) (1993, 5 ) (65) (1996) (66) Carpenter and Seki (2004) Gugerty and Kremer (2002) NGO 22

23 Press. (1959) Atkeson, Andrew and Robert E Lucas, Jr. (1992) On Efficient Distribution With Private Information. Review of Economic Studies. Vol. 59. No. 3. pp Bolton, Patrick and Mathias Dewatripont (2005) Contract theory. The MIT Press. Carpenter, Jeffrey and Erika Seki (2004) Do Social Preferences Increase Productivity? Field Experiemental evidence from fisherman in Toyama Bay. mimeo. Che, Yeon-Koo (2002) Joint Liability and Peer Monitoring under Group Lending. Contributions to Theoretical Economics. Vol. 2. No. 1.Article 3. Coate, Stephen and Martin Ravallion (1993) Reciprocity without commitment: Characterization and performance of informal insurance arrangements. Journal of Development Economics. Vol. 40. pp (1991) ( ) (1997) (1997) (1979) (1993) (1975) (1956) (1978) Ghatak, Maitreesh and Timothy W. Guianne (1999) The economics of lending with joint liability; theory and practice. Journal of Development Economics. Vol. 60. pp Giné, Xavier, Pamela Jakiela, Dean Karlan, and Jonathan Morduch (2005) Microfinance Games. mimeo. Greif, Avner (2002) Institutions and Impersonal Exchange: From Communal to Individual Responsibility. Journal of Institutional and Theoretical Economics. Vol No. 1. pp Gugerty, Mary Kay and Michael Kremer (2002) The creation and transformaion of social capital. In Christiaan Grootaert and Thierry van Bastelaer. eds. The Role of Social Capital in Development: An Empirical Assessment. Cambridge University Press.. (2002) ( ) (2003) (2004) ( ) (1973) 2003 (1988) ( )

24 Hölmstrom, Bengt (1982) Moral Hazard in teams. Bell Journal of Economics. Vol. 13. pp (2001) (1995) (1988) ( ) 6 (2004) ( ) 5 (1998) Innes, Robert D. (1990) Limited Liability and Incentive Contracting with Ex-ante Action Choices. Journal of Economic Theory. Vol. 52. No. 1. pp (1978) (1995) ( ) 6 (2003) (1988) ( ) (2000) Karlan, Dean S. (2004) Social Captial and Group Banking. BREAD Working Papar No (1996) (1979) (2000) (2003) (2003) (2003) Ligon, Ethan, Jonathan P. Thomas, and Tim Worrall (2002) Informal Insurance Arrangements with Limited Commitment: Theory and Evidence from Village Economies. Review of Economic Studies. Vol. 69. pp Ligon, Ethan (1998) Risk Sharing and Information in Village Economies. Review of Economic Studies. Vol. 65. No. 4. pp (1950) (2004) (1990) (1995) (1987) (1993) Morduch, Jonathan (1999a) The Microfinance Promise. Journal of Economic Literature. Vol. 37. No. 4. pp Morduch, Jonathan (1999b) The role of subsidies in microfinance: evidence from the Grameen Bank. Journal of Development Economics. Vol. 60. pp (1993) 24

25 (1964) (1938) (1961) (1976) (1994) (1996) (2002) ( ) 2 Phelan, Christopher (2000) On the Long Run Implications of Repeated Moral Hazard. Journal of Economic Theory. Vol. 79. No. 2. pp Rogerson, William P. (1985) Repeated Moral Hazard. Econometrica. Vol. 53. No. 1. pp (1989) (1985) 548 (1989) (1996) (1958) ( ) 3 (1969) (1977) (1987) (1994) (2003) (2004) 40 (1978) (1989) ( ) (1991) ( ) 3 6 (1986) (1936) (1978) (1964) Thomas, Jonathan and Tim Worrall (1990) Income Fluctuation and Asymmetric Information: An Example of a Repeated Principal-Agent Problem. Journal of Economic Theory. Vol. 51. No. 2. pp Townsend, Robert M. (1982) Optimal Multiperiod Contracts and the Gain from Enduring Relationships under Private Information. Journal of Political Economy. Vol. 90. No. 6. pp Townsend, Robert M. (1994) Risk and Insurance in Village India. Econometrica. Vol. 62. No. 3. pp. 25

26 (1995) ( ) 1 (1981) (1984) 105 (1994) (1995) ( ) (1998) (2002) ( ) 3 (2004) ( ) 5 (2000) (1996) (1992) (1996) ( ) 26

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