Two Sides of the Same Rupee? Comparing Demand for Microcredit and Microsaving in a Framed Field Experiment in Rural Pakistan

• 成果类型: Article
• 署名作者: Afzal, Uzma; d'Adda, Giovanna; Fafchamps, Marcel; Quinn, Simon; Said, Farah
• 署名单位: Lahore School of Economics; Stanford University; University of Oxford
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12512
• 发表日期: 2018
• 页码: 2161-2190
• 关键词: interest-rates matter; rotating savings; credit associations; financial-markets; self-control; ECONOMICS; BEHAVIOR; Roscas; LIBERALIZATION; COMMITMENT

摘要

We use a field experiment to test whether saving and borrowing satisfy demand for lump-sum accumulation from regular deposits. Inspired by ROSCAs, we offer different credit and saving contracts to subjects. We find that individuals often accept both credit and saving contract across experimental waves. This behaviour can be rationalised by assuming that individuals seek lump-sum payments and struggle to hold savings. Structural estimation of this model accounts for the behaviour of 75% of participants. Of these, two-thirds have high demand for lump-sum accumulation but savings difficulties. These results imply that the distinction between microlending and microsaving is largely illusory.