Impact of formal credit on the living standards of poor households in mountainous northern Vietnam
Poor households, especially ethnic minorities in mountainous areas typically face financial constraints. Access to formal credit sources, especially microfinance institutions (MFIs), can help reduce the constraints to investing in income-generating activities and/or smoothing consumption. Using cross-sectional data from a survey of poor households, this article aims at 1) examining the poor’s access to formal credit (probit and tobit models), and 2) evaluating the impact of formal credit on the poor’s living standards (propensity score matching). The estimated results show that access to formal credit and/or the amount granted were affected by age, education level, household size, labour-force ratio, main job, non-productive assets, and residential land. In terms of impact, borrowers were found to have significantly higher revenue from self-employment activities and to have significantly greater expenditures on non-food necessities and productive assets than non-borrowers. Hence, access to MFIs for microloans is an important tool for the ethnic minority poor in remote areas in poverty reduction programmes.Barslund, M. and Tarp, F. (2008) ‘Formal and informal rural credit in four provinces of Vietnam’, The Journal of Development Studies 44(4): 485–503 <http://dx.doi.org/10.1080/00220380801980798>.
Becker, S.O. and Ichino, A. (2002) ‘Estimation of average treatment effects based on propensity scores’, The Stata Journal 2(4): 358–77 <http://dx.doi.org/10.1177/1536867X0200200403>.
Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: a Zambian case study’, Journal of Development Studies 37(4): 81–100 <http://dx.doi.org/10.1080/00220380412331322051>.
Duong, P.B. and Izumida, Y. (2002) ‘Rural development finance in Vietnam: a microeconometric analysis of household surveys’, World Development 30(2): 319–35 <http://dx.doi.org/10.1016/S0305-750X(01)00112-7>.
Duong, P.B. and Thanh, P.T. (2014) ‘Impact evaluation of microcredit on welfare of the Vietnamese rural households’, Asian Social Science 11(2): 190 <https://doi.org/10.5539/ass.v11n2p190>.
Feder, G. (1980) ‘Farm size, risk aversion and the adoption of new technology under uncertainty’, Oxford Economic Papers 32(2): 263–83 <http://dx.doi.org/10.1093/oxfordjournals.oep.a041479>.
Ganle, J.K., Afriyie, K. and Segbefia, A.Y. (2015) ‘Microcredit: empowerment and disempowerment of rural women in Ghana’, World Development 66: 335–45 <http://dx.doi.org/10.1016/j.worlddev.2014.08.027>.
General Statistics Office (GSO) (various years) Annual Reports [online], Vietnam <https://www.gso.gov.vn/Default_en.aspx?tabid=491> [accessed 13 January 2019].
Hung, P.V. and Duong, P.B. (2017) ‘Agricultural and rural policies in Vietnam’, in W.H. Meyers and T. Johnson (eds), Handbook of International Food and Agricultural Policies, Volume I: Policies for Agricultural Markets and Rural Economic Activity, pp. 415–32, World Scientific <https://doi.org/10.1142/9789813226463_0019>.
Izumida, Y. (2003) Programmed Lending for Social Policies: Challenges for the Vietnam Bank for Social Policies [pdf], The University of Tokyo, Working Paper Series <http://www.grips.ac.jp/vietnam/VDFTokyo/Temp/Doc/2003-2004/IPE-YIzumidaMar04.pdf> [accessed 3 January 2019].
Izumida, Y. and Duong, P.B. (2001) ‘Measuring the progress of rural finance in Vietnam’, Savings and Development 25(2): 139–66.
Khandker, S., Koolwal, G.B. and Samad, H. (2009) Handbook on Impact Evaluation: Quantitative Methods and Practices, Washington, DC: World Bank <http://dx.doi.org/10.1596/978-0-8213-8028-4>.
Khoi, P.D., Gan, C., Nartea, G.V. and Cohen, D.A. et al (2013) ‘Formal and informal rural credit in the Mekong River Delta of Vietnam: interaction and accessibility’, Journal of Asian Economics 26: 1–13 <http://dx.doi.org/10.1016/j.asieco.2013.02.003>.
