Estimating the Impact of Microcredit on Those Who Take It Up: Evidence from a Randomized Experiment in Morocco

• 成果类型: Article
• 署名作者: Crepon, Bruno; Devoto, Florencia; Duflo, Esther; Pariente, William
• 署名单位: Institut Polytechnique de Paris; ENSAE Paris; Paris School of Economics; Massachusetts Institute of Technology (MIT); Universite Catholique Louvain
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.20130535
• 发表日期: 2015
• 页码: 123-150
• 关键词: income; consumption; constraints; INDIA

摘要

We report results from a randomized evaluation of a microcredit program introduced in rural areas of Morocco in 2006. Thirteen percent of the households in treatment villages took a loan, and none in control villages did. Among households identified as more likely to borrow, microcredit access led to a significant rise in investment in assets used for self-employment activities, and an increase in profit, but also to a reduction in income from casual labor. Overall there was no gain in income or consumption. We find suggestive evidence that these results are mainly driven by effects on borrowers, rather than by externalities.