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Microfinance and Home Improvement: Using Retrospective Panel Data to Measure Program Effects on Fundamental Events

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  • McIntosh, Craig
  • Villaran, Gonzalo
  • Wydick, Bruce
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    Abstract

    Summary Rigorously estimating the effects of development programs is notoriously difficult. We present a methodology that borrows from "event studies" commonly used in the finance literature. In our RETRAFECT methodology, a retrospective panel dataset is created based on "fundamental" events in the history of surveyed households, events that are discrete, unforgettable, and important to welfare. We apply this methodology to examine home improvements among 1,672 households in Guatemala, India, and Ghana. Using village and country/year-level fixed effects, we find the probability of a major housing improvement increases from 0.038 to 0.070 in the years subsequent to a first microfinance loan.

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    Bibliographic Info

    Article provided by Elsevier in its journal World Development.

    Volume (Year): 39 (2011)
    Issue (Month): 6 (June)
    Pages: 922-937

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    Handle: RePEc:eee:wdevel:v:39:y:2011:i:6:p:922-937

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    Web page: http://www.elsevier.com/locate/worlddev

    Related research

    Keywords: microfinance event studies program evaluation RETRAFECT;

    References

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    1. Chamberlain, Gary, 1980. "Analysis of Covariance with Qualitative Data," Review of Economic Studies, Wiley Blackwell, vol. 47(1), pages 225-38, January.
    2. Coleman, Brett E., 1999. "The impact of group lending in Northeast Thailand," Journal of Development Economics, Elsevier, vol. 60(1), pages 105-141, October.
    3. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
    4. Mark M. Pitt & Shahidur R. Khandker, 1998. "The Impact of Group-Based Credit Programs on Poor Households in Bangladesh: Does the Gender of Participants Matter?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 958-996, October.
    5. Banerjee, Abhijit & Duflo, Esther, 2004. "Do Firms Want to Borrow More? Testing Credit Constraints Using a Directed Lending Program," CEPR Discussion Papers 4681, C.E.P.R. Discussion Papers.
    6. Jonathan Morduch, 1998. "Does Microfinance Really Help the Poor? New Evidence from Flagship Programs in Bangladesh," Working Papers 198, Princeton University, Woodrow Wilson School of Public and International Affairs, Research Program in Development Studies..
    7. Ashenfelter, Orley C, 1978. "Estimating the Effect of Training Programs on Earnings," The Review of Economics and Statistics, MIT Press, vol. 60(1), pages 47-57, February.
    8. Wydick, Bruce, 1999. "The Effect of Microenterprise Lending on Child Schooling in Guatemala," Economic Development and Cultural Change, University of Chicago Press, vol. 47(4), pages 853-69, July.
    9. Karlan, Dean S. & Zinman, Jonathan, 2009. "Expanding Microenterprise Credit Access: Using Randomized Supply Decisions to Estimate the Impacts in Manila," CEPR Discussion Papers 7396, C.E.P.R. Discussion Papers.
    10. J. Copestake & S. Bhalotra & S. Johnson, 2001. "Assessing the Impact of Microcredit: A Zambian Case Study," Journal of Development Studies, Taylor & Francis Journals, vol. 37(4), pages 81-100.
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    Cited by:
    1. Leonardo Becchetti & Stefano Castriota & Pierluigi Conzo, 2012. "Bank strategies in catastrophe settings: empirical evidence and policy suggestions," CEIS Research Paper 254, Tor Vergata University, CEIS, revised 08 Oct 2012.
    2. Hermes, Niels & Lensink, Robert, 2011. "Microfinance: Its Impact, Outreach, and Sustainability," World Development, Elsevier, vol. 39(6), pages 875-881, June.
    3. Jia, Xiangping & Xiang, Cheng & Huang, Jikun, 2013. "Microfinance, self-employment, and entrepreneurs in less developed areas of rural China," China Economic Review, Elsevier, vol. 27(C), pages 94-103.

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