主   题：Can Microcredit Program Crowd out Informal Financial Networks? Evidence from a Randomized Control Trial in China            

主讲人：蔡澍

摘   要：This study finds unintended crowding out effects of a microcredit program on informal financial networks of smoothing consumption among households in China based on a randomized control trial. The results show that the informal loans decrease substantially for both borrowers and nonborrowers of the program loans as a result of randomly assigned microcredit program to the village. Meanwhile, the paper finds the microfinance program reduces the effect of informal financial networks on consumption smoothing. Further analysis suggests the access to financial inclusion            

weaken other forms of social interaction, like transfers, as well in the medium-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 selffinancing; thus, they rely less on informal financial networks. (JEL Codes: O16; G21).

关于主讲人：蔡澍，暨南大学经济和社会研究院讲师，于2016年获得香港科技大学博士。学术兴趣为发展经济学和应用微观经济学。

时间：2017年9月27日星期三12:10-13:20

地点：学术会堂南楼608室

主办单位：人力资本与劳动经济研究中心