The Impact of Credit on Village Economies
利用泰国“百万泰铢村庄基金”项目的面板数据，评估政府大规模小额信贷对村庄短期信贷、消费、农业投资、收入增长和资产增长的影响，发现信贷增加了消费和投资但降低了资产增长，并带来工资上涨的一般均衡效应。
This paper evaluates the short-term impact of Thailand's 'Million Baht Village Fund'program, among the largest scale government microfinance iniative in the world, using pre- and post-program panel data and quasi-experimental cross-village variation in credit-per-household. We find that the village funds have increased total short-term credit, consumption, agricultural investment, income growth (from business and labor), but decreased overall asset growth. We also find a positive impact on wages, an important general equilibrium effect. The findings are broadly consistent qualitatively with models of credit-constrained household behavior and models of intermediation and growth.