Microfinance’s transformational potential: looking beyond average treatment effects
利用多项近期研究数据，发现小额信贷、储蓄和保险的回报存在巨大异质性，即使平均效果不显著，对某些人仍可能产生变革性影响，呼吁关注受益者识别与机制理解。
Abstract Hundreds of studies have examined the impacts of microfinance, finding mostly modest or disappointing results. In this article, instead of asking whether microfinance works on average, we study the varied impacts of microfinance. Using data from several prominent recent studies, we show that the heterogeneity in returns to microcredit, microsavings, and microinsurance is large. This means that even programmes that are not effective on average could be transformational for some people. We call for researchers and policy-makers to focus more on identifying those who will benefit from microfinance, and understanding why they do. Together this will improve the targeting of these interventions, increase their positive impact, and help improve the design of future products.