Group versus individual liability: Short and long term evidence from Philippine microcredit lending groups
Group liability in microcredit purports to improve repayment rates through peer screening, monitoring, and enforcement. However, it may create excessive pressure, and discourage reliable clients from borrowing. Two randomized trials tested the overall effect, as well as specific mechanisms. The firs...
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| Published in | Journal of development economics Vol. 107; pp. 65 - 83 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Amsterdam
Elsevier B.V
01.03.2014
Elsevier Sequoia S.A |
| Subjects | |
| Online Access | Get full text |
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| Abstract | Group liability in microcredit purports to improve repayment rates through peer screening, monitoring, and enforcement. However, it may create excessive pressure, and discourage reliable clients from borrowing. Two randomized trials tested the overall effect, as well as specific mechanisms. The first removed group liability from pre-existing groups and the second randomly assigned villages to either group or individual liability loans. In both, groups still held weekly meetings. We find no increase in short-run or long-run default and larger groups after three years in pre-existing areas, and no change in default but fewer groups created after two years in the expansion areas. |
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| AbstractList | Group liability in microcredit purports to improve repayment rates through peer screening, monitoring, and enforcement. However, it may create excessive pressure, and discourage reliable clients from borrowing. Two randomized trials tested the overall effect, as well as specific mechanisms. The first removed group liability from pre-existing groups and the second randomly assigned villages to either group or individual liability loans. In both, groups still held weekly meetings. We find no increase in short-run or long-run default and larger groups after three years in pre-existing areas, and no change in default but fewer groups created after two years in the expansion areas. Group liability in microcredit purports to improve repayment rates through peer screening, monitoring, and enforcement. However, it may create excessive pressure, and discourage reliable clients from borrowing. Two randomized trials tested the overall effect, as well as specific mechanisms. The first removed group liability from pre-existing groups and the second randomly assigned villages to either group or individual liability loans. In both, groups still held weekly meetings. We find no increase in short-run or long-run default and larger groups after three years in pre-existing areas, and no change in default but fewer groups created after two years in the expansion areas. [PUBLICATION ABSTRACT] Group liability in microcredit purports to improve repayment rates through peer screening, monitoring, and enforcement. However, it may create excessive pressure, and discourage reliable clients from borrowing. Two randomized trials tested the overall effect, as well as specific mechanisms. The first removed group liability from pre-existing groups and the second randomly assigned villages to either group or individual liability loans. In both, groups still held weekly meetings. We find no increase in short-run or long-run default and larger groups after three years in pre-existing areas, and no change in default but fewer groups created after two years in the expansion areas. [PUBLICATION ABSTRACT] All rights reserved, Elsevier |
| Author | Karlan, Dean S. Giné, Xavier |
| Author_xml | – sequence: 1 givenname: Xavier orcidid: 0000-0001-6628-9108 surname: Giné fullname: Giné, Xavier email: xgine@worldbank.org organization: World Bank, USA – sequence: 2 givenname: Dean S. surname: Karlan fullname: Karlan, Dean S. email: dean.karlan@yale.edu organization: Yale University, USA |
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| Keywords | G21 Group lending Group liability Social capital Access to finance O12 Joint liability O17 O16 Microfinance Micro-enterprises Informal economies C93 D91 D71 D82 |
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| SubjectTerms | Access to finance Borrowing Default Development economics Economic analysis Financial services Group lending Group liability Informal economies Joint liability Lending institutions Liabilities Liability Loans Micro-enterprises Microfinance Philippines Repayments Social capital Studies |
| Title | Group versus individual liability: Short and long term evidence from Philippine microcredit lending groups |
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