PhD dissertation in economics microcredit and welfare of the rural households in vietnam

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY ***** Pham Tien Thanh MICROCREDIT AND WELFARE OF THE RURAL HOUSEHOLDS IN VIETNAM PHD DISSERTATION IN ECONOMICS HO CHI MINH CITY, 2018 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY ***** Pham Tien Thanh MICROCREDIT AND WELFARE OF THE RURAL HOUSEHOLDS IN VIETNAM Major: Development Economics Code: 9310105 PHD DISSERTATION IN ECONOMICS ACADEMIC ADVISORS Dr PHAM KHANH NAM Assoc Prof Dr NGUYEN HUU DUNG HO CHI MINH CITY, 2018 i COMMITMENTS I hereby declare that this dissertation is my own work and it has not been previously submitted for a degree elsewhere While my work contains information from works done by other authors, all these references have been explicitly cited To the best of my knowledge, I would like to certify that the above statements are true The dissertation has been done under the supervision of Dr Pham Khanh Nam and Assoc.Prof Dr Nguyen Huu Dung, the University of Economics, Hochiminh City This work was also done under the advice of Assoc Prof Dr Katsuhiro Saito, the University of Tokyo during my fellowship period granted by the World Bank Robert S McNamara at the University of Tokyo, Japan Pham Tien Thanh ii ACKNOWLEDGEMENT I would like to express my deepest gratitude to my academic supervisors, reviewers, colleagues, family and friends for their support during the time I conduct my Ph.D dissertation iii TABLE OF CONTENTS COMMITMENTS i ACKNOWLEDGEMENT ii TABLE OF CONTENTS iii ABBREVIATIONS viii LIST OF TABLES ix LIST OF FIGURES xi CHAPTER - INTRODUCTION 1.1 Backgrounds 1.2 Research problems 1.2.1 Accessibility to microcredit 1.2.2 Microcredit and adoption of improved rice varieties 1.2.3 Impact of microcredit on households’ welfare 1.2.4 Microcredit and health shock 1.3 Research objectives 1.4 Scopes of research 1.5 Research data 10 1.6 Research methods 10 1.6.1 Quantitative methods 10 1.6.2 Qualitative methods 11 1.7 Contribution of the research 11 1.7.1 Theoretical contributions 11 1.7.2 Practical contributions 12 1.8 Organization of the research 13 CHAPTER – LITERATURE REVIEW 14 2.1 Overview of microcredit 14 2.1.1 Some definitions 14 2.2.2 Characteristics of microcredit 15 2.2 Theory 16 iv 2.2.1 Overview of rural credit market 16 2.2.2 Asymmetric information 19 2.2.3 Theories on accessibility to credit 21 2.2.3.1 Theory of Choice (Demand for Credit) .22 2.2.3.2 Theory of Credit Rationing 23 2.2.4 Theoretical framework of outreach of microcredit 26 2.2.5 Farm household model under credit constraint 27 2.2.5.1 Producer Problem .28 2.2.5.2 Consumer Problem 28 2.2.5.3 Worker Problem 29 2.2.5.4 Farm Household