Serving the Underserved: Microcredit as a Pathway to Commercial Banks

• 成果类型: Article
• 署名作者: Agarwal, Sumit; Kigabo, Thomas; Minoiu, Camelia; Presbitero, Andrea F.; Silva, Andre F.
• 署名单位: National University of Singapore; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; International Monetary Fund; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01117
• 发表日期: 2023-07
• 页码: 780-797
• 关键词: credit evidence; microfinance; INFORMATION; finance; GROWTH; access; IMPACT; price; MODEL

摘要

A large-scale microcredit expansion program-together with a credit bureau accessible to all lenders-can enable unbanked borrowers to build a credit history, facilitating their transition to commercial banks. Loan-level data from Rwanda show the program improved access to credit and reduced poverty. A sizable share of first-time borrowers switched to commercial banks, which cream-skim less risky borrowers and grant them larger, cheaper, and longer-maturity loans. Switchers have lower default risk than nonswitchers and are not riskier than other bank borrowers. Switchers also obtain better loan terms from banks compared with first-time bank borrowers without a credit history.