【主 题】Can Microcredit Program Crowd out Informal Financial Networks? Evidence from a Randomized Controlled Trial in China
【报告人】蔡澍（暨南大学副教授）
【时 间】2020年6月15日（星期一）14:00-16:00
【平 台】Zoom平台
【链 接】https://zoom.com.cn/j/95417884552
（会议ID：954 178 84552；参会密码：725928）
【主持人】汪晨副教授
【报告摘要】
This study finds crowding out effects of a microcredit program on informal financial networks of smoothing consumption among households in China based on a randomized controlled trial. The results show that the informal loans decrease substantially for both borrowers and non-borrowers of the program loans as a result of randomly assigned microcredit program to the village. Further analysis suggests the microfinance program reduces the effect of informal financial networks on consumption smoothing. The access to financial inclusion weaken other forms of social interaction as well in the long run. These results are consistent with a two-period model of households’ decisions under liquidity constraints. Expecting to take loans from the microcredit program in the second period, the households reduce savings for investment in the future. This enhances their capability to smooth consumption by self-financing; thus, they rely less on informal financial networks.
【报告人简介】
蔡澍，2016年博士毕业于香港科技大学，现为暨南大学经济与社会研究院副教授，主要研究领域为发展经济学、劳动经济学。研究成果发表于Journal of Development Economics、Journal of Economic Behavior and Organization、China Economic Review等国际知名期刊，主持国家自然科学基金青年项目。
【照片】
