The Impacts of Microfinance: Evidence from Joint-Liability Lending in Mongolia
通过蒙古农村的随机实验，发现针对女性的连带责任小额贷款促进了女性创业和家庭食品消费，但对总工时和收入无显著影响；同时引入的个人责任贷款则无显著减贫效果。
We present evidence from a randomized field experiment in rural Mongolia to assess the poverty impacts of a joint-liability microcredit program targeted at women. We find a positive impact of access to group loans on female entrepreneurship and household food consumption but not on total working hours or income in the household. A simultaneously introduced individual-liability microcredit program delivers no significant poverty impacts. Additional results on informal transfers to families and friends suggest that joint liability may deter borrowers from using loans for noninvestment purposes with stronger impacts as a result. We find no difference in repayment rates between both types of microcredit.