| Project/Area Number |
17K03805
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Meijo University (2019)
Okayama University (2017-2018) |
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Principal Investigator |
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Keywords | マイクロクレジット / アウトリーチ / ゲーム理論 / エージェンシー問題 / デフォルト・ペナルティ / 金利の費用構造 / 生活再生融資 / 逆選択 / 共謀 / グループ貸付 / モラルハザード / 金融論 / マイクロファイナンス |
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| Outline of Final Research Achievements |
There are widely divergent views on how to estimate the results of poverty alleviation efforts of microfinance. One of these differences stems from opinions regarding the interest rates. High rates proponents tend to emphasize that more lenders will enter the market and more profit-led investors are willing to provide their money to the lenders. On the other hand, opponents of high rates say that reducing “cost” for the poor is a priority, and these costs include interest rates.
The most characteristic aspect of our study is to emphasize the trade-off between “reach” and “cost”; while raising rates increases the reach of credit, the interest cost imposes a heavier burden on the poor. And using a game theory, we revealed the fact that too much raising of interest rates also deteriorates repayment rates. Thus, we reach a conclusion that regulatory authorities should find their optimum (not too low but fair) rates of interest of each country.
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| Academic Significance and Societal Importance of the Research Achievements |
学術的貢献として、従来融資金利について高金利肯定か否定かの二分論しかなかったマイクロファイナンス研究で「低すぎてもいけないし高すぎてもいけない」という新しい適正性という考え方を提示したこと。
社会的意義について、金利について全く規制のない状態、および行きすぎた低金利規制の状態、そのいずれも望ましくないことを政策当局に対して示したこと。
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