Using Repayment Data to Test across Models of Joint Liability Lending
利用泰国借贷小组的还款数据，检验了四种关于连带责任贷款的理论模型，发现还款率受连带责任率、社会关系、地方制裁力度和产出相关性等因素影响，且不同地区模型拟合度不同。
Theories rationalising joint liability lending are rich in implications for repayment rates. We exploit this fact to test four diverse models. We show that the models' repayment implications do not always coincide. For example, higher correlation of output and borrowers' ability to act cooperatively can raise or lower repayment, depending on the model. Data from Thai borrowing groups suggest that repayment is affected negatively by the joint liability rate ("ceteris paribus") and social ties, and positively by the strength of local sanctions and correlated returns. Further, the relative fit of the adverse selection versus informal sanctions models varies by region. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.