| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w24329
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| 来源ID | Working Paper 24329
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| Measuring the Equilibrium Impacts of Credit: Evidence from the Indian Microfinance Crisis |
| Emily Breza; Cynthia Kinnan
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| 发表日期 | 2018-02-19
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| 出版年 | 2018
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| 语种 | 英语
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| 摘要 | In October 2010, the state government of Andhra Pradesh, India issued an emergency ordinance, bringing microfinance activities in the state to a complete halt and causing a nation-wide shock to the liquidity of lenders, especially those with loans in the affected state. We use this massive dislocation in the microfinance market to identify the causal impacts of a reduction in credit supply on consumption, earnings, and employment in general equilibrium in rural labor markets. Using a proprietary district-level data set from 25 separate, for-profit microlenders matched with household data from the National Sample Survey, we find that district-level reductions in credit supply are associated with significant decreases in casual daily wages, household wage earnings and consumption. We find a substantial consumption multiplier from credit that is likely driven by two channels – aggregate demand and business investment. We calibrate a simple two-period, two-sector model of the rural economy that incorporates both channels and show that the magnitude of our wage results is consistent with the model’s predictions. |
| 主题 | Microeconomics
; General Equilibrium
; Financial Economics
; Financial Institutions
; Development and Growth
; Development
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| URL | https://www.nber.org/papers/w24329
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582002
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推荐引用方式
GB/T 7714 |
Emily Breza,Cynthia Kinnan. Measuring the Equilibrium Impacts of Credit: Evidence from the Indian Microfinance Crisis. 2018.
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文件名：
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w24329.pdf
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格式：
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Adobe PDF
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