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Returns to Interest-free Microcredit: evidence from a Randomised Experiment in Pakistan
Journal of Development Effectiveness ( IF 0.9 ) Pub Date : 2021-08-12 , DOI: 10.1080/19439342.2021.1964578
Maazullah Khan 1 , Arjun S. Bedi 2
Affiliation  

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.



中文翻译:

回归无息小额信贷:来自巴基斯坦随机实验的证据

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。

更新日期:2021-08-12
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