Measuring the Equilibrium Impacts of Credit: Evidence from the Indian Microfinance Crisis

Emily Breza, Cynthia Kinnan

NBER Working Paper No. 24329
Issued in February 2018, Revised in January 2021

---- Acknowledgments ----

We thank Patricia Anghel, Ozgur Bozcaga, Connie Dang, Paul Friedrich, Sumit Gupta, Sang Kim, Taylor Lewis, Cecilia Peluffo, Venkatesh Ramamoorthy, Osman Siddiqi, Gabriel Tourek, and especially Bruno Barsanetti for excellent research assistance. All mistakes are are own. We thank Abhijit Banerjee, Paco Buera, Clement Imbert, Seema Jayachandran, Dean Karlan, Asim Khwaja, Marti Mestieri, Rohini Pande, and Eric Verhoogen for their helpful contributions. We also thank the Microfinance Institutions Network (MFIN) for coordinating the collection of the data and Parul Agarwal and the Centre for Microfinance (CMF) for their help in researching the AP crisis. Anthony D’Agostino generously shared the RBI data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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