ROSCA Composition and Repayment: Evidence from Taiwanese Bidding ROSCAs
分析了台湾标会数据，发现社会关系较弱的参与者更早得标，但更多外人加入并未增加违约风险，表明标会能兼顾储蓄与应急信贷。
Rotating savings and credit associations (ROSCAs) are widespread and remain a key financial management tool for poor individuals. We analyse data from Taiwanese bidding ROSCAs and focus on how social relationships within the group influence contribution behaviour and ROSCA failure. We find that less socially-connected participants were more likely to receive the pot early in the cycle, which increases their incentive to default, yet contrary to accepted wisdom groups including more outsiders were not more likely to experience repayment problems. Our results highlights how bidding ROSCAs can be a versatile device that provide profitable savings while allowing for emergency credit.