微型贷款的促进作用证据来自格莱珉乡村银行.doc

外文题目：promotional role of microcredit:evidence from the grameen bank of bangladesh 出 处：Journal of International Development 作 者：Md. Abul Basher 原 文：promotional role of microcredit:evidence from the grameenbank of bangladesh Abstract: This paper investigates whether the income augmenting role of microcredit is attributable only to increased participation of the borrower in economic activities or switch to more productive activities also.The paper provides a framework to analyze this question in absence of any longitudinal data. By using the data from the Grameen Bank of Bangladesh,the paper finds that microcredit enables the borrowers to move progressively into more productive activities as they become experienced.Copyright 2009 John Wiley & Sons,Ltd.Keywords: Microcredit;ProductivityJEL Classification: O12,O16 INTRODUCTIONThe literature identifies two contributions of microfiance in developing countries. The first contribution includes the increase in income of the participants (Alamgir, 1998; Khandker, 1998; Pittand Khandkar, 1998; Basher,2001), and the second contribution includes different aspects of welfare, empowerment, motivational and attitudinal changes among the program participants (Hashemietal., 1996;Aminetal., 1998; Basher, 2007). Usually,the rural poor are involved in the low risk, low productive activities .Microfinance can increase the income of the participants either by scaling up these activities or by moving the participants into high productive activities. Expansion of the low productive activities can be identified as the“promotional”(Dere zand Sen,1991)role of microfinanc.This paper investigates if the participating households of the microfinance programs witch from the protectional to the promotional activities overtime.The analysis is motivated by the Euler equation adjusted for the distribution of marginal income between current and next periods“consumption. The idea is that more experienced participants of the microfinance program accomplish the ability to switch to high productive activities, which can be traced by examining the evolution of percentage share of consumption of the participants in the incurrent loan.The contribution of the current paper to the literature is double fold. First, the paper contributes to the existing literature of the microfinance by showing that its income augmenting role comes not only from the expansion of the existing low productive activities but also from the switch of the participants into high productive activities. Second,the paper also makes a methodological contribution to the literature of microfiance.It shows how the share of consumption incurrent loan can be used to assess the graduation of the participants from the low productive to high productive activities requiring no longitudinal data.Over time,the Grameen Bank has branched out into newer activities.When the bank first started,it concerned on disturbing general loans to individual borrowers.It then started giving collective loans to groups of borrowers,sometimes to a whole center jiontly.There stof the paper is structured as follows. Section 2 sets the frame work to explain how the promotional role of the microfinance program can be traced by their share of consumption incurrent loan. Section 3 provides empiric alanalysis. Section 4 presents the findings.Finally,Section 5 concludes. Microfinance and Graduation from Protectional to Promotional ActivitiesThis paper pertains to the Grameen Bank model, where the size of the loan increases with the number of loans. This creates the potential for the participants to switch from protectional to promotional activities. There are several reasons why such a switch may take place with the increase in number of loans.(1)Changes in the attitude to risk: The Grameen Bank has a built -in mechanism to induce savings by the participants. Participants arer equired to save 5 percent of their loan as a A group fund. They can use these group funds to mitigate any kinds of fiancial crisis. Amount of group funds increases with the number of loans. Being emboldened by the availability of these group funds,the participants can switch from protectional to promotional activities. The increased ability to mitigate any financialloss by taking loan from the group fund is evident from Table1.(2)Accumulation of assets: Households can accumulate different types of non-financial assets overtime by taking loan from MFIs (Menon, 2006). The data used in this study also find support for the accumulation of land overtime by the participants of the Grameen Bank of Bangladesh. Table 2 reports that the average land purchased by the participants who took less than five loans is 12 decimals. The same average for the participants who took more than five loans is more than 20 decimals. (3)Formation of social capital: The concept of social capital refers to features of social organisations such as networks, norms and trust that facilitate mutual coordination and cooperation (Putnam, 1993; Nahapiet and Ghoshal,1998).Literature identifies two types of social capital; one at micro level and another at macro level. At the micro level, social capital encapsulates features of social organisations, such as, networks of individuals or households, and the associated norms, trust and values. At the macro level, social capital includes the social and political environment, political regime, the rule of law, the legal system, civil and political liberties, quality of institutions, etc. Grameen Bank as well as other MFIs contributes primarily to the social capital at micro or individual level. The centre meeting, a gathering of 50 to 60 women,also works as a window of information for the participants. The group-based activities and the exchanges in the weekly meeting help to form social capital by promoting anetwork of economic cooperation, mutual trust and norm of reciprocity among the participants (Rankin,2002).The participants of MFIs are involved mostly in the informal or shadow economic activities. These activities are sometimes constrained by the absence of formal institutions.But the formation of social capital helps the participants to over come these constraints.All these mean that a longer association with the credit program enables the participants to undertake activities with higher rate of