American Economic Review · 2024 · Faisal Bari、Kashif Malik、Muhammad Meki、Simon Quinn
中文摘要
我们开展了一项实地实验，为已完成小额信贷的客户提供融资机会，以购买价值为其通常借款限额四倍的商业资产。我们使用分期付款购买合同来实施；对照组则获得通常借款限额下的零利率贷款。我们发现效应巨大、统计显著且持久：受处理的微型企业主经营着规模更大、利润更高的企业；因此，家庭消费增加，尤其是在食品和儿童教育方面。包含非凸资本调整成本的动态结构模型合理化了我们的结果，并允许反事实分析；这凸显了通过财务上可持续的大额资本注入来改善福利的潜力。(JEL C93, D22, G21, G32, L25, O14, O16)
Abstract
We run a field experiment offering graduated microcredit clients the opportunity to finance a business asset worth four times their usual borrowing limit. We implement this using a hire-purchase contract; our control group is offered a zero interest loan at the usual borrowing limit. We find large, significant, and persistent effects: treated microenterprise owners run larger businesses with higher profits; consequently, household consumption increases, particularly on food and children’s education. A dynamic structural model with nonconvex capital adjustment costs rationalizes our results and allows counterfactual analysis; this highlights the potential for welfare improvements through large capital injections that are financially sustainable. (JEL C93, D22, G21, G32, L25, O14, O16)