A Matter of Experience? Understanding the Decline in Group Lending
利用MIX数据研究小额信贷机构团体贷款的时间趋势，发现机构经验而非时间趋势更能解释团体贷款的减少，且团体贷款在更贫穷和低增长经济体中更普遍。
Abstract Group lending, often considered a key innovation driving the successful expansion of microcredit across the world, appears to be on the decline. Using MIX data on microfinance institutions (MFIs), we study this time trend, focusing on macroeconomic predictors of group lending and MFI experience. Results suggest that any movement away from group lending is better explained via MFIs gaining experience rather than a secular time trend. We also find that group lending is used more extensively in poorer and low‐growth economies. We argue that these findings can be understood within established views of group lending, and carry important implications for the historical and continuing importance of group lending.