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本研究利用中国家庭追踪调查数据,构建农户多维贫困的指标,实证分析了收入不平等 与非正规金融对农户多维贫困的影响。研究发现:第一,收入不平等的扩大显著加重了农户多维 贫困状况,采用三阶段联立方程处理内生性后,收入不平等对农户多维贫困的不利影响依然稳健。 第二,非正规金融对农户多维贫困具有显著的缓冲作用,且该效用在降低中等层次的多维贫困更 为显著。第三,非正规金融在收入不平等与农户多维贫困的关系中存在调节效应与中介效应;调 节效应表明,农户非正规金融越多,收入不平等对农户多维贫困的影响越小;中介效应表明,非 正规金融能够弱化收入不平等对农户多维贫困的负向影响。因此,完善非正规金融市场的发展, 不仅缓解日益扩大的收入不平等,而且改善农户多维贫困状况。 相似文献
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基于2011年8月实地调研数据,对农户借贷需求现状、特点和借贷意愿进行分析。结果显示农户借贷途径呈现多元化,但仍以非正规途径借贷为主,尤其偏好亲戚朋友间的友情借贷,正规金融市场农村信用社一家独大,农户从正规金融结构借贷存在无社会关系、无人担保和抵押物等困难。一半以上的借贷农户为了平滑生活消费,主要是子女上学、住房、婚嫁丧娶和看病就医。农户资金需求巨大且分层现象明显,农户间借贷额度差异较大。非正规金融市场融资规模巨大,是正规金融市场的2倍左右,目前无高利贷现象,但其间蕴含风险巨大。 相似文献
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隐性约束与非正规金融市场融资——基于借款人选择的解释 总被引:2,自引:0,他引:2
与正规金融市场相比,非正规金融市场不仅资金价格高,而且不能保证时间和数量上的充足供给.现实中,正规金融体系之外始终存在着非正规金融市场.通过对比非正规金融与正规金融融资方式,发现正规金融固有的"隐性约束",将借款人克服"隐性约束"成本作为变量引入三方均衡,发现正规金融"隐性约束"对借款人具有挤出效应.通过实地调研问卷和运用Logit模型,从借款人自身条件出发,解释借款人是否愿意克服"隐性约束"以及在正规金融市场和非正规金融市场间如何进行选择. 相似文献
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农村金融市场借贷双向信息不对称导致的"使命漂移"及衍生的锚定效应,使贫困农户长期遭遇正规部门的金融排斥。基于社会公平考虑,政府可通过信息公共服务的"扶持之手"来弥补信贷市场失灵,使贫困农户得以跨越"门槛效应"而参与金融市场,促进金融普惠。使用农户问卷数据进行的实证研究结果表明:在"银行(贷)→农户(借)"层面,基于信息不对称的公共服务能降低信息门槛,使金融产品更好地服务于贫困农户;在"农户(借)→银行(贷)"层面,基于自我认知的公共信息服务,有利于诱导农户参与正规金融市场。综合效果是:公共金融服务可以降低财富(收入)水平的门槛要求、纠偏使命漂移,从而使金融产品能更好地瞄准于贫困农户而不是被误置于富裕农户。 相似文献
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通过分析新疆农村入户调查的微观数据,根据McFadden’s随机效用最大化模型和美国经济学家(Mayer)的啄食顺序理论(the pecking oder theory),对新型小农户家庭融资次序偏好的决定因素进行实证检验。结果表明,小农户对正规金融渠道的融资需求较大,亲友贷款和其他民间渠道贷款需求相对薄弱。户主技能水平、储蓄存款以及家庭经济决策十分显著地影响农户的融资偏好顺序,农户非农收入、户主年龄和家庭收入对农户融资偏好具有较为显著的影响,以往借贷经历对农户融资渠道次序选择具有一定的影响。新疆新型小农户实际融资路径遵循正规金融渠道、亲戚朋友等非正规渠道、自我积累的"倒啄食顺序"的偏好。基于经验研究,提出了金融改革政策需要考虑不同地区不同类型农户融资需求和渠道选择的差异性特征。 相似文献
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Our paper examines how credit markets operate through wealth to influence households’ entrepreneurial choices. Our results show that policy-led bank branch withdrawal in rural China has a significant negative impact on credit availability to rural households, though unexpectedly the effect is felt more strongly in informal than formal credit markets. Furthermore, we observe that self-employment is impeded by reductions in wealth associated with credit contraction. Policies which provide more and better formal financial services to rural households are predicted to increase the flow of credit, through both formal and informal channels, thereby supporting accumulation, diversification, and economic growth. 相似文献
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Saifullahi Sani Ibrahim Huseyin Ozdeser Behiye Cavusoglu 《Development Southern Africa》2019,36(3):390-407
While the importance of financial inclusion as a means of poverty and income inequality reduction has long been recognised, the paths to welfare enhancement and income equality through financial inclusion remain partially acknowledged. Using micro-level data on 1 750 rural Nigerian households, this study examines the finance-welfare nexus by constructing a multi-variable financial inclusion index. The results first show that financial inclusion exerts a strong positive influence on household welfare. However, the decomposition analysis shows that middle- and high-income households gain more from financial inclusion in comparison to the targeted low-income households. Second, informal livelihood strategies, such as environmental resource extraction, crops, and livestock production, revealed reduced welfare disparities across income distributions. Therefore, for financial inclusion to alleviate welfare inequality and ensure income convergence, rural financial markets must be redesigned to allow wider access to credit, specifically for low-income and vulnerable households. 相似文献
