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首页> 外文期刊>Quantitative marketing and economics >Risk transfer versus cost reduction on two-sided microfinance platforms
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Risk transfer versus cost reduction on two-sided microfinance platforms

机译：双面小额信贷平台上的风险转移与成本降低

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摘要

Microfinance can be an important tool for fighting global poverty by increasing access to loans and possibly lowering interest rates through microlending. However, the dominant mechanism used by online microfinance platforms, in which intermediaries administer loans, has profound implications for borrowers. Using an analytical model of microlending with intermediaries who disburse and service loans, we demonstrate that profit-maximizing intermediaries have an incentive to increase interest rates because much of the default risk is transferred to lenders. Borrower and lender interest rate elasticities can serve as disciplining mechanisms to mitigate this interest rate increase. Using data from Kiva.org, we find that interest rates do not affect lender decisions, which removes one of these disciplining mechanisms. Interest rates are high, around 38% on Kiva. In contrast, on an alternative microfinance platform that does not use intermediaries, Zidisha, interest rates are only around 10%, highlighting the dramatic impact of intermediaries on interest rates. We propose an alternative loan payback mechanism that still allows microfinance platforms to use intermediaries, while removing the incentive to increase interest rates due to the transfer of risk to lenders.
机译：通过增加获得贷款的机会并可能通过小额贷款降低利率，小额信贷可以成为抗击全球贫困的重要工具。但是，由中介机构管理贷款的在线小额信贷平台使用的主导机制对借款人具有深远的影响。使用与支付和服务贷款的中介机构之间的小额贷款分析模型，我们证明了利润最大化的中介机构可以提高利率，因为很多违约风险都转移给了贷方。借款人和贷方的利率弹性可以作为减轻这种利率上升的约束机制。使用Kiva.org的数据，我们发现利率不会影响贷款人的决定，从而消除了这些约束机制之一。利率很高，Kiva的利率约为38％。相反，在另一个不使用中介机构的小额信贷平台Zidisha上，利率仅为10％左右，突显了中介机构对利率的巨大影响。我们提出了一种替代性的贷款偿还机制，该机制仍然允许小额信贷平台使用中介机构，同时消除了由于将风险转移给贷方而提高利率的动机。

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