社会资本即使在危机期间也能对贷款表现产生正向影响吗？

中文摘要

从理论上讲，团体贷款在拖欠表现上是否优于个人贷款尚不明确，尤其是在危机期间。由于团体贷款与个人贷款的借款人类型存在差异，且其行为在危机时期与正常时期可能有所不同，检验这一假说颇为困难。我们通过比较印度同一借款人在新冠疫情危机前及危机期间同时持有的团体贷款和个人贷款，克服了这一难题。我们发现，团体贷款的拖欠率显著更低。进一步的检验提示性地表明，这种优势源于“同伴压力”渠道。

Abstract

Theoretically, it is unclear whether group loans outperform individual loans in terms of delinquency, especially during a crisis. It is difficult to test the hypothesis due to differences in the types of borrowers of the group and individual loans and likely differences in their behavior between crises and normal times. We overcome the challenge by comparing simultaneous group and individual loans of the same individual before and during the Covid-19 crisis in India. We find that the delinquency rate of group loans is significantly lower. Further tests suggestively indicate that the outperformance is due to the “peer pressure” channel.