小额贷款能消除贫困？

Small loans, somewhere in the neighborhood of $100 to $500 dollars, are an increasingly popular weapon in the fight to reduce poverty. Called microcredit, institutions dole¹ out（少量发放） these monetary² advances to help extremely poor people engage in successful entrepreneurship and improve their quality of life. While proponents³（支持者） extol⁴ its virtues⁵, researchers look for evidence; they want to know if it works. Does it really increase financial development and help individuals make solid monetary decisions as its supporters claim?

"Microfinance works," said Dean Karlan, economics professor at Yale University. "But it isn't the Hollywood ending that we've been sold."

Karlan, coauthor of a recent book More Than Good Intentions that also discusses research on this topic, and Jonathan Zinman, an economics professor at Dartmouth College in Hanover, N.H., recently published the results of a 22 month study that examined how individuals make economic decisions over time and whether micro-lending policies aid economic development.

"Proponents argue microcredit mitigates⁶（减轻，缓和） market failures, spurs microenterprise growth and boosts borrowers' well-being⁷," the researchers write in a report, which appears in the June 10 issue of Science. The National Science Foundation's Division of Social and Economic Sciences funds the work.

The researchers found "microloans increase ability to cope with risk, strengthen community ties and increase access to informal credit." But they also found the subjective⁸ well-being of loan awardees slightly declined. In addition, they found awardees reduced their overall number of business activities and those in the study did not increase investment in their businesses.

"Enterprise growth is the canonical⁹（依教规的，权威的） story that the microcredit industry promotes," said Karlan about the amount of financial investment. "This isn't to say that microcredit never produces such an impact. But it should not be seen as the singular story. We need to know more about how people actually use their loans, and we should not be judgmental if the answer is not always for investment in enterprise."

"Traditional" microlenders target women who operate small-scale businesses and use group lending mechanisms¹⁰. But the expansion of microlending means it often ends up looking more like traditional retail¹¹ or small business lending that has the same impact on women and men.

Optimism, calmness, worry and job satisfaction was about the same for both men and women in the study. "We do not find any evidence that treatment effects are more pronounced for female borrowers," the researchers write.