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By examining the relationship between consumption, financial wealth and labor income in Korea, this paper presents three key findings. First, we find evidence that Korean households hold a larger proportion of their wealth in human capital instead of financial wealth, compared to households in other countries. Potentially, this finding appears consistent with Koreans’ enthusiasm for human development through education despite low government funding. Another important finding is that only financial wealth fluctuations contain a large portion of temporary components. Hence, financial wealth is mainly responsible for adjustments to restore the long-run relationship between consumption, financial wealth and labor income during the examined period. Third, and perhaps most interestingly, this paper finds that before the 1997 Asian financial crisis, households in Korea had difficulty smoothing their consumption over time. This finding may be at least partly attributable to households’ limited access to bank loans and their low level of financial wealth accumulation prior to the crisis. In contrast, we find little evidence that households’ consumption behavior has changed during the recent global financial crisis. 相似文献
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Virginie Vial 《Bulletin of Indonesian Economic Studies》2011,47(2):233-262
The contribution of micro-entrepreneurship to development has featured prominently in recent economic and policy debates. Using panel data from the Indonesia Family Life Survey over a long period (1993–2007) marked by an important economic crisis in 1997, this paper investigates the impact of financial, human and social capital on households’ participation in micro-entrepreneurship, while accounting for corruption as well as institutional and infrastructure quality. Larger urban households that have greater financial and social capital, and/or whose members have an elementary or secondary education, are more likely to participate. Corruption at the local parliament and local government levels reduces the number of participants, while higher-quality formal institutions and infrastructure boost entrepreneurship. The period is marked by a rise in participation in 2000, but communities that experienced a loss in well-being due to the crisis were less likely to participate in micro-entrepreneurship. 相似文献
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The poor are often excluded from formal credit markets, but few empirical studies in literature have investigated whether the poor are constrained in the informal credit market. This paper uses recent micro data of rural China to answer this question. An instrumental variable model is estimated to account for potential endogeneity issues. Results show that poorer households have lower probability of entering the informal credit market. Further examination shows that the poor are limited by social network and that they have no financial means to invest in their social capital to expand their social network. Our findings shed light on potential solutions of reducing poverty in rural areas. 相似文献
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Alan R Roe 《World development》1982,10(3):211-222
The paper is concerned with the general proposition that ‘high’ interest rates paid to savers can contribute significantly to the long run development of LDCs, as well as to stabilization of their economies in the short run. By relating this general proposition to some simple theory about the behaviour of imperfect financial markets, as well as to specific institutional circumstances in Sri Lanka, it is demonstrated that there are important qualifications that have to be borne in mind. In particular, in the current institutional circumstances of Sri Lanka (which are closely replicated in other LDCs), the instinctive argument of the neoclassical economist that interest rates should reflect the scarcity price of capital is not a great deal of help to policy-makers. 相似文献
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Liming Zhou Jinmin Wang Jinghua Ou 《Journal of Chinese Economic and Business Studies》2016,14(2):151-164
