Financial Access and Labor Market Outcomes: Evidence from Credit Lotteries
利用巴西团体贷款机制中通过抽签获得个人流动性投资信贷的时间序列变化，研究发现信贷可及性提高了正式就业率和工资，年回报率达12%至15%，且人们转向离家更远、远离公共交通的工作。
We assess the employment and income effects of access to credit dedicated to investment in individual mobility by exploiting time-series variation in access to credit through lotteries for participants in a group-lending mechanism in Brazil. We find that access to credit for investment in individual mobility increases formal employment rates and salaries, yielding an annual rate of return of 12 to 15 percent. Consistent with a geographically broader job search, individuals transition to jobs farther from home and public transportation. Our results suggest that accessing distant labor markets through credit for investment in individual mobility yields high and persistent returns.