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The impact of micro-credit interventions on existing credit markets is theoretically ambiguous. Previous empirical work suggests the entry of a joint-liability lender may lead to a positive impact on the informal lending rate. This paper presents the first randomized controlled trial-based evidence on this question. Households in rural Bihar, India, were offered low-cost credit through a government-led self-help group program, the rollout of which was randomized at the panchayat level. The intervention led to a dramatic 14.5 percent decline in the use of informal credit, as households substituted to lower-cost self-help group loans. Due to the program, the average rate paid on recent loans fell from 69 to 58 percent per year overall. Rates on informal loans also declined slightly. Among landless households, informal lending rates fell from 65.5 to 63.2 percent, decreasing by 40 percent the gap in rates paid by landless versus landowning households. Two years after the initiation of the program, significant positive impacts on asset ownership among landless households were apparent. Impacts on various indicators of women's empowerment were mixed, and showed no clear direction when aggregated, nor was there any impact on consumption expenditures.

Micro-Credit --- Rural Credit Markets --- Self-Help Groups

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La concurrence est aujourd'hui au premier plan des régulations étatiques nationales ou européennes. Mais elle fait de nouveau l'objet d'un vif débat, en France comme ailleurs : les politiques, les institutions et le droit qui la soutiennent doivent-ils avoir comme objectif exclusif le bien-être des consommatrices et consommateurs ? ou bien ont-ils à limiter les conséquences économiques et sociétales du pouvoir de marché des firmes privées comme publiques et des réseaux sur lesquelles elles s'appuient ? quelle part faire aux libertés fondamentales, aux besoins d'alimentation, de logement et d'énergie, aux enjeux de santé ou de lutte contre le changement climatique, à la souveraineté des nations et de l'Europe ? Les réponses à ces questions passent par la prise en compte de l'histoire des règles qui ont été formulées, des institutions chargées de les faire respecter, des conflits et des crises qu'elles ont suscités, des grandes mutations qui ont modifié l'espace des échanges, des transformations des doctrines applicables, des réformes qui ont réussi ou échoué, mais aussi des initiatives locales, ou des acteurs cachés ou clandestins qui contournent les règles comme des forces qui viennent rompre les consensus établis. Les historiens, sociologues et juristes réunis dans ce livre présentent une histoire des origines, des controverses et des limites de différentes politiques françaises de concurrence du Moyen Âge au xxie siècle. L'objectif est d'aller au-delà des apparences, de cerner les efforts de connaissance et de qualification des produits et des services, d'évaluer les contradictions entre liberté et égalité, entre pénurie et profusion, entre laisser-faire et dirigisme, entre micro-crédit et grands financements, d'expliquer la multiplicité des pratiques anticoncurrentielles en même temps que les implications successives de l'insertion internationale de la France.

Social Sciences --- Humanities --- Economics --- Economic history. --- Antitrust law. --- History --- France --- competition --- economic history --- markets --- regulation --- economy --- micro-credit --- trade --- anti-competitive practices --- Economic theory --- Political economy --- Social sciences --- Economic man --- Anti-trust law --- Competition --- Competition law --- Trusts, Industrial --- Commercial law --- Trade regulation --- Economic conditions --- History, Economic --- Law and legislation --- Law --- Economic policy

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Despite their potential importance and ease of modification, impacts of monitoring and loan recovery arrangements on micro-credit groups' repayment performance have rarely been studied. Data on 3,350 expired group loans in 300 Indian villages highlight that regular monitoring and audits, high repayment frequency, consumption smoothing support through rice credit, and having group savings deposited with the lender all significantly increase repayment rates. Estimated magnitudes of their effects vastly exceed those of members' socio-economic characteristics. Significantly lower repayment on loans originating in externally provided grant resources suggests that stringent monitoring will be essential for these to have a sustainable impact.

Bankruptcy and Resolution of Financial Distress --- Commercial banks --- Consumption smoothing --- Credit groups --- Debt Markets --- Deposit --- Finance and Financial Sector Development --- Group loans --- Group savings --- Insurance --- International bank --- Lender --- Loan --- Loan recovery --- Micro-credit --- Micro-finance --- Microcredit --- Moral hazard --- Poor borrowers --- Repayment --- Repayment performance --- Repayment rates --- Trust fund

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Growing research and policy interest focuses on the misallocation of output and factors of production in developing economies. This paper considers the possible misallocation of financial loans. Using plant-level data on the organized and unorganized sectors, the paper describes the temporal, geographic, and industry distributions of financial loans. The focus of the analysis is the hypothesis that land misallocation might be an important determinant of financial misallocation (for example, because of the role of land as collateral against loans). Using district-industry variations, the analysis finds evidence to support this hypothesis, although it does not find a total reduction in the intensity of financial loans or those being given to new entrants. The analysis also considers differences by gender of business owners and workers in firms. Although potential early gaps for businesses with substantial female employment have disappeared in the organized sector, a sizeable and persistent gap remains in the unorganized sector.

Access to banking --- Access to credit --- Access to external finance --- Access to finance --- Access to financial services --- Access to formal credit --- Access to formal finance --- Access to loans --- Asymmetric information --- Bank branches --- Bank credit --- Bank financing --- Bank loan --- Bank loans --- Banking --- Banking services --- Banks --- Banks and banking reform --- Biases --- Borrower --- Borrowers --- Borrowing --- Business owners --- Business plans --- Capital --- Co-operative banks --- Collateral --- Collateral requirements --- Collateral support --- Commercial banks --- Cost of capital --- Credit --- Credit bureaus --- Credit information --- Credit market --- Credit markets --- Credit policy --- Credit registries --- Credit risk --- Credit support --- Credit-worthiness --- Creditworthiness --- Debt collectors --- Debt markets --- Directed credit --- Disparities in access --- Econometrics --- Economic activity --- Economic growth --- Economic policy --- Economics --- Employment --- Enterprise --- Enterprise development --- Entrepreneur --- Entrepreneurs --- Entrepreneurship --- Equity --- Exclusion --- External finance --- External financing --- Finance and financial sector development --- Financial access --- Financial deepening --- Financial depth --- Financial development --- Financial institutions --- Financial integration --- Financial markets --- Financial sector --- Financial sector development --- Financial services --- Financial strength --- Financing --- Fixed assets --- Formal credit --- Formal finance --- Gender --- Gender inequality --- Government policy --- Governments --- Guarantee --- Households --- Housing --- Human capital --- Inequality --- Information sharing --- Infrastructure --- Intangible assets --- Interest expense --- Interest payment --- Interest rate --- Investment --- Issue of access --- Job creation --- Labor --- Labor market --- Labor markets --- Lack of collateral --- Land markets --- Lenders --- Lending --- Liberalization --- Loan --- Loan access --- Loan demand --- Loans --- Macroeconomics --- Marginal revenue --- Market value --- Markets --- Micro enterprises --- Micro-credit --- Micro-enterprises --- Micro-entrepreneurs --- Micro-finance --- Micro-finance institutions --- Microfinance --- Monetary policy --- Money lenders --- Net value --- Outreach --- Outstanding loan --- Outstanding loans --- Overdraft --- Personal assets --- Private enterprise --- Private enterprises --- Profitability --- Property --- Real estate --- Repossession --- Reserve bank of india --- Resource allocation --- Revenue --- Risk --- Risk perception --- Rural bank --- Rural bank branches --- Services --- Sizes of loan --- Small business --- Small business owners --- Small businesses --- Strategies --- Tangible assets --- Taxes --- Trade credit --- Trade credits --- Transport --- Union --- Urban areas --- Value --- Villages --- Water & industry --- Water resources --- Water supply --- Working capital