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When In the early 1990s the post-communist countries implemented reform programmes to transform their previously centrally-planned economies into market-based economies, an unprecedented “transition” was set in motion and the economies in transition (EIT) emerged. This change of economic co-ordination should lead to a more efficient use of resources with higher economic output.

In order to exemplify the impact that institutions have on lending, this part first looks at the theoretical foundations of the New Institutional Economics — chapter 1.1. Basic terms and definitions are introduced here, the crucial importance of institutions to economic performance is highlighted, and main instruments of institutional analysis are deployed. In chapter 1.2, lending processes are institutionally analysed, thereby showing the set of institutions which influence lending. In order to answer the questions posed by the study, a cognitive approach is developed in chapter 1.3 to observe informal institutions of lending by diagnosing the action-regulating knowledge of bankers (which shape bankers’ mental models).

After having theoretically exemplified the impact of institutions on lending in Part 1, Part 2 intends to apply that theoretical framework to lending process in Mongolia. It first analyses the overall situation in Mongolia in chapter 2.1, thereby questioning the historical and political past of today’s economy and searching for microeconomic/institutional foundations of the macroeconomic accomplishments. Chapter 2.2 then describes the performance of arisen financial organisations in general’ financial intermediation, and of banks in particular’ microeconomic behaviour of banks’ and examines the loan allocation. Chapter 2.3 enquiries about whether the existing or missing institutions of lending do account for the described behaviour of banks, and thereby analyses the formal institutions’ bank regulation norms’ and makes hypotheses on informal institutions.

In order to address the hypotheses listed in Part 2, Part 3 now provides a complete description of directions and steps to be taken to conduct the survey. Chapter 3.1 describes the framework within which the materials (data) are incorporated’ the qualitative research design. The main research method within the research design’ the method of concept mapping to diagnose the action-regulating knowledge of bankers on lending’ is introduced there. Chapter 3.2 goes into details of where, how and when data were collected’ participants, instrumentation and procedure. The results of data analysis are presented in chapter 3.3 and the findings are then tested against the hypotheses (in form of evaluation statements).

Having formulated findings on informal institutional constraints of lending in Mongolian banks in Part 3, Part 4 will now discuss them. Chapter 4.1 first reviews the significant findings and considers the impact of informal institutional constraints of lending on the enforcement of bank regulations on lending. Chapter 4.2 then attempts to devise implications of the study for the real world by looking at future challenges and putting forward suggestions for further reforms.