ABSTRACT

The existing experimental evidence on returns to capital is based on randomisation of either interest-bearing loans or grants. This paper reports on a field experiment conducted in Pakistan in which interest-free loans were randomly provided to microenterprises. The study was conducted in co-operation with Akhuwat Islamic Microfinance. We find that treatment leads to a substantial increase in working capital and in business profits. Using randomised treatment as an instrument for capital, we find average monthly returns to capital of 8.6 to 11.9 percent a month. These returns are higher than the interest rates charged by conventional microfinance institutions in Pakistan.

摘要

现有的关于资本回报的实验证据是基于有息贷款或赠款的随机化。本文报道了在巴基斯坦进行的一项实地实验，其中向微型企业随机提供无息贷款。该研究是与 Akhuwat 伊斯兰小额信贷机构合作进行的。我们发现，治疗会导致营运资金和商业利润的大幅增加。使用随机处理作为资本工具，我们发现每月平均资本回报率为 8.6% 至 11.9%。这些回报高于巴基斯坦传统小额信贷机构收取的利率。