The Schleifer (2005) paper suggests there are areas that can be focused on for potential improvements in outcomes, depending on the income level/level of development of the country (refer the Regulatory Practice section and p.449 specifically).Consider the case in a low-income/developing country where the objective being pursued is to promote greater access to credit. Is a regulated approach suggested to be useful in this context? Why?

P.S. The Schleifer (2005) is the Andrei Shleifer's article published in European Financial Management in 2005, the title is 'Understanding Regulation'.