We analyze contract-level data on approved and rejected microloans to assess the impact of a new credit registry in Bosnia and Herzegovina, a country with a competitive microcredit market. Our findings are threefold. First, information sharing reduces defaults, especially among new borrowers, and increases the return on lending. Second, lending tightens at the extensive margin as loan officers, using the new registry, reject more applications. Third, lending also tightens at the intensive margin: microloans become smaller, shorter, and more expensive. This affects both new borrowers and lending relationships established before the registry. In contrast, repeat borrowers whose lending relationship started after the registry introduction begin to benefit from larger loans at lower interest rates.

中文翻译：

---

竞争激烈的小额信贷市场中的信息共享

我们分析有关批准和拒绝的小额贷款的合同级数据，以评估波斯尼亚和黑塞哥维那这个小额信贷市场竞争激烈的国家新信贷登记处的影响。我们的发现是三重的。首先，信息共享减少了违约，尤其是新借款人之间的违约，并提高了贷款回报。其次，随着信贷员使用新登记系统拒绝更多申请，贷款大幅收紧。第三，贷款也在密集的边际收紧：小额贷款变得更小、更短、更昂贵。这会影响在注册机构之前建立的新借款人和贷款关系。相比之下，重复的借款人，其借贷关系启动后注册表引进开始受益于较大的贷款以较低的利率。