returns. If such a switch takes place the share of consumption in current loan will increase with number of loans or length of association with the microfinance program. Therefore, graduation from protectional to promotional activities can be evaluated by examining the relationship between and number of loans. EMPIRICAL ANALYSISData used in this study were collected from Bangladesh during 2001. The sample was chosen from four randomly drawn branches of the Grameen Bank. The primary information, pertaining mainly to socio-economic profile of the member households, was collected from the participants through structured questionnaire. Five villages under each branch were randomly selected. Twenty five participants from each village were surveyed.First we estimate Equation(8) by using the size of the current loan (disbursed during year2000and2001) as the dependent variable, and log of current income, amount of land,total household members,total income earning household members and the length of association with Grameen Banks credit program as explanatory variables. In estimation of Equation(7), we use the percentage share of consumption in the current loan as the dependent variable,log of current income,amount of household land holding, household member, household member in the age group of 15-65 and the residuals of Equation(8)a the explanatory variables.The results are as reported in Table3.The percentage share of consumption in total loan is negatively related with the level of current income.The amount of land holdings or the level of education is so small that they do not significantly affect the share of consumption in total loan. (N)is the coefficient of our interest.The estimated (N) is as follows:（N）=-10.740+0.26（N）It means the share of consumption in total loan increases with the number of loans for a given level of income.Given the number of loans,income has a negative effect on the percentage share of consumption in the loan taken from GrameenBank. It is easilycomprehensible as the higher the level of income, the lesser the need to consume from current loan.But as the number of loans increases, the participants switch into high productive activities and the potential future consumption also increases. Therefore, the consumption smoothening of the house holds involves higher percentage share of consumption incurrent loan. As a result, the extent of negative impact of current income on consumption from current loan decreases. This is an empirical evidence that there exists apositive monotonic relationship between the number of loans and the rate of return on investment of microfinance.This means that there is a movement into more productive activity for all borrowers being that the old ones move into even more productive activities as compared to the new ones. Every loan contract involves the giving up of a sum of money by a lender in one period in exchange for a promise by the borrower to repay the money plus an interest amount in a future period.Because the exchange takes place over time,the lender must decide whether to make a loan to a certain borrower and then,if the loan is made,he must find ways to ensure that the borrower in fact repays the money. CONCLUSIONAlthough there is a strong evidence in the literature that microfinance helps to increase household income, it is not adequately analysed whether this increase comes from the expansion of the existing low productive activities or from the switch to high productive activities also.The exploration of this paper suggests that microcredit enables borrowers to move progressively into more productive activities as they become more experienced.Of course, this paper does not address the determinants of such a switch from the low productive to high productive activities.Further investigation is required to assess its determinants.The increase in the percentage share of consumption in current loans by the oldparticipants,when their economic situation apparently improves,contradicts theconventional wisdom that suggest that the poor struggling at the edge of subsistencewould consume more from their loans at the initial years of the association.This maybe true for the poorest of the poor. But the participants who do that are surely doomed to fail to maintain the required repayment rate and as a result they have to drop out in a year or two.The results of this paper are relevant for the continuing members only,therefore,do not hold for the poorest of the poor who drop out from the program.Apart from resolving the question why the old participants consume alarge share of their loans as compared to the new participants of the GrameenBank, this paper also makes a method ological contribution to the literature of microfinance. The paper shows how the share of consumption in current loan can be used to assess the graduation of the participants from the low productive to high productive activities requiring no longitudinal data.外文题目：promotional role of microcredit:evidence from the Grameen Bank of bangladesh 出 处：Journal of International Development 作 者：Md. Abul Basher 译 文：微型贷款的促进作用，证据来自格莱珉乡村银行摘要本文调查就微观贷款中收录的增加归因于是否仅因借款人更多的参与在经济活动，还是改用更多产的活动进行了调查。调查提供了框架分析在缺乏任何纵向数据下的这个问题。对于格莱珉乡村银行的数据的分析表明,孟加拉国微观贷款使借款人再循序渐进成为更具生产力的活动,使他们更具经验。关键词:小额贷款生产力 引言文献指出了两种贡献的微观金融在发展中国家。第一个做贡献的方法包括增加收入的杂志,2002;Alamgir参加者(1998),Khandker Pittand杂志,2002;Khandkar Basher,2001),第二等不同方面贡献福利,授权、动机、态度的改变程序中,2003;Hashemietal.参加者(1998),Aminetal. Basher,2007)。通常,农村贫困人口的参与低风险的、低生产性活动.微观金融可以增加收入的参与者可以提高这些活动或通过移动的参与者带入最高生产活动。扩展的低生产性活动可以看成是“宣传”(Dere zand森microfinanc,1991)的作用。本文认为参与家庭的微观贷款计划是来自一段时间的促销活动的保护, 分析探讨受欧拉方程激发调整了在当前和今后一个时期“消费之间的边际收入。这个主意就是更有经验的参与者更有能力达成对微型贷款项目目标，即转换成高生产活动的能力,它可以通过追踪目前参与者的的消费贷款的百分比来进行。首先,本文对现有文献中的小额贷款的贡献,显示其收入推动作用的扩张是现存的效率较低的生产活动转化成的参与者成效高工作。第二,本文同样进行了方法论中关于微观金融的文献的贡献。这也显示出目前消费与贷款比例被用来评估参与者从低生产到高生产性活动转化不需要纵向数据。二、微观金融来自激励活动的保护本文关乎后来的格莱珉银行模型,在那里有许多贷款的贷款规模增加,。这创造了潜在的参与者的从保护到促销活动的转变的可能性。有很多原因造成这种转换代替一定数量的贷款增加。(1) 风险态度的改变:格莱珉银行已经建立了种机制来诱导参与者的储蓄。参加者被要求存储5%的贷款作为“群体基金”。他们可以利用这些群体资金来减轻各种各样的财务危机大量的团体基金增加了贷款的数量。通过这些团体基金可以为这些组参与者从保护切换到促销活动。通过贷获取款团体基金增强了减轻金融损失的能力可以从表一看出。(2)资产的积累：家庭可以在一段时间内从MFIs中获取贷款累积不同类型的非金融资产。数据应用于该研究也发现表明孟加拉乡村银行参与者通过一段时间积累了土地。 (3)社会资本的形成：社会资本概念是指社会组织的特征,例如网络、规范、信任以促进相互协调对等的合作(普特南、1993;Nahapiet和Ghoshal,1998).文献指出了两种类型的社会资本;一种是在微观的水平和另一种宏观水平。研究微观特征、社会资本封装社团,例如,网络的个人或家庭,和相关规范、信任和价值。从宏观水平、社会资本包括的社会政治环境、政治制度、法治、法制、公