ABSTRACT

This paper evaluates the imposition of caps on microcredit lending rates through credit policies for productive sectors. This financial inclusion intervention provides a unique quasi-experiment, allowing to estimate its effect following a difference-in-differences analysis. Our results suggest that the imposition of interest rate ceilings negatively affected the portfolio balance of new microcredits and loans to Small and Medium Enterprises (SMEs) granted by Micro Finance Institutions (MFIs). The balance of the microcredit and SME loans portfolio granted by MFIs, relative to the company portfolio granted by banks, decreased by 26.1% for an average MFI for the period 2011-2018.

摘要

本文评估了通过生产部门的信贷政策对小额信贷利率施加上限的情况。这种金融包容性干预提供了一种独特的准实验，允许在差异分析后估计其效果。我们的研究结果表明，利率上限的实施对小额金融机构 (MFI) 向中小企业 (SME) 发放的新小额信贷和贷款的组合余额产生了负面影响。2011-2018 年期间，小额信贷机构发放的小额信贷和中小企业贷款组合的余额相对于银行发放的公司组合而言，平均下降了 26.1%。