Model with Credit 30 2.3 Empirical studies 31 2.3.1 Determinants of rural households’ accessibility to microcredit 31 2.3.2 Impact of microcredit on adoption of the improved rice varieties 36 2.3.3 Impact of microcredit on living standard 38 2.3.1 Empirical studies in the world 39 2.3.2 Empirical studies in Vietnam 40 2.3.4 Impact of health shocks and role of microcredit 43 2.3.4.1 Impacts of health shocks 43 2.3.4.2 Strategies to cope with Health Shocks and Role of Microcredit .44 2.4 Definitions of welfare 47 2.5 Logical framework of impact evaluation of microcredit on welfare 48 CHAPTER – OVERVIEW OF MICROCREDIT 51 3.1 Microcredit in the world 51 3.2 Microcredit in rural Vietnam 53 3.2.1 Microcredit providers 53 3.2.2 Credit activities and clients 58 3.2.3 Poverty reduction role of microcredit 60 v CHAPTER – DETERMINANTS OF ACCESSIBILITY TO MICROCREDIT 61 4.1 Research method 61 4.1.1 Estimation strategy 62 4.1.2 Selection of variables 65 4.1.2.1 Dependent variable 65 4.1.2.2 Explanatory Variables 65 4.1.3 Research hypotheses 67 4.2 Research data 69 4.2.1 Data source 69 4.2.2 Research sample 70 4.2.3 Descriptive statistics 70 4.3 Results and discussions 73 CHAPTER – MICROCREDIT AND ADOPTION OF IMPROVED RICE VARIETIES 81 5.1 Research method 81 5.1.1 Estimation strategy 81 5.1.2 Selection of variables 85 5.1.2.1 Dependent variables 85 5.1.2.2 Independent variables .86 5.1.3 Research hypotheses 87 5.2 Research data 87 5.2.1 Data source 87 5.2.2 Research sample 87 5.2.3 Descriptive statistics 88 5.3 Results and discussions 90 CHAPTER – IMPACT EVALUATION OF MICROCREDIT ON WELFARE 102 6.1 Research method 102 6.1.1 Estimation strategy 102 6.1.1.1 Propensity Score Matching (PSM) 102 vi 6.1.1.2 Difference in Difference (DID) .103 6.1.1.3 PSM-DID 104 6.1.2 Selection of variables 105 6.1.2.1 Microcredit variable 105 6.1.2.2 Variables for calculation of propensity score 106 6.1.2.3 Welfare variables .106 6.1.3 Research hypotheses 107 6.2 Research data 108 6.2.1 Data source 108 6.2.2 Research sample 108 6.2.3 Descriptive statistics 109 6.3 Results and discussions 109 6.3.1 Propensity score and balancing test 109 6.3.2 Average impact of microcredit program 111 CHAPTER – ROLE OF MICROCREDIT IN MITIGATING THE EFFECTS OF HEALTH SHOCKS 118 7.1 Research method 118 7.1.1 Estimation strategy 118 7.1.2 Selection of variable 120 7.1.2.1 Dependent variables 120 7.1.2.2 Health shocks variables 120 7.1.2.3 Microcredit variable 121 7.1.2.4 Other control (explanatory) variables 122 7.1.3 Research hypotheses 123 7.2 Research data 123 7.2.1 Data source 123 7.2.2 Research sample 124 7.2.3 Descriptive statistics 124 7.3 Results and discussions 126 vii 7.3.1 Are health shocks unanticipated? 