TAILIEUCHUNG - Expanding Microenterprise Credit Access: Using Randomized Supply Decisions to Estimate the Impacts in Manila *

Pursuant to the FSF mandate, the questionnaire circulated to member authorities solicited their individual views on potential unintended consequences of their use of credit ratings in LRSPs (ie, the appearance of a “seal of approval”). In preparing their responses to this portion of the questionnaire, member authorities were not expected to conduct any independent research on the issue, but instead simply to convey their broad impressions and preliminary views. As such, the summary of these views in this report should not be construed as a definitive survey of member authorities’ positions; the report expresses the range of viewpoints expressed by. | Expanding Microenterprise Credit Access Using Randomized Supply Decisions to Estimate the Impacts in Manila Dean Karlan Yale University Innovations for Poverty Action . Jameel Poverty Action Lab Financial Access Initiative Jonathan Zinman Dartmouth College Innovations for Poverty Action July 2009 ABSTRACT Microcredit seeks to promote business growth and improve well-being by expanding access to credit. We use a field experiment and follow-up survey to measure impacts of a credit expansion for microentrepreneurs in Manila. The effects are diffuse heterogeneous and surprising. Although there is some evidence that profits increase the mechanism seems to be that businesses shrink by shedding unproductive workers. Overall borrowing households substitute away from labor in both family and outside businesses and into education. We also find substitution away from formal insurance along with increases in access to informal risksharing mechanisms. Our treatment effects are stronger for groups that are not typically targeted by microlenders male and higher-income entrepreneurs. In all our results suggest that microcredit works broadly through risk management and investment at the household level rather than directly through the targeted businesses. dean karlan@ jzinman@. Thanks to Jonathan Bauchet Luke Crowley Dana Duthie Mike Duthie Eula Ganir Kareem Haggag Tomoko Harigaya Junica Soriano Meredith Startz and Rean Zarsuelo for outstanding project management and research assistance. Thanks to Nancy Hite David McKenzie David Roodman and seminar participants at the Center for Global Development for helpful comments. Thanks to Bill and Melinda Gates Foundation and the National Science Foundation for funding. Special thanks to John Owens and his team at the USAID-funded MABS program for help with the project. Any views expressed are those of the authors and do not necessarily represent those of the funders MABS or USAID. Above all we thank the Lender for

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