Microcredit: equilibrium effects
研究小额信贷政策如何通过改变工资、价格、利率和社会关系回报等一般均衡渠道，对直接和间接受影响的经济主体产生正面或负面影响，并讨论其对研究设计的启示。
Abstract Changes to access to credit can potentially cause changes to the returns to various factors—general equilibrium (GE) effects. This paper considers changes in wages, prices of goods and services, interest rates, and in the returns to forming or maintaining social ties. Such GE effects can lead to positive and/or negative indirect effects on economic agents, including those who are not directly affected by a given credit policy. Thus such effects matter for the average level and distribution of impacts resulting from credit access. In addition, GE effects have implications for research design, in that those who are indirectly affected via GE channels are generally not a valid counterfactual for those who are directly affected.