Financial market efficiency in an Agrarian economy: Microeconometric analysis of the Pakistani Punjab
利用巴基斯坦旁遮普省小农信贷项目的数据，估计资本影子价格，发现随机选取的小农从该项目借入第一卢比可获得200%的回报率，表明农村金融体系效率低下，为小农信贷项目提供了支持依据。
The shadow price of capital in production is a useful indicator of the efficacy of the rural financial system. Using data on participants and non‐participants in a small farm credit programme from the Pakistani Punjab, this article estimates the shadow price of capital. Endogenous switching regressions techniques are employed to control for the likely heterogeneity of borrowers versus non‐borrowers. Results indicate that an individual selected at random from the population of small farmers would experience a 200 per cent rate of return on the first rupee borrowed from the small farm credit programme, indicating a high shadow price of capital and a prima facie case for small farm credit programmes.