Indirect Effects of Access to Finance

• 成果类型: Article
• 署名作者: Cai, Jing; Szeidl, Adam
• 署名单位: University System of Maryland; University of Maryland College Park
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20220711
• 发表日期: 2024
• 页码: 2308-2351
• 关键词: firm-level evidence; microfinance evidence; randomized experiment; microcredit evidence; impacts; INFORMATION; TECHNOLOGY; returns; program; GROWTH

摘要

We created experimental variation across markets in China in the share of firms having access to a new loan product. Access to finance had a large positive direct effect on the performance of treated firms but a similar-sized negative indirect effect on that of firms with treated competitors, , leading to nondetectable gains in producer surplus. Access to finance had a positive direct effect on business quality and consumer satisfaction and a negative effect on price, , which were not offset by indirect effects, , implying net gains in consumer surplus. We document other indirect effects and combine effects in a welfare evaluation. ( JEL D22, G21, G32, L81, O16, P31, P34) )