Microcredit Impacts: Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco
基于墨西哥最大小额贷款机构在110%年利率下的团体贷款扩张随机实验，发现对创业、收入、消费等37项指标无显著转型影响，也未发现高利率下的异质性负面效应。
We use a clustered randomized trial, and over 16,000 household surveys, to estimate impacts at the community level from a group lending expansion at 110 percent APR by the largest microlender in Mexico. We find no evidence of transformative impacts on 37 outcomes (although some estimates have large confidence intervals), measured at a mean of 27 months post-expansion, across 6 domains: microentrepreneurship, income, labor supply, expenditures, social status, and subjective well-being. We also examine distributional impacts using quantile regressions, given theory and evidence regarding negative impacts from borrowing at high interest rates, but do not find strong evidence for heterogeneity.