Lee, W.S. (2013) ‘Propensity score matching and variations on the balancing test’, Empirical Economics 44(1): 47–80 <http://dx.doi.org/10.1007/s00181-011-0481-0>.
Lensink, R. and Pham, T.T.T. (2012) ‘The impact of microcredit on self-employment profits in Vietnam’, Economics of Transition 20(1): 73–111 <http://dx.doi.org/10.1111/j.1468-0351.2011.00427.x>.
Li, X., Gan, C. and Hu, B. (2011) ‘Accessibility to microcredit by Chinese rural households’, Journal of Asian Economics 22(3): 235–46 <http://dx.doi.org/10.1016/j.asieco.2011.01.004>.
Morduch, J. (1998) Does Microfinance Really Help the Poor? New Evidence from Flagship Programs in Bangladesh [pdf], Working Papers 198, Princeton, NJ: Princeton University, Woodrow Wilson School of Public and International Affairs, Research Program in Development Studies <https://ideas.repec.org/p/pri/rpdevs/morduch_microfinance_poor.pdf.html> [accessed 3 January 2019].
Morduch, J. and Haley, B. (2001) Analysis of the Effects of Microfinance on Poverty Reduction, RESULTS Canada for the Canadian International Development Agency (CIDA).
Nghiem, S., Coelli, T. and Rao, P. (2012) ‘Assessing the welfare effects of microfinance in Vietnam: empirical results from a quasi-experimental survey’, Journal of Development Studies 48(5): 619–32 <http://dx.doi.org/10.1080/00220388.2011.638051>.
Phan, D.K., Gan, C., Nartea, G.V. and Cohen, D.A. et al (2014) ‘The impact of microcredit on rural households in the Mekong River Delta of Vietnam’, Journal of the Asia Pacific Economy 19(4): 558–78 <http://dx.doi.org/10.1080/13547860.2014.920591>.
Rosenbaum, P.R. and Rubin, D.B. (1983) ‘The central role of the propensity score in observational studies for causal effects’, Biometrika 70(1): 41–55 <http://dx.doi.org/10.1093/biomet/70.1.41>.
Sadoulet, E. and De Janvry, A. (1995) Quantitative Development Policy Analysis, Baltimore: Johns Hopkins University Press.
Senanayake, S.M.P. and Ho, D.P. (2001) ‘What makes formal rural financial institutions successful in Vietnam’, Savings and Development 25(4): 475–89.
Smith, J.A. and Todd, P.E. (2005) ‘Does matching overcome LaLonde’s critique of nonexperimental estimators?’ Journal of Econometrics 125(1–2): 305–53 <http://dx.doi.org/10.1016/j.jeconom.2004.04.011>.
Takahashi, K., Higashikata, T. and Tsukada, K. (2010) ‘The short-term poverty impact of small-scale, collateral-free microcredit in Indonesia: a matching estimator approach’, Developing Economies 48(1): 128–55 <http://dx.doi.org/10.1111/j.1746-1049.2010.00101.x.
Thanh, P.T. and Duong, P.B. (2017) ‘Health shocks and the mitigating role of microcredit: the case of rural households in Vietnam’, Economic Analysis and Policy 56: 135–47 <http://dx.doi.org/10.1016/j.eap.2017.08.006>.
Yadav, S., Otsuka, K. and David, C.C. (1992) ‘Segmentation in rural financial markets: the case of Nepal’, World Development 20(3): 423–36 <http://dx.doi.org/10.1016/0305-750X(92)90033-R>.
Barslund, M. and Tarp, F. (2008) ‘Formal and informal rural credit in four provinces of Vietnam’, The Journal of Development Studies 44(4): 485–503 <http://dx.doi.org/10.1080/00220380801980798>.
Becker, S.O. and Ichino, A. (2002) ‘Estimation of average treatment effects based on propensity scores’, The Stata Journal 2(4): 358–77 <http://dx.doi.org/10.1177/1536867X0200200403>.
Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: a Zambian case study’, Journal of Development Studies 37(4): 81–100 <http://dx.doi.org/10.1080/00220380412331322051>.
Duong, P.B. and Izumida, Y. (2002) ‘Rural development finance in Vietnam: a microeconometric analysis of household surveys’, World Development 30(2): 319–35 <http://dx.doi.org/10.1016/S0305-750X(01)00112-7>.
Duong, P.B. and Thanh, P.T. (2014) ‘Impact evaluation of microcredit on welfare of the Vietnamese rural households’, Asian Social Science 11(2): 190 <https://doi.org/10.5539/ass.v11n2p190>.
Feder, G. (1980) ‘Farm size, risk aversion and the adoption of new technology under uncertainty’, Oxford Economic Papers 32(2): 263–83 <http://dx.doi.org/10.1093/oxfordjournals.oep.a041479>.
Ganle, J.K., Afriyie, K. and Segbefia, A.Y. (2015) ‘Microcredit: empowerment and disempowerment of rural women in Ghana’, World Development 66: 335–45 <http://dx.doi.org/10.1016/j.worlddev.2014.08.027>.
General Statistics Office (GSO) (various years) Annual Reports [online], Vietnam <https://www.gso.gov.vn/Default_en.aspx?tabid=491> [accessed 13 January 2019].
Hung, P.V. and Duong, P.B. (2017) ‘Agricultural and rural policies in Vietnam’, in W.H. Meyers and T. Johnson (eds), Handbook of International Food and Agricultural Policies, Volume I: Policies for Agricultural Markets and Rural Economic Activity, pp. 415–32, World Scientific <https://doi.org/10.1142/9789813226463_0019>.
Izumida, Y. (2003) Programmed Lending for Social Policies: Challenges for the Vietnam Bank for Social Policies [pdf], The University of Tokyo, Working Paper Series <http://www.grips.ac.jp/vietnam/VDFTokyo/Temp/Doc/2003-2004/IPE-YIzumidaMar04.pdf> [accessed 3 January 2019].
Izumida, Y. and Duong, P.B. (2001) ‘Measuring the progress of rural finance in Vietnam’, Savings and Development 25(2): 139–66.
Khandker, S., Koolwal, G.B. and Samad, H. (2009) Handbook on Impact Evaluation: Quantitative Methods and Practices, Washington, DC: World Bank <http://dx.doi.org/10.1596/978-0-8213-8028-4>.
Khoi, P.D., Gan, C., Nartea, G.V. and Cohen, D.A. et al (2013) ‘Formal and informal rural credit in the Mekong River Delta of Vietnam: interaction and accessibility’, Journal of Asian Economics 26: 1–13 <http://dx.doi.org/10.1016/j.asieco.2013.02.003>.
Lee, W.S. (2013) ‘Propensity score matching and variations on the balancing test’, Empirical Economics 44(1): 47–80 <http://dx.doi.org/10.1007/s00181-011-0481-0>.
Lensink, R. and Pham, T.T.T. (2012) ‘The impact of microcredit on self-employment profits in Vietnam’, Economics of Transition 20(1): 73–111 <http://dx.doi.org/10.1111/j.1468-0351.2011.00427.x>.
Li, X., Gan, C. and Hu, B. (2011) ‘Accessibility to microcredit by Chinese rural households’, Journal of Asian Economics 22(3): 235–46 <http://dx.doi.org/10.1016/j.asieco.2011.01.004>.
Morduch, J. (1998) Does Microfinance Really Help the Poor? New Evidence from Flagship Programs in Bangladesh [pdf], Working Papers 198, Princeton, NJ: Princeton University, Woodrow Wilson School of Public and International Affairs, Research Program in Development Studies <https://ideas.repec.org/p/pri/rpdevs/morduch_microfinance_poor.pdf.html> [accessed 3 January 2019].
Morduch, J. and Haley, B. (2001) Analysis of the Effects of Microfinance on Poverty Reduction, RESULTS Canada for the Canadian International Development Agency (CIDA).
