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首页> 外文期刊>The Review of Economic Studies >The Macroeconomics of Microfinance
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The Macroeconomics of Microfinance

机译：小额信贷的宏观经济学

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What is the aggregate and distributional impact of microfinance? To answer this question, we develop a quantitative macroeconomic framework of entrepreneurship and financial frictions in which microfinance is modelled as guaranteed small-size loans. We discipline and validate our model using recent empirical evaluations of small-scale microfinance programs. We find that the long-run general equilibrium impact is substantially different from the short-run effect. In the short-run partial equilibrium, output and capital increase with microfinance but total factor productivity (TFP) falls. In the long run, when general equilibrium effects are considered, as should be for economy-wide microfinance interventions, scaling up microfinance has only a small impact on per-capita income, because an increase in TFP is offset by lower capital accumulation. However, the vast majority of the population benefits from microfinance directly and indirectly. The welfare gains are larger for the poor and the marginal entrepreneurs, although higher interest rates in general equilibrium tilt the gains toward the rich.
机译：小额信贷的总体和分配影响是什么？为了回答这个问题，我们开发了一个创业和金融摩擦的定量宏观经济框架，其中小额信贷被建模为担保小规模贷款。我们通过最近对小规模小额信贷项目的实证评估来规范和验证我们的模型。我们发现，长期一般均衡影响与短期影响有很大不同。在短期部分均衡中，产出和资本增加与小额信贷有关，但全要素生产率（TFP）下降。从长远来看，当考虑到一般均衡效应时，正如全经济范围内的小额信贷干预应该考虑的那样，扩大小额信贷对人均收入的影响很小，因为全要素生产率的增加被较低的资本积累所抵消。然而，绝大多数人口直接或间接地受益于小额信贷。穷人和边际企业家的福利收益更大，尽管一般均衡中较高的利率会使收益向富人倾斜。

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