The nexus between microcredit nominal interest rates and inflation in sub-Saharan Africa: evidence from panel vector autoregression analysis

Q4 Social Sciences

Enterprise Development and Microfinance Pub Date : 2017-12-01 DOI:10.3362/1755-1986.00038

Sydney Chikalipah

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引用次数: 5

Abstract

This paper investigates the dynamic effect of microcredit nominal interest rates and inflation, using a panel data of 315 microfinance institutions from 34 sub-Saharan African (SSA) countries over the period 2003 to 2011. To do so, we employ a panel vector autoregression (PVAR) model using efficient generalized method of moments (GMM) estimation as proposed by Blundell and Bond (1998). Apart from the full sample estimation, we further group our countries into three different income groups. Overall, the full sample estimation suggests that there is a negative relationship between inflation and microcredit nominal interest rates. The causality runs from inflation to microcredit nominal interest rates, whereas the reverse does not hold. Furthermore, the forecast error variances after 10 years have very low explanatory power for both microcredit nominal interest rates and inflation. Far more importantly, the significance of our study findings supports the Fisher effect (Fisher, 1930) and that microfinance len...

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撒哈拉以南非洲小额信贷名义利率与通货膨胀之间的关系：来自面板向量自回归分析的证据

本文利用2003年至2011年撒哈拉以南非洲34个国家315家小额信贷机构的面板数据，研究了小额信贷名义利率和通货膨胀的动态影响。为此，我们采用了一个面板向量自回归(PVAR)模型，该模型使用了由Blundell和Bond(1998)提出的有效广义矩量(GMM)估计方法。除了全样本估计，我们进一步将我们的国家分为三个不同的收入群体。总体而言，全样本估计表明，通货膨胀和小额信贷名义利率之间存在负相关关系。因果关系从通货膨胀到小额信贷名义利率，反之则不成立。此外，10年后的预测误差方差对小额信贷名义利率和通货膨胀的解释能力都很低。更重要的是，我们的研究结果的意义支持了Fisher效应(Fisher, 1930)，小额信贷可以…

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来源期刊

Enterprise Development and Microfinance Social Sciences-Development

CiteScore

0.60

自引率

0.00%

发文量

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