In most countries, pawnbroking is an intermediate financial instrument to help private households or individuals meet their short-term and urgent consumption needs. In China, due to market imperfection and institutional discrimination against the small- and medium-sized enterprises (SMEs) by commercial banks and other formal financial institutions, pawnbroking has been used as a supplementary financing source for SMEs and private entrepreneurs when they cannot get access to bank credits or other financial sources such as usury (underground money shops). This paper uses first-hand survey data in 2009 in Zhejiang Province, China’s pioneering region for pawn business, and secondary data for the whole country during 2004–12, to understand the special characteristics of the pawnbroking industry and explain why it has become a viable and useful financing instrument in China. It also explains the puzzle of a serious setback and widespread losses in the industry during the world financial crisis. A corporate financing model of SMEs is developed to explain the substitution relationship between formal bank credits and pawnbroking. It suggests that the stimulus plan implemented by the central government of China during the global financial crisis reduced the borrowing cost and lowered the access barrier of bank credits to SMEs, leading to a temporary setback of an otherwise rapidly growing pawnbroking business in 2008 and 2009. However, as quantitative easing is gradually phased out after the global financial crisis, pawnbroking activities recover rapidly, implying that the industry will continue to play an important role in China’s economic development given its current financial system which is still unfriendly to the SME sector. 相似文献
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Gabe J. De Bondt 《De Economist》1998,146(2):271-301
The article provides a survey of one of the most important elements of financial structure, namely credit to firms and households, by means of five distinguished theoretical issues. It is complemented by a survey of relevant stylized facts for six European countries. A cross-country comparison across Europe shows that indirect credit markets with banks as the main players are far more important than direct credit markets, and that the most striking difference in financial structure among the countries considered relates to debt maturity. 相似文献
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The recent prolonged period of low economic growth and low interest rates in Japan demands that Japanese households invest in risky assets to accumulate sufficient retirement savings. In so doing, they acquire financial knowledge on these risky assets, typically from financial experts or salespersons in financial institutions. However, they may not necessarily be content with their current sources of financial knowledge because depending on their stage in the life cycle, they require different types of financial knowledge, usually from a variety of sources. Unfortunately, because of limitations in the data available, few studies have investigated whether the actual and intended sources of financial knowledge are the same. To address this research gap, this paper uses a Japanese household survey from 2010 to 2017, which provides unique information on the actual and intended sources of financial knowledge, and obtains two interesting results. First, a household’s actual sources of financial knowledge typically differ from its intended sources. More specifically, 33 % of households choosing financial institutions and experts and 52 % of households choosing financial institutions as their actual sources have a different intended source. Second, the discrepancy between actual and intended sources appears to relate to household demographic characteristics. Among those households choosing financial institutions and experts as their actual source of financial knowledge, 14 % choosing financial institutions as their intended source tend to have a lower level of financial knowledge and educational attainment. These results suggest that they have some difficulty understanding the advice of financial advisers. Among households choosing financial institutions as their actual source of financial knowledge, 26 % choosing financial institutions and experts as their intended source tend to have a larger amount of financial assets, better financial knowledge, and a preference for investing in risky assets; however, they also tend to be younger. This suggests they might want to obtain financial knowledge from financial experts to purchase risky financial assets as they age. While the study does not provide any causal evidence, the results suggest that understanding the reasons for any discrepancy in the actual and intended sources of financial knowledge may help financial institutions provide better services to these customers. 相似文献