126 7.3.2 First stage results using instrumental variables 127 7.3.3 Illness/ Disease/ Injury of working-age members (HS1W) 130 7.3.4 Illness/ Disease/ Injury of any members (HS1A) 133 CHAPTER – CONCLUSIONS 135 8.1 Objective 1: Determinants of accessibility o microcredit 135 8.1.1 Summary 135 8.1.2 Policy implications 136 8.1.3 Limitations and further studies 138 8.2 Objective 2: Microcredit and adoption of improved varieties 139 8.1.1 Summary 139 8.2.2 Policy implications 140 8.2.3 Limitations and further studies 141 8.3 Objective 3: Impact evaluation of microcredit on welfare 142 8.3.1 Summary 142 8.3.2 Policy implications 143 8.3.3 Limitations and further studies 144 8.4 Objective 4: Role of microcredit in mitigating the effects of health shocks 145 8.4.1 Summary 145 8.4.2 Policy implications 146 8.4.3 Limitations and further studies 146 REFERENCE 147 Reference in the word 147 Reference in Vietnam 165 Websites 169 APPENDIX 171 viii ABBREVIATIONS Abbr Meanings MF Microfinance MFIs Microfinance Institutions PCFs People’s Credit Funds ROSCAs Rotating Savings Credit Associations VBSP Vietnam Bank for Social Policies VBARD Vietnam Bank for Agriculture and Rural Development VPSC Postal Savings Company 220 APPENDIX 7.2 Unanticipation of health shocks HS1W in 2010 (HS1Wt-1) HS1W in 2012 (HS1Wt) 0.142*** 0.207*** (5.343) (8.434) HS1A in 2010 (HS1At-1) MARI GENDER ETHI GRAD SIZE SFEM SAGE12 SAGE6 LAND1 LAND2 HOME POOR ISURE CO135 COFAR ROAD IMARK REGI2 REGI3 REGI4 REGI5 REGI6 Constant VFE Observations Note: 0.0104 (0.496) 0.0129 (0.652) 0.00979 (0.308) -0.000878 (-0.397) 0.0274*** (3.791) 0.00969 (1.119) -0.0453*** (-5.408) -0.0703*** (-7.359) 0.00264 (0.256) -0.00125 (-0.248) 0.0358 (1.009) -0.0177 (-0.992) 0.00759 (1.314) 0.0681 (0.393) 0.0897 (0.631) -0.0970 (-0.597) -0.573 (-1.436) 0.634 (1.537) 1.400*** (3.450) 1.061** (2.012) 0.494 (1.271) 0.445 (1.072) -0.0552 (-0.316) With 3,021 0.0145 (0.851) 0.0140 (0.837) 0.0331* (1.930) -0.00199 (-1.181) 0.0203*** (3.095) 0.0180** (2.239) -0.0511*** (-7.205) -0.0601*** (-8.997) 0.0184* (1.803) -0.00244 (-0.404) 0.0514 (1.596) -0.00664 (-0.474) 0.0105** (2.189) -0.00745 (-0.431) -0.0282* (-1.680) -7.42e-05 (-0.00347) -0.00531 (-0.477) -0.0190 (-1.225) 0.00414 (0.280) -0.00532 (-0.225) 0.00539 (0.248) 0.0931*** (4.822) -0.0897** (-2.000) Without 3,021 Robust t-statistics in parentheses *** indicates that the coefficients are significant at 1% HS1A in 2012 (HS1At) 0.103*** (4.167) 0.0448 (1.439) -0.00658 (-0.232) 0.0863 (1.515) -0.000584 (-0.209) 0.0166* (1.726) 0.00930 (0.791) 0.00553 (0.524) 0.0244* (1.853) -0.000811 (-0.0608) -0.00249 (-0.389) 0.0546 (0.825) 0.00307 (0.129) 0.0114 (1.480) -0.706 (-1.160) 0.359 (1.110) 0.419 (0.809) -0.402 (-0.916) 0.394 (0.880) 1.338*** (2.976) 0.746 (1.185) 0.348 (0.559) 0.881 (1.294) -0.751 (-1.429) With 3,021 0.209*** (10.44) 0.0441* (1.733) 0.00530 (0.225) 0.0631*** (2.628) -0.00261 (-1.175) 0.00688 (0.825) 0.0219** (2.153) -0.00546 (-0.594) 0.0100 (0.919) 0.0192 (1.523) -0.00465 (-0.587) 0.0642 (1.212) 0.00603 (0.295) 0.0142** (2.387) -0.0114 (-0.480) -0.0538** (-2.421) 0.000793 (0.0298) 0.00157 (0.106) -0.00529 (-0.243) 0.0294 (1.467) 0.0711** (2.042) 0.0598** (1.984) 0.213*** (8.343) -0.136** (-2.024) Without 3,021 221 APPENDIX 7.3 First stage estimates using IV for HS1W Commune Poverty Rate Distance to Bank HS1W MARI GENDER ETHI GRAD SIZE SFEM SAGE12 SAGE6 LAND1 LAND2 HOME POOR IV Model Model 1a Model 1b 13,659.9397** 1,093.7289 (2.0193) (0.7489) -243.7123* -1.4218 (-1.6981) (-0.0844) 626.9243 1,041.2241** (1.0492) (2.1590) -845.2798* -468.5526 (-1.7560) (-1.1266) 381.1359 28.7795 (0.8772) (0.0789) 101.8705 -594.5730 (0.0938) (-0.9531) 119.1608** 103.3335** (2.2130) (2.3661) 476.4076*** 277.2925** (3.0839) (2.0926) -548.6763** -219.6011 (-2.3364) (-1.1068) -230.5495 -411.6684** (-1.1505) (-2.2017) -389.7263* -620.2460*** (-1.8196) (-3.6644) -58.8141 -792.9602*** (-0.2084) (-2.7515) 20.7281 567.1252** (0.0818) (2.1716) 767.3200 1,180.8813*** (1.2304) (3.7743) 3,731.1428*** 3,977.1004*** (7.3412) (7.4342) IV Model Model 2a Model 2b 3,648.5445 1,061.7638 (0.9427) (0.7326) 626.9243 (1.0492) -845.2798* (-1.7560) 381.1359 (0.8772) 101.8705 (0.0938) 119.1608** (2.2130) 476.4076*** (3.0839) -548.6763** (-2.3364) -230.5495 (-1.1505) -389.7263* (-1.8196) -58.8141 (-0.2084) 20.7281 (0.0818) 767.3200 (1.2304) 3,731.1428*** (7.3412) 1,041.2513** (2.1591) -469.5609 (-1.1305) 29.6914 (0.0815) -592.0406 (-0.9487) 103.4810** (2.3708) 277.4325** (2.0942) -219.1086 (-1.1049) -412.7582** (-2.2168) -620.3566*** (-3.6637) -793.3275*** (-2.7516) 566.2769** (2.1743) 1,181.3963*** (3.7747) 3,977.1129*** (7.4353) IV Model Model 3a Model 3b 88.8183 (0.9427) 626.9243 (1.0492) -845.2798* (-1.7560) 381.1359 (0.8772) 101.8705 (0.0938) 119.1608** (2.2130) 476.4076*** (3.0839) -548.6763** (-2.3364) -230.5495 (-1.1505) -389.7263* (-1.8196) -58.8141 (-0.2084) 20.7281 (0.0818) 767.3200 (1.2304) 3,731.1428*** (7.3412) 1.5706 (0.0944) 1,036.2436** (2.1431) -467.4307 (-1.1239) 40.5524 (0.1115) -696.8731 (-1.1657) 103.4639** (2.3697) 276.4138** (2.0909) -227.3900 (-1.1439) -411.7194** (-2.2029) -628.1187*** (-3.7169) -795.5234*** (-2.7629) 571.5016** (2.1898) 1,203.8612*** (3.9030) 4,046.0841*** (7.6155) 222 ISURE CO135 COFAR ROAD IMARK REGI2 REGI3 REGI4 REGI5 REGI6 Constant VFE Observations F(i,df) Prob>F 70.4204 (0.6028) -308.6317 (-0.1158) 1,859.7922 (1.4351) -583.0596 (-0.2772) 1,217.9758 (0.5210) -2,023.0941 (-0.7117) 4,233.8704 (1.5297) -4,915.8163** (-2.3500) -9,297.4691* (-1.7619) -642.2161 (-0.2956) -1,260.1138 (-0.4732) With 3,021 2.04 0.13 135.9132 (1.3628) -198.2406 (-0.3552) 581.7074 (1.2695) 430.7269 (1.1071) -551.0578** (-2.0499) 1,510.9221*** (3.0497) 1,493.7910*** (3.4352) -285.4030 (-0.6277) -272.4921 (-0.9081) -234.0533 (-0.8217) -816.2711 (-0.9106) Without 3,021 0.28 0.755 70.4204 (0.6028) -3,317.6204 (-1.5756) 2,489.8352** (1.9872) 2,403.7349* (1.8886) -2,687.7245* (-1.8208) 2,764.4787* (1.6951) 1,649.2837 (0.8690) -3,212.4437 (-1.5810) -812.3093 (-0.2897) 2,652.1227 (1.5484) -4,431.6879** (-2.3065) With 3,021 0.89 0.346 Note : Robust t-statistics in parentheses; *, **, and *** : significant at 10%, 5% and 1%, respectively a F-test for H0: Week instrumentts If F-test > 10, reject H0, and vice versa 136.1313 (1.3664) -201.7970 (-0.3601) 578.0149 (1.2793) 437.1220 (1.1337) -551.7264** (-2.0516) 1,507.8317*** (3.0597) 1,492.7548*** (3.4449) -290.0257 (-0.6413) -274.1020 (-0.9147) -235.8311 (-0.8296) -829.2350 (-0.9335) Without 3,021 0.54 0.4639 70.4204 (0.6028) -4,414.2137* (-1.7061) 2,719.4476** (2.0484) 3,492.2398* (1.7281) -4,111.1146* (-1.7286) 4,509.2578* (1.6567) 707.3591 (0.3562) -2,591.6681 (-1.2406) 2,280.0152 (0.7465) 3,852.7087 (1.6216) -5,587.5337** (-2.0338) With 3,021 0.89 0.346 141.2917 (1.4334) -57.0020 (-0.1083) 612.5620 (1.3648) 406.3000 (1.0505) -571.4919** (-2.1279) 1,576.6798*** (3.1926) 1,555.8851*** (3.7249) -271.1791 (-0.5919) -304.8192 (-1.0261) -233.8677 (-0.8206) -635.9776 (-0.7317) Without 3,021 0.1132 0.9248 223 APPENDIX 7.4 First stage estimates using IV for HS1A Commune Poverty Rate Distance to Bank HS1A MARI GENDER ETHI GRAD SIZE SFEM SAGE12 SAGE6 LAND1 LAND2 HOME POOR IV Model Model 1a Model 1b 15,859.3601** 1,109.5086 (2.2844) (0.7592) -246.7480* -1.6820 (-1.7240) (-0.0999) 483.7621 639.9030** (1.1553) (2.0058) -861.4867* -482.2099 (-1.7770) (-1.1590) 393.0971 40.2658 (0.9022) (0.1105) 63.8295 -599.7323 (0.0588) (-0.9582) 119.0418** 103.5256** (2.2130) (2.3699) 487.3533*** 297.7141** (3.1664) (2.2623) -546.1679** -212.4477 (-2.3245) (-1.0734) -266.6846 -476.0918** (-1.3167) (-2.5241) -452.1848** -704.2950*** (-2.1497) (-4.1969) -56.0098 -784.3585*** (-0.1988) (-2.7255) 20.9273 567.5436** (0.0827) (2.1765) 762.0062 1,188.3569*** (1.2192) (3.7748) 3,717.0654*** 3,964.6511*** (7.3177) (7.4078) IV Model Model 2a Model 2b 5,723.2638 1,071.6630 (1.2671) (0.7387) 483.7621 (1.1553) -861.4867* (-1.7770) 393.0971 (0.9022) 63.8295 (0.0588) 119.0418** (2.2130) 487.3533*** (3.1664) -546.1679** (-2.3245) -266.6846 (-1.3167) -452.1848** (-2.1497) -56.0098 (-0.1988) 20.9273 (0.0827) 762.0062 (1.2192) 3,717.0654*** (7.3177) 639.5026** (2.0063) -483.3813 (-1.1632) 41.3491 (0.1136) -596.7055 (-0.9532) 103.6988** (2.3751) 297.8828** (2.2640) -211.8552 (-1.0710) -477.3821** (-2.5392) -704.4231*** (-4.1956) -784.7843*** (-2.7260) 566.5395** (2.1786) 1,188.9997*** (3.7755) 3,964.6717*** (7.4088) IV Model Model 3a Model 3b 139.3242 (1.2671) 483.7621 (1.1553) -861.4867* (-1.7770) 393.0971 (0.9022) 63.8295 (0.0588) 119.0418** (2.2130) 487.3533*** (3.1664) -546.1679** (-2.3245) -266.6846 (-1.3167) -452.1848** (-2.1497) -56.0098 (-0.1988) 20.9273 (0.0827) 762.0062 (1.2192) 3,717.0654*** (7.3177) 1.3552 (0.0815) 633.1655** (1.9762) -480.8176 (-1.1557) 52.1852 (0.1437) -703.1787 (-1.1723) 103.6460** (2.3731) 296.7450** (2.2601) -220.2975 (-1.1108) -475.8238** (-2.5239) -711.8252*** (-4.2588) -786.9265*** (-2.7369) 571.9750** (2.1950) 1,211.9126*** (3.9046) 4,034.7214*** (7.5870) 224 ISURE CO135 COFAR ROAD IMARK REGI2 REGI3 REGI4 REGI5 REGI6 Constant VFE Observations F(i,df) Prob>F 69.4474 (0.5941) -70.1190 (-0.0263) 1,791.2516 (1.3621) -598.2011 (-0.2871) 941.2239 (0.4001) -1,749.9955 (-0.6101) 4,640.4905* (1.7956) -4,632.7318** (-2.2604) -10,016.5133* (-1.9041) -613.1201 (-0.2838) -1,358.5667 (-0.5095) With 3,021 2.61 0.0738 137.8526 (1.3799) -196.3834 (-0.3519) 587.1233 (1.2781) 427.4368 (1.1002) -556.2737** (-2.0649) 1,498.9866*** (3.0195) 1,479.0580*** (3.3976) -338.4919 (-0.7400) -313.8323 (-1.0362) -279.1939 (-0.9578) -826.9309 (-0.9213) Without 3,021 0.29 0.7495 69.4474 (0.5941) -3,116.5874 (-1.4655) 2,429.1424* (1.9059) 2,425.7967* (1.9544) -3,013.1255** (-2.1120) 3,097.2109* (1.9433) 2,023.7104 (1.1848) -2,908.1422 (-1.4896) -1,425.6631 (-0.4953) 2,722.2526 (1.6276) -4,569.6456** (-2.3945) With 3,021 1.61 0.2053 Note : Robust t-statistics in parentheses; *, **, and *** : significant at 10%, 5% and 1%, respectively a F-test for H0: Week instrumentts If F-test > 10, reject H0, and vice versa 138.1189 (1.3840) -200.5958 (-0.3579) 582.7332 (1.2866) 435.0073 (1.1296) -557.0646** (-2.0670) 1,495.3255*** (3.0281) 1,477.8512*** (3.4066) -343.9146 (-0.7555) -315.7007 (-1.0435) -281.1858 (-0.9662) -842.3339 (-0.9470) Without 3,021 0.55 0.4602 69.4474 (0.5941) -4,836.7508* (-1.8219) 2,789.3223** (2.0540) 4,133.2723* (1.9405) -5,245.9165** (-2.0512) 5,834.1463** (1.9772) 546.1669 (0.2730) -1,934.3667 (-0.9702) 3,425.0902 (1.0931) 4,605.5436* (1.9070) -6,382.7550** (-2.2118) With 3,021 1.61 0.2053 143.3686 (1.4524) -53.2106 (-0.1010) 618.1945 (1.3738) 402.7305 (1.0429) -576.9694** (-2.1440) 1,565.6855*** (3.1622) 1,542.2661*** (3.6877) -323.4014 (-0.7012) -346.0919 (-1.1558) -277.8136 (-0.9524) -644.6256 (-0.7403) Without 3,021 0.01 0.9351 225 APPENDIX 7.5 Impact of HS1W and the Role of Microcredit – VFE VARIABLES HS1W (β1) HS1W*CR (β2) MARI