El Papel de las Garantias Reales y las Instituciones Financieras de Segundo Piso: El Caso de Acorde

This paper examines the role of collateral in credit transactions, from the perspective of different potential causes of default It emphasizes moral hazard problems in credit markets. It compares mortgages with other fiduciary contracts and with the role of reputation as a hostage. It examines constraints to offer traditional forms of collateral in microenterprise finance. It discusses the type of security offered by financial institutions and the evaluation of the creditworthiness of lenders. It focuses on the problems of second-level organizations that lend to non-government organizations that deal with microenterprises