“The Source of Flowing Water”:How Targeted Poverty Alleviation Helps China’s Rural Poor Access Credit  

作　　者：Yin Zhichao Guo Peiyao Zhang Linwan 尹志超;郭沛瑶;张琳琬(School of Finance,Capital University of Economics and Business,Beijing,China;School of Economics,Beijing Wuzi University,Beijing,China)

机构地区：[1]School of Finance,Capital University of Economics and Business,Beijing,China [2]School of Economics,Beijing Wuzi University,Beijing,China

出　　处：《China Economist》2021年第4期30-44,共15页中国经济学人（英文版）

基　　金：by the General Project of the National Natural Science Foundation of China(NSFC)(Grant No.71373213);the Key Project of the National Social Science Fund of China(NSSFC)(Grant No.16AZ014);the Major Project of Beijing Social Science Fund(Grant No.15ZDA45);the National Youth Talent Support Program of the Organization Department of the CPC Central Committee;the New Century Talents Program of the Ministry of Education,Beijing Youth Talent Team。

摘　　要：Based on the China Household Finance Survey(CHFS)data of 2011-2017,this paper investigated the effects of China’s targeted poverty alleviation policy on rural credit access and amount using the“difference-in-differences”methodology.This study found that the targeted poverty alleviation policy increased the availability and amount of formal credit to poor households and reduced the proportion and amount of their borrowing through informal channels,and that the effects increased amid the policy’s implementation over time.This paper further found that the policy effects were more significant for China’s western regions,reflecting a positive role of targeted poverty alleviation in coordinating pro-poor finance across regions.Compared with poor counties,poor households from non-poor counties experienced a greater increase in their probability and amount of formal credit access,reflecting China’s approach of reducing regional poverty before targeting more precisely at individual poor households.This paper also uncovered that no significant“elite capture”effect had existed in the allocation of formal agricultural credit under targeted poverty alleviation,but extremely poor households experienced no significant change in their access to formal credit.While the targeted poverty alleviation policy has helped create a sound rural credit market,it should further improve access to formal finance for extremely poor households.

关 键 词：targeted poverty alleviation registered poor households formal credit informal credit difference-in-differences(DID)model 

分 类 号：Q13[生物学—普通生物学] I28[文学—中国文学]