Nghiem, S., Coelli, T. and Rao, P. (2012) ‘Assessing the welfare effects of microfinance in Vietnam: empirical results from a quasi-experimental survey’, Journal of Development Studies 48(5): 619–32 <http://dx.doi.org/10.1080/00220388.2011.638051>.
Phan, D.K., Gan, C., Nartea, G.V. and Cohen, D.A. et al (2014) ‘The impact of microcredit on rural households in the Mekong River Delta of Vietnam’, Journal of the Asia Pacific Economy 19(4): 558–78 <http://dx.doi.org/10.1080/13547860.2014.920591>.
Rosenbaum, P.R. and Rubin, D.B. (1983) ‘The central role of the propensity score in observational studies for causal effects’, Biometrika 70(1): 41–55 <http://dx.doi.org/10.1093/biomet/70.1.41>.
Sadoulet, E. and De Janvry, A. (1995) Quantitative Development Policy Analysis, Baltimore: Johns Hopkins University Press.
Senanayake, S.M.P. and Ho, D.P. (2001) ‘What makes formal rural financial institutions successful in Vietnam’, Savings and Development 25(4): 475–89.
Smith, J.A. and Todd, P.E. (2005) ‘Does matching overcome LaLonde’s critique of nonexperimental estimators?’ Journal of Econometrics 125(1–2): 305–53 <http://dx.doi.org/10.1016/j.jeconom.2004.04.011>.
Takahashi, K., Higashikata, T. and Tsukada, K. (2010) ‘The short-term poverty impact of small-scale, collateral-free microcredit in Indonesia: a matching estimator approach’, Developing Economies 48(1): 128–55 <http://dx.doi.org/10.1111/j.1746-1049.2010.00101.x.
Thanh, P.T. and Duong, P.B. (2017) ‘Health shocks and the mitigating role of microcredit: the case of rural households in Vietnam’, Economic Analysis and Policy 56: 135–47 <http://dx.doi.org/10.1016/j.eap.2017.08.006>.
Yadav, S., Otsuka, K. and David, C.C. (1992) ‘Segmentation in rural financial markets: the case of Nepal’, World Development 20(3): 423–36 <http://dx.doi.org/10.1016/0305-750X(92)90033-R>.
Barslund, M. and Tarp, F. (2008) ‘Formal and informal rural credit in four provinces of Vietnam’, The Journal of Development Studies 44(4): 485–503 <http://dx.doi.org/10.1080/00220380801980798>.
Becker, S.O. and Ichino, A. (2002) ‘Estimation of average treatment effects based on propensity scores’, The Stata Journal 2(4): 358–77 <http://dx.doi.org/10.1177/1536867X0200200403>.
Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: a Zambian case study’, Journal of Development Studies 37(4): 81–100 <http://dx.doi.org/10.1080/00220380412331322051>.
Duong, P.B. and Izumida, Y. (2002) ‘Rural development finance in Vietnam: a microeconometric analysis of household surveys’, World Development 30(2): 319–35 <http://dx.doi.org/10.1016/S0305-750X(01)00112-7>.
Duong, P.B. and Thanh, P.T. (2014) ‘Impact evaluation of microcredit on welfare of the Vietnamese rural households’, Asian Social Science 11(2): 190 <https://doi.org/10.5539/ass.v11n2p190>.
Feder, G. (1980) ‘Farm size, risk aversion and the adoption of new technology under uncertainty’, Oxford Economic Papers 32(2): 263–83 <http://dx.doi.org/10.1093/oxfordjournals.oep.a041479>.
Ganle, J.K., Afriyie, K. and Segbefia, A.Y. (2015) ‘Microcredit: empowerment and disempowerment of rural women in Ghana’, World Development 66: 335–45 <http://dx.doi.org/10.1016/j.worlddev.2014.08.027>.
General Statistics Office (GSO) (various years) Annual Reports [online], Vietnam <https://www.gso.gov.vn/Default_en.aspx?tabid=491> [accessed 13 January 2019].
