Competition, Loan Rates, and Information Dispersion in Nonprofit and For‐Profit Microcredit Markets
研究了全球小额信贷市场的竞争环境，发现非营利机构对行业集中度变化不敏感，而营利机构在竞争激烈的市场中收取更低利率，且两类机构间存在溢出效应。
Abstract We describe the competitive environment of microcredit markets globally and we study the effects of competition on loan rates of microfinance institutions (MFIs). We use a new database from rating agencies, covering 379 for‐profit and nonprofit MFIs in 67 countries over 2002–2008. Controlling for interest rate ceilings and other country‐specific factors, we first find that nonprofits are relatively insensitive to industry‐wide concentration changes, while for‐profits charge significantly lower rates in less concentrated markets. Second, we find spillover effects between the for‐profit and nonprofit segments. Third, we show that the effects of concentration are consistent with an information dispersion mechanism.