In this study, we show how decisions to borrow from different formal and informal sources are associated with different types of disasters. We estimate the associations between loans from different sources using monthly panel data from Northern Bangladesh. Households borrow from different sources to cope with disasters. The cost of loans, however, may vary by the source of funds. MFI loans, while low in terms of interest cost, usually require a savings deposit, loan or application fee, with a longer trip or waiting time. Hence, households resort to loans from informal sources to deal with crises. We estimate the impulse responses of loans from different sources, which clearly show a hump-shape centring for the months of disasters. Pre-emptive loans are associated only with partially anticipated shocks. Aggregate shocks also limit how much households can borrow from their local peers. Our findings rationalise the roles played by both informal and formal micro-loans in crisis coping in Bangladesh, where the market for microfinance is ubiquitous. The development of the emergency credit market and the introduction of insurance services in rural areas will require the non-price costs of such financial products to be lowered.

在这项研究中，我们展示了从不同正式和非正式来源借贷的决策如何与不同类型的灾难相关联。我们使用孟加拉国北部的每月面板数据来估算不同来源的贷款之间的关联。家庭从不同来源借钱以应对灾难。但是，贷款成本可能会因资金来源而异。小额信贷机构的贷款虽然利息成本较低，但通常需要储蓄存款，贷款或申请费，且行程或等待时间较长。因此，家庭依靠非正式来源的贷款来应对危机。我们估算了来自不同来源的贷款的冲动响应，这些响应清楚地显示出以灾害月份为中心的驼峰状。优先贷款仅与部分预期的冲击相关。总体冲击还限制了家庭可以向当地同龄人借钱的数量。我们的发现合理化了孟加拉国的非正式和非正式小额贷款在应对危机中所起的作用，孟加拉国的小额信贷市场无处不在。紧急信贷市场的发展和农村地区保险服务的引入将要求降低此类金融产品的非价格成本。