Hung, P.V. and Duong, P.B. (2017) ‘Agricultural and rural policies in Vietnam’, in W.H. Meyers and T. Johnson (eds), Handbook of International Food and Agricultural Policies, Volume I: Policies for Agricultural Markets and Rural Economic Activity, pp. 415–32, World Scientific <https://doi.org/10.1142/9789813226463_0019>.
Izumida, Y. (2003) Programmed Lending for Social Policies: Challenges for the Vietnam Bank for Social Policies [pdf], The University of Tokyo, Working Paper Series <http://www.grips.ac.jp/vietnam/VDFTokyo/Temp/Doc/2003-2004/IPE-YIzumidaMar04.pdf> [accessed 3 January 2019].
Izumida, Y. and Duong, P.B. (2001) ‘Measuring the progress of rural finance in Vietnam’, Savings and Development 25(2): 139–66.
Khandker, S., Koolwal, G.B. and Samad, H. (2009) Handbook on Impact Evaluation: Quantitative Methods and Practices, Washington, DC: World Bank <http://dx.doi.org/10.1596/978-0-8213-8028-4>.
Khoi, P.D., Gan, C., Nartea, G.V. and Cohen, D.A. et al (2013) ‘Formal and informal rural credit in the Mekong River Delta of Vietnam: interaction and accessibility’, Journal of Asian Economics 26: 1–13 <http://dx.doi.org/10.1016/j.asieco.2013.02.003>.
Lee, W.S. (2013) ‘Propensity score matching and variations on the balancing test’, Empirical Economics 44(1): 47–80 <http://dx.doi.org/10.1007/s00181-011-0481-0>.
Lensink, R. and Pham, T.T.T. (2012) ‘The impact of microcredit on self-employment profits in Vietnam’, Economics of Transition 20(1): 73–111 <http://dx.doi.org/10.1111/j.1468-0351.2011.00427.x>.
Li, X., Gan, C. and Hu, B. (2011) ‘Accessibility to microcredit by Chinese rural households’, Journal of Asian Economics 22(3): 235–46 <http://dx.doi.org/10.1016/j.asieco.2011.01.004>.
Morduch, J. (1998) Does Microfinance Really Help the Poor? New Evidence from Flagship Programs in Bangladesh [pdf], Working Papers 198, Princeton, NJ: Princeton University, Woodrow Wilson School of Public and International Affairs, Research Program in Development Studies <https://ideas.repec.org/p/pri/rpdevs/morduch_microfinance_poor.pdf.html> [accessed 3 January 2019].
Morduch, J. and Haley, B. (2001) Analysis of the Effects of Microfinance on Poverty Reduction, RESULTS Canada for the Canadian International Development Agency (CIDA).
Nghiem, S., Coelli, T. and Rao, P. (2012) ‘Assessing the welfare effects of microfinance in Vietnam: empirical results from a quasi-experimental survey’, Journal of Development Studies 48(5): 619–32 <http://dx.doi.org/10.1080/00220388.2011.638051>.
Phan, D.K., Gan, C., Nartea, G.V. and Cohen, D.A. et al (2014) ‘The impact of microcredit on rural households in the Mekong River Delta of Vietnam’, Journal of the Asia Pacific Economy 19(4): 558–78 <http://dx.doi.org/10.1080/13547860.2014.920591>.
Rosenbaum, P.R. and Rubin, D.B. (1983) ‘The central role of the propensity score in observational studies for causal effects’, Biometrika 70(1): 41–55 <http://dx.doi.org/10.1093/biomet/70.1.41>.
Sadoulet, E. and De Janvry, A. (1995) Quantitative Development Policy Analysis, Baltimore: Johns Hopkins University Press.
Senanayake, S.M.P. and Ho, D.P. (2001) ‘What makes formal rural financial institutions successful in Vietnam’, Savings and Development 25(4): 475–89.
