Two Sides of the Same Rupee? Comparing Demand for Microcredit and Microsaving in a Framed Field Experiment in Rural Pakistan
通过巴基斯坦农村的实地实验，发现人们同时接受信贷和储蓄合同，表明小额信贷与小额储蓄的区分很大程度上是虚幻的，因为人们真正需要的是定期存款积累大额资金。
We use a field experiment to test whether saving and borrowing satisfy demand for lump‐sum accumulation from regular deposits. Inspired by ROSCAs, we offer different credit and saving contracts to subjects. We find that individuals often accept both credit and saving contract across experimental waves. This behaviour can be rationalised by assuming that individuals seek lump‐sum payments and struggle to hold savings. Structural estimation of this model accounts for the behaviour of 75% of participants. Of these, two‐thirds have high demand for lump‐sum accumulation but savings difficulties. These results imply that the distinction between microlending and microsaving is largely illusory.