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http://hdl.handle.net/10419/65427
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| Title: | | Has the introduction of microfinance crowded-out informal loans in Malawi?  |
| Authors: | | Disney, Richard Fichera, Eleonora Owens, Trudy |
| Issue Date: | | 2010 |
| Series/Report no.: | | CREDIT Research Paper 10/08 |
| Abstract: | | This paper uses household data to test whether microfinance institutions created by the Malawian government in the mid-1990s under its Poverty Alleviation Programme crowded out access to informal loans. As in several recent studies, the paper adopts policy evaluation techniques to identify a causal relationship between access to government-sponsored credit programmes and informal loans. After taking treatment heterogeneity into account with a multiple treatment model, the paper finds strong evidence of crowding out of formal group lending on informal sources. In particular, participation in the most widespread microfinance programme has a negative and significant effect on borrowing from informal sources, reducing on average the amount that members borrow from informal lenders by more than 70 percent of the average loan value. |
| Subjects: | | informal lending microfinance evaluation methods |
| JEL: | | O16 O17 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CREDIT Research Papers, The University of Nottingham
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