Smith, J.A. and Todd, P.E. (2005) ‘Does matching overcome LaLonde’s critique of nonexperimental estimators?’ Journal of Econometrics 125(1–2): 305–53 <http://dx.doi.org/10.1016/j.jeconom.2004.04.011>.
Takahashi, K., Higashikata, T. and Tsukada, K. (2010) ‘The short-term poverty impact of small-scale, collateral-free microcredit in Indonesia: a matching estimator approach’, Developing Economies 48(1): 128–55 <http://dx.doi.org/10.1111/j.1746-1049.2010.00101.x.
Thanh, P.T. and Duong, P.B. (2017) ‘Health shocks and the mitigating role of microcredit: the case of rural households in Vietnam’, Economic Analysis and Policy 56: 135–47 <http://dx.doi.org/10.1016/j.eap.2017.08.006>.
Yadav, S., Otsuka, K. and David, C.C. (1992) ‘Segmentation in rural financial markets: the case of Nepal’, World Development 20(3): 423–36 <http://dx.doi.org/10.1016/0305-750X(92)90033-R>.
Barslund, M. and Tarp, F. (2008) ‘Formal and informal rural credit in four provinces of Vietnam’, The Journal of Development Studies 44(4): 485–503 <http://dx.doi.org/10.1080/00220380801980798>.
Becker, S.O. and Ichino, A. (2002) ‘Estimation of average treatment effects based on propensity scores’, The Stata Journal 2(4): 358–77 <http://dx.doi.org/10.1177/1536867X0200200403>.
Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: a Zambian case study’, Journal of Development Studies 37(4): 81–100 <http://dx.doi.org/10.1080/00220380412331322051>.
Duong, P.B. and Izumida, Y. (2002) ‘Rural development finance in Vietnam: a microeconometric analysis of household surveys’, World Development 30(2): 319–35 <http://dx.doi.org/10.1016/S0305-750X(01)00112-7>.
Duong, P.B. and Thanh, P.T. (2014) ‘Impact evaluation of microcredit on welfare of the Vietnamese rural households’, Asian Social Science 11(2): 190 <https://doi.org/10.5539/ass.v11n2p190>.
Feder, G. (1980) ‘Farm size, risk aversion and the adoption of new technology under uncertainty’, Oxford Economic Papers 32(2): 263–83 <http://dx.doi.org/10.1093/oxfordjournals.oep.a041479>.
Ganle, J.K., Afriyie, K. and Segbefia, A.Y. (2015) ‘Microcredit: empowerment and disempowerment of rural women in Ghana’, World Development 66: 335–45 <http://dx.doi.org/10.1016/j.worlddev.2014.08.027>.
General Statistics Office (GSO) (various years) Annual Reports [online], Vietnam <https://www.gso.gov.vn/Default_en.aspx?tabid=491> [accessed 13 January 2019].
Hung, P.V. and Duong, P.B. (2017) ‘Agricultural and rural policies in Vietnam’, in W.H. Meyers and T. Johnson (eds), Handbook of International Food and Agricultural Policies, Volume I: Policies for Agricultural Markets and Rural Economic Activity, pp. 415–32, World Scientific <https://doi.org/10.1142/9789813226463_0019>.
Izumida, Y. (2003) Programmed Lending for Social Policies: Challenges for the Vietnam Bank for Social Policies [pdf], The University of Tokyo, Working Paper Series <http://www.grips.ac.jp/vietnam/VDFTokyo/Temp/Doc/2003-2004/IPE-YIzumidaMar04.pdf> [accessed 3 January 2019].
Izumida, Y. and Duong, P.B. (2001) ‘Measuring the progress of rural finance in Vietnam’, Savings and Development 25(2): 139–66.
Khandker, S., Koolwal, G.B. and Samad, H. (2009) Handbook on Impact Evaluation: Quantitative Methods and Practices, Washington, DC: World Bank <http://dx.doi.org/10.1596/978-0-8213-8028-4>.
