The Macroeconomics of Microfinance
成果类型：
Article
署名作者：
Buera, Francisco J.; Kaboski, Joseph P.; Shin, Yongseok
署名单位：
Washington University (WUSTL); National Bureau of Economic Research; University of Notre Dame; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
刊物名称：
REVIEW OF ECONOMIC STUDIES
ISSN/ISSBN：
0034-6527
DOI：
10.1093/restud/rdaa047
发表日期：
2021
页码：
126-161
关键词：
摘要：
What is the aggregate and distributional impact of microfinance? To answer this question, we develop a quantitative macroeconomic framework of entrepreneurship and financial frictions in which microfinance is modelled as guaranteed small-size loans. We discipline and validate our model using recent empirical evaluations of small-scale microfinance programs. We find that the long-run general equilibrium impact is substantially different from the short-run effect. In the short-run partial equilibrium, output and capital increase with microfinance but total factor productivity (TFP) falls. In the long run, when general equilibrium effects are considered, as should be for economy-wide microfinance interventions, scaling up microfinance has only a small impact on per-capita income, because an increase in TFP is offset by lower capital accumulation. However, the vast majority of the population benefits from microfinance directly and indirectly. The welfare gains are larger for the poor and the marginal entrepreneurs, although higher interest rates in general equilibrium tilt the gains toward the rich.
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