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Debt traps? : Market vendors and moneylender debt in India and the Philippines

Author: Dean S Karlan; Sendhil Mullainathan; Benjamin Roth; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 24272.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
A debt trap occurs when someone takes on a high-interest rate loan and is barely able to pay back the interest, and thus perpetually finds themselves in debt (often by re-financing). Studying such practices is important for understanding financial decision-making of households in dire circumstances, and also for setting appropriate consumer protection policies. We conduct a simple experiment in three sites in which  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Dean S Karlan; Sendhil Mullainathan; Benjamin Roth; National Bureau of Economic Research,
OCLC Number: 1021854037
Notes: "February 2018"
Description: 1 online resource (37 unnumbered pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 24272.
Responsibility: Dean Karlan, Sendhil Mullainathan, Benjamin N. Roth.

Abstract:

A debt trap occurs when someone takes on a high-interest rate loan and is barely able to pay back the interest, and thus perpetually finds themselves in debt (often by re-financing). Studying such practices is important for understanding financial decision-making of households in dire circumstances, and also for setting appropriate consumer protection policies. We conduct a simple experiment in three sites in which we paid off high-interest moneylender debt of individuals. Most borrowers returned to debt within six weeks. One to two years after intervention, treatment individuals were borrowing at the same rate as control households.

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