Thy Neighbor's Keeper: The Design of a Credit Cooperative with Theory and a Test
利用19世纪德国信用合作社的数据，构建了一个旨在提供监督激励的合作社模型，并检验了不同非企业经济制度理论，对理解欠发达经济体的资源配置有参考价值。
Economists now appreciate that resource allocation in less economically developed economies is profoundly influenced by nonfirm economic institutions. However, our theories of nonfirm institutions often suggest different answers to many questions including those of policy. This paper illustrates a method for discriminating between alternative theories using data from German credit cooperatives from nineteenth and early twentieth century Germany. We build a model of credit cooperatives designed to provide monitoring incentives and test this using nineteenth century data.