Testing Microfinance Theories: Field Experiments in Developing Countries

该奖项资助了一个为期三年的项目，该项目旨在测试有关发展中国家穷人金融市场的经济理论。测试将使用随机化的现场实验，并结合补充数据的收集。这项研究将提高我们对个人如何随着时间的推移做出决定以及小额贷款政策如何帮助经济发展的理解。研究将在菲律宾和南非的实地进行。研究问题包括：(1)南非借贷市场是否存在逆向选择？这种逆向选择是贫穷的南非人拖欠贷款的重要原因吗？(2)重复贷款的再融资激励是否会激励偿还？(3)南非的个人是否受到信贷限制？如果是的话，向这些个人提供信贷渠道会产生什么影响？(4)储蓄产品的承诺特征是否有助于个人储蓄更多？什么样的人更有可能使用这样的产品？这项研究的结果将为政策制定者提供重要信息，帮助他们了解小额信贷贷款是否以及如何有助于鼓励发展中国家的创业和减少贫困。

This award funds a three year project to test economic theories about financial markets for the poor in developing countires. The tests will use randomized field experiments combined with collection of supplementary data. The research will improve our understanding of both how individuals make decisions over time and of how micro-lending policies can aid economic development.Research will be conducted at field sites in the Phillipines and South Africa. Reearch questions include (1) Is adverse selection present in South African lending markets? Is such adverse selection an important explanation for why poor South Africans default on loans? (2) Does the refinancing incentive of repeat loans inspire repayment? (3) Are individuals credit-constrained in South Africa and if so what is the impact from providing access to credit to such individuals? (4) Do commitment features to a savings product help individuals save more? What kinds of individuals are more likely to use such a product?The results of this research will give policy makers important information about whether and how micro-credit loans can help to encourage entrepreneurship and reduce poverty in developing countries.