Do rural banks matter that much? Burgess and Pande (2005) reconsidered
重新检验了Burgess和Pande（2005）关于印度国有银行扩张对贫困影响的研究，发现其工具变量并非外生，考虑更多政策断点后，银行扩张的减贫效应消失。
Summary We replicate Burgess and Pande's (2005) analysis of the effect of India's state‐led bank expansion on poverty. The authors instrument rural bank branch expansion by its trend reversal explained by the 1977 licensing rule and find that the bank expansion decreased poverty. However, the authors do not consider other licensing rule amendments and concurrent policies. Thus, their instrument is not necessarily exogenous to poverty. We show that the significant effect of bank expansion on poverty disappears after summarizing the trend reversal with more breaks linked to the bank licensing policy.