报告题目：Microcredit and Informal Risk Sharing: Experimental Evidence from the Village Banking Program in China

报 告 人：蔡澍（暨南大学经济与社会研究院 长聘副教授）

主 持 人：沙文彪（中山大学岭南学院 助理教授）

时 间：2022年10月21日（周五）下午14:30

地 点：岭南堂汪道涵会议室

语 言：中文+英文

摘要：

This study examines the impacts of a large-scale government-led microcredit program on informal risk sharing among poor households in rural China using a randomized controlled trial. The results show that access to microcredit reduced informal borrowing for an average household in treatment villages. In particular, informal borrowing decreased substantially for program members, regardless of whether or not they had borrowed from the program. Further analyses suggest that the program alleviated households’ dependence on informal borrowing to deal with consumption shocks for program members who did not borrow from the program. Meanwhile, for such households, the crowding-out effect on informal borrowing existed even during the program’s announcement period. These results are consistent with the theoretical prediction that access to microcredit raises the expected utility of autarky relative to that derived from risk-pooling arrangements, and thus reduces implementable risk-sharing contracts.

报告人介绍：

蔡澍，现任暨南大学经济与社会研究院长聘副教授。研究领域包括发展经济学、劳动经济学和应用微观经济学，研究方向为贫困问题、农村金融、人口流动和主观幸福感。相关研究发表于Journal of Development Economics, Journal of Economic Behavior and Organization, Journal of Population Economics, Oxford Economic Papers, China Economic Review等国际知名期刊。主持国家自然科学基金面上项目、青年基金项目、广东省教育厅普通高校创新基金等项目。获得中国经济学优秀博士论文奖，中国留美经济学会邹至庄最佳论文提名奖等奖项。

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