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Effects of credit and labor constraints on microenterprises and the unintended impact of changes in household endowments: Use of threshold estimation to detect heterogeneity

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  • Lahiri, Bidisha
  • Daramola, Richard

Abstract

Household labor and household credit are strong proxies for constraints faced by household operated microenterprises. Threshold estimation uncovers heterogeneity of these household factor-endowment effects in determining the existence of rural households’ microenterprise initiatives. Our paper finds that for low-income households, the labor constraints are weaker and the capital constraints are stronger compared to the relatively wealthier households. We also examine a comparative static effect of tighter labor constraints and simultaneous relaxed financial constraints using a natural experiment of a government workfare program. The results indicate that every additional day spent by a household in the workfare program significantly reduced the probability of the household to engage in microenterprise. However, the microenterprises for the poorer households experienced a smaller negative effect as predicted, based on higher prevalence of disguised unemployment and stronger benefits of additional credit for the low-income households. Alternate estimation techniques and robustness checks support the results.

Suggested Citation

  • Lahiri, Bidisha & Daramola, Richard, 2023. "Effects of credit and labor constraints on microenterprises and the unintended impact of changes in household endowments: Use of threshold estimation to detect heterogeneity," The Quarterly Review of Economics and Finance, Elsevier, vol. 88(C), pages 21-38.
    • Handle: RePEc:eee:quaeco:v:88:y:2023:i:c:p:21-38
    DOI: 10.1016/j.qref.2022.12.008
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    More about this item

    Keywords

    Credit and labor constraints; Microenterprise development; Workfare program; Household heterogeneity; Threshold estimation;
    All these keywords.

    JEL classification:

    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • J48 - Labor and Demographic Economics - - Particular Labor Markets - - - Particular Labor Markets; Public Policy
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D10 - Microeconomics - - Household Behavior - - - General

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