NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Miracle of Microfinance? Evidence from a Randomized Evaluation

Esther Duflo, Abhijit Banerjee, Rachel Glennerster, Cynthia G. Kinnan

NBER Working Paper No. 18950
Issued in May 2013

---- Acknowledgements -----

This paper updates and supersedes the 2010 version, which reported results using one wave of endline surveys. The authors wish to extend thanks to Spandana, especially Padmaja Reddy whose commitment to understanding the impact of microfinance made this project possible, and to numerous seminar audiences and colleagues for insightful suggestions. The Centre for Micro Finance at IFMR organized and oversaw the experiment and the data collection. Aparna Dasika and Angela Ambroz provided excellent assistance in Hyderabad. Justin Oliver at the Centre for Micro Finance and Annie Duflo at Initiatives for Poverty Action shared valuable advice and logistical support. Funding for the first wave of the survey was provided by The Vanguard Charitable Endowment Program and ICICI bank. Funding for the second wage was provided by Spandana and J-PAL. This draft was not reviewed by the The Vanguard Charitable Endowment Program, ICICI Bank, or Spandana. Adie Angrist, Leonardo Elias, Shehla Imran, Seema Kacker, Tracy Li, Aditi Nagaraj and Cecilia Peluffo provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Datasets for both waves of data used in this paper are available at http://www.centre-for-microfinance.org/publications/data/.

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