Informal finance through land pawning contracts: Evidence from the Philippines
研究了菲律宾水稻种植村中土地典当合同的决定因素和贷款规模，发现小农户通过典当土地获取大额贷款用于高回报的非农投资，且贫困农户更可能典出土地，富裕农户则典入。
Land pawning contracts have increased in importance in Philippine rice growing villages, and this article examines the determinants of choice of pawning contracts and the observed loan size. The analysis shows that pawning is an informal credit instrument used by small farmers to obtain large loans to finance productive investments, such as non‐farm employment, where the returns to investment are high. The econometric results suggest that poorer farm households pawn‐out land, while wealthier farm households pawn‐in. The observed loan size is explained by reputation of pawners and rice cropping intensity in the region.