Paper
From Fragmentation to Embeddedness: Towards a Framework for the Institutional Analysis of Financial Markets
A proposed framework to better understand the financial markets in Kenya
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This paper seeks to develop a framework for understanding local financial markets through an institutional analysis of the financial intermediaries involved.
The paper proposes that:
- Financial intermediation can be seen as a collective action problem to which there are three core types of solutions - firms, the state and co-operative or mutually based organizations;
- Each type can be analyzed as an institution in which there are rules and monitoring and enforcement mechanisms;
- Such an analysis demonstrates the ways in which these mechanisms are related to wider sets of institutions - legal, political, social, cultural and economic.
Having set out this conceptual framework, the paper goes on to show its relevance to understanding the essential features of financial intermediaries in Karatina in Kenya.
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