it became common for microborrowers to borrow from multiple lenders in parallel, often exceeding their repayment capacity. Working with data from Caja Los Andes, Vogelgesang (2003) finds significant delinquency in 2000, with 27 per cent of repayments being made too late.Apart from banking regulation, more general legislative aspects, both in relation to micro-lenders and micro-borrowers,
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