Give Me a Pass: Flexible Credit for Entrepreneurs in Colombia
研究比较了哥伦比亚新借款人的标准刚性贷款与包含三次延期还款机会的灵活贷款，发现灵活贷款改变了投资行为，但对收入、利润水平或利润方差无平均影响，且导致更高违约率。
Abstract Although microcredit has reached millions, recent randomised evaluations find limited average business impacts. Contract rigidity, specifically the fixed and frequent instalments, may restrict moral hazard but limit productive risk-taking, thus limiting the impact. With a Colombian lender, we experimentally compared, for a sample of new borrowers, a standard rigid loan to a more flexible loan that included three “passes” with which borrowers could delay repayments. The flexible loan led to some shifts in investment behavior but had no average impact on revenue, profit level, or profit variance, and led to higher default.