Pub Date : 1900-01-01DOI: 10.4324/9780429038891-15
S. Southwold-Llewellyn
Much of the debate on financial intermediaries has focused on the institutional aspects of the formal sector. For example, the debate on why Specialized Farm Credit Institutions (SFCIs) have failed has focused on administrative problems. Some of the reasons for these failures can be understood by comparing how SFCIs function in comparison with informal sector intermediaries, such as traders (Southwold-Llewellyn 1987, 1991). And indeed, a number of recent policy interventions to stimulate the provision of credit have tried to institutionalize features of informal sector finance found in ROSCAs and in credit from traders (Adams and Fitchett 1992). A major flaw in an institutional approach, as in much of policy intervention and social engineering in general, is the assumption that there is a simple cause-effect relationship between a limited set of variables. It seems to follow from this that, if one variable is changed, there will be a predictable change in the others. The purpose of this chapter is to explore some of the multiple contextual frameworks of financial intermediaries in Sri Lanka, within the specific context of a set of government interventions during the early 1970s. These will help to explain the changing credit relations of borrowers and lenders in a small rural commercial center. The exploration of these specific multiple contextual frameworks will throw light on the range of issues that should be taken into account if effective credit interventions are to be implemented.
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