We research theoretically and empirically the demand for microcredit underneath totally different legal responsibility arrangements and danger environments. A theoretical model shows that the demand for joint-legal responsibility loans can exceed that for particular person-liability loans when danger-averse borrowers value their lengthy-time period relationship with the lender. Joint legal responsibility then affords a way to diversify risk and scale back the possibility of shedding access to future loans. We additionally present that the demand for loans depends negatively on the riskiness of tasks. Utilizing information from a randomised managed trial in Mongolia we find that these model predictions hold true empirically. Specifically, we use innovative data on subjective threat perceptions to point out that anticipated undertaking danger negatively impacts the demand for loans. In line with an insurance function of joint-liability contracts, this impact is muted in villages the place joint-liability loans can be found.
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In America’s four largest cities, at the least half of individuals say they have experienced the loss of a job or a reduction in wages or work hours of their household since the start of the coronavirus outbreak. That is the finding of a new poll published Wednesday by NPR, the Robert Wooden Johnson Basis and the Harvard T.H. Chan School of Public Health.