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In light of the recent microfinance crisis in South India, government-run institutions in general, and primary agricultural credit cooperatives in particular, may end up playing a larger role in the provision of financial services for the poor. Using survey data collected in 2007 from three districts in Andhra Pradesh, this paper assesses the performance of 72 primary agricultural credit cooperatives and finds lack of training among the management. In addition, primary agricultural credit cooperatives tend to be used as political instruments and, as a result, borrowers prioritize all debt obligations (microfinance institutions, informal lenders, et cetera) before repaying their primary agricultural credit cooperative loans. The authors suggest that if the performance of primary agricultural credit cooperatives does not improve, a larger government role in the supply of credit may undermine the culture of repayment.

Access to Finance --- Agricultural credit cooperatives --- Bankruptcy and Resolution of Financial Distress --- Banks & Banking Reform --- Debt Markets --- Debt obligations --- Finance and Financial Sector Development --- Financial Intermediation --- Financial services --- Microfinance institutions --- Private Sector Development --- Repayment

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Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system. The supply of collateral arises from specific investment strategies in the asset management complex, with the primary providers being hedge funds, pension funds, insurers, official sector accounts, money markets and others. Post-Lehman, there has been a significant decline in the source collateral for the large dealers that specialize in intermediating pledgeable collateral. Since collateral can be reused, the overall effect (i.e., reduced ?source' of collateral times the velocity of collateral) may have been a $4-5 trillion reduction in collateral. This decline in financial lubrication likely has impact on the conduct of global monetary policy. And recent regulations aimed at financial stability, focusing on building equity and reducing leverage at large banks/dealers, may also reduce financial lubrication in the nonbank/bank nexus.

Collateralized debt obligations --- Bank loans --- CDOs (Collateralized debt obligations) --- Credit derivatives --- Bank credit --- Loans --- Econometric models. --- Accounting --- Banks and Banking --- Investments: General --- Industries: Financial Services --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- International Monetary Arrangements and Institutions --- General Financial Markets: Government Policy and Regulation --- International Financial Markets --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Public Administration --- Public Sector Accounting and Audits --- Social Security and Public Pensions --- Finance --- Investment & securities --- Financial reporting, financial statements --- Banking --- Pensions --- Collateral --- Securities --- Hedge funds --- Financial statements --- Financial institutions --- Public financial management (PFM) --- Pension spending --- Expenditure --- Financial instruments --- Financial services industry --- Finance, Public --- Banks and banking --- United States