Khoi, P.D., Gan, C., Nartea, G.V. and Cohen, D.A. et al (2013) ‘Formal and informal rural credit in the Mekong River Delta of Vietnam: interaction and accessibility’, Journal of Asian Economics 26: 1–13 <http://dx.doi.org/10.1016/j.asieco.2013.02.003>.
Lee, W.S. (2013) ‘Propensity score matching and variations on the balancing test’, Empirical Economics 44(1): 47–80 <http://dx.doi.org/10.1007/s00181-011-0481-0>.
Lensink, R. and Pham, T.T.T. (2012) ‘The impact of microcredit on self-employment profits in Vietnam’, Economics of Transition 20(1): 73–111 <http://dx.doi.org/10.1111/j.1468-0351.2011.00427.x>.
Li, X., Gan, C. and Hu, B. (2011) ‘Accessibility to microcredit by Chinese rural households’, Journal of Asian Economics 22(3): 235–46 <http://dx.doi.org/10.1016/j.asieco.2011.01.004>.
Morduch, J. (1998) Does Microfinance Really Help the Poor? New Evidence from Flagship Programs in Bangladesh [pdf], Working Papers 198, Princeton, NJ: Princeton University, Woodrow Wilson School of Public and International Affairs, Research Program in Development Studies <https://ideas.repec.org/p/pri/rpdevs/morduch_microfinance_poor.pdf.html> [accessed 3 January 2019].
Morduch, J. and Haley, B. (2001) Analysis of the Effects of Microfinance on Poverty Reduction, RESULTS Canada for the Canadian International Development Agency (CIDA).
Nghiem, S., Coelli, T. and Rao, P. (2012) ‘Assessing the welfare effects of microfinance in Vietnam: empirical results from a quasi-experimental survey’, Journal of Development Studies 48(5): 619–32 <http://dx.doi.org/10.1080/00220388.2011.638051>.
Phan, D.K., Gan, C., Nartea, G.V. and Cohen, D.A. et al (2014) ‘The impact of microcredit on rural households in the Mekong River Delta of Vietnam’, Journal of the Asia Pacific Economy 19(4): 558–78 <http://dx.doi.org/10.1080/13547860.2014.920591>.
Rosenbaum, P.R. and Rubin, D.B. (1983) ‘The central role of the propensity score in observational studies for causal effects’, Biometrika 70(1): 41–55 <http://dx.doi.org/10.1093/biomet/70.1.41>.
Sadoulet, E. and De Janvry, A. (1995) Quantitative Development Policy Analysis, Baltimore: Johns Hopkins University Press.
Senanayake, S.M.P. and Ho, D.P. (2001) ‘What makes formal rural financial institutions successful in Vietnam’, Savings and Development 25(4): 475–89.
Smith, J.A. and Todd, P.E. (2005) ‘Does matching overcome LaLonde’s critique of nonexperimental estimators?’ Journal of Econometrics 125(1–2): 305–53 <http://dx.doi.org/10.1016/j.jeconom.2004.04.011>.
Takahashi, K., Higashikata, T. and Tsukada, K. (2010) ‘The short-term poverty impact of small-scale, collateral-free microcredit in Indonesia: a matching estimator approach’, Developing Economies 48(1): 128–55 <http://dx.doi.org/10.1111/j.1746-1049.2010.00101.x.
Thanh, P.T. and Duong, P.B. (2017) ‘Health shocks and the mitigating role of microcredit: the case of rural households in Vietnam’, Economic Analysis and Policy 56: 135–47 <http://dx.doi.org/10.1016/j.eap.2017.08.006>.
Yadav, S., Otsuka, K. and David, C.C. (1992) ‘Segmentation in rural financial markets: the case of Nepal’, World Development 20(3): 423–36 <http://dx.doi.org/10.1016/0305-750X(92)90033-R>.
Filling the voids left by the formal sector: informal borrowings by poor households in northern mountainous Vietnam
Huu Thu, Nguyen
Bao Duong, Pham
Huu Tho, Nguyen
Agricultural Finance Review, Vol. 81 (2021), Iss. 1 P.94
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