Is Digital Credit Filling a Hole or Digging a Hole? Evidence from Malawi

• 成果类型: Article
• 署名作者: Brailovskaya, Valentina; Dupas, Pascaline; Robinson, Jonathan
• 署名单位: Princeton University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of California System; University of California Santa Cruz
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/uead083
• 发表日期: 2024
• 页码: 457-484
• 关键词: Microcredit; disclosure

摘要

Digital credit has expanded rapidly in Africa, with opaque loan terms amidst low consumer financial literacy. Rich data from Malawi shows substantial demand for a digital loan with a base interest rate of 10% over 15 days, yet most borrowers are not aware of loan terms, repay late and incur substantial late fees. Regression discontinuity analyses show no evidence that access to small digital loans harms consumers' perceived well-being. A short, randomised, phone-based financial literacy intervention improved knowledge, but did not increase timely loan repayment and modestly increased loan demand, ultimately increasing the likelihood of ever defaulting.