GENDER ETHI GRAD SIZE SFEM SAGE1 SAGE3 LAND1 LAND2 HOME POOR INSU EINC TINC TCON ECON HCON FCON NCFD NCFA CHILD OLD NWW -0.0956* (-1.829) -0.00395 (-0.688) 0.0655 (1.362) 0.0744* (1.811) 0.161 (1.590) 0.00291 (0.617) 0.0658*** (4.055) -0.0274 (-1.532) -0.0226 (-1.373) -0.0388* (-1.690) -0.0591** (-2.309) 0.00512 (0.326) -0.102 (-0.771) -0.0695* (-1.678) -0.0230** -0.0794* (-1.776) -0.00317 (-0.605) -0.00185 (-0.0448) 0.0723** (1.997) 0.169* (1.871) -0.00107 (-0.266) 0.0121 (0.889) -0.00145 (-0.0904) -0.0111 (-0.771) -0.0379** (-2.095) -0.0540** (-2.296) 0.0146 (1.054) 0.0567 (0.520) -0.0771** (-2.203) -0.00894 0.117** (2.205) 0.00530 (1.196) 0.0419 (0.829) -0.0177 (-0.381) 0.116 (1.305) -0.0134*** (-2.857) -0.0404*** (-2.653) -0.00846 (-0.452) 0.000730 (0.0436) -0.0459** (-2.210) -0.00357 (-0.133) 0.0209 (1.238) 0.0913 (0.835) -0.0258 (-0.663) 0.0251** 0.0577 (0.690) -0.00703 (-0.862) -0.0602 (-0.715) -0.0571 (-0.730) 0.159 (0.978) 0.00475 (0.605) -0.0418 (-1.560) 0.0222 (0.708) 0.254*** (8.851) -0.0114 (-0.326) -0.0503 (-0.974) -0.0113 (-0.285) -0.173 (-0.941) -0.0980 (-1.421) 0.0325* 0.341*** (3.640) 0.000434 (0.0397) 0.152 (1.518) -0.0317 (-0.352) -0.00832 (-0.0368) -0.00675 (-0.741) -0.0178 (-0.579) -0.0245 (-0.672) 0.0194 (0.581) 0.0590 (1.408) 0.0532 (1.055) -0.0385 (-1.049) 0.181 (0.784) 0.0294 (0.340) 0.0292 0.0307 (0.888) -1.03e-06 (-0.000350) -0.0338 (-1.055) 0.00877 (0.303) 0.131* (1.878) 0.00184 (0.596) 0.0442*** (4.164) -0.0117 (-0.926) -0.00159 (-0.142) -0.0223 (-1.498) -0.0324* (-1.780) -0.00291 (-0.268) 0.0134 (0.165) -0.0228 (-0.799) 0.00817 -0.00664 (-0.134) 0.00417 (0.926) -0.00548 (-0.115) -0.0103 (-0.241) -0.0793 (-0.996) 0.000931 (0.219) 0.0531*** (3.557) -0.0281 (-1.564) 0.0186 (1.186) -0.0195 (-0.976) -0.0336 (-1.485) 0.00443 (0.353) 0.00303 (0.0293) 0.0217 (0.526) 0.0133 0.0504 (0.735) 0.00696 (1.227) -0.0212 (-0.339) -0.0182 (-0.317) 0.187* (1.705) -0.00759 (-1.318) 0.0264 (1.351) -0.00748 (-0.310) 0.00864 (0.411) -0.0342 (-1.287) -0.0252 (-0.758) 0.0200 (0.948) 0.0138 (0.102) 0.00499 (0.0962) 0.0117 0.00764 (0.265) -0.00434 (-1.250) 0.0102 (0.513) 0.00369 (0.206) 0.0914 (1.624) 0.00116 (0.526) -0.0258*** (-3.420) -0.0125 (-1.390) 0.0755*** (7.085) 0.0218** (2.158) 0.0316** (1.963) -0.0186 (-1.340) -0.0200 (-0.342) -0.0309 (-1.219) 0.000626 0.104*** (2.842) -0.00527 (-1.269) 0.0427 (1.096) -0.0106 (-0.333) 0.00558 (0.0898) 0.00908*** (2.845) 0.0197* (1.724) -0.0301** (-2.154) -0.00280 (-0.233) 0.147*** (7.919) 0.00879 (0.526) -0.00148 (-0.134) -0.0643 (-0.774) -0.00490 (-0.148) -0.00728 0.0898** (2.490) -0.00749* (-1.752) 0.0362 (1.099) 0.00622 (0.219) 0.0887 (1.485) 0.00681** (2.317) -0.00955 (-0.977) -0.0331*** (-2.821) 0.0516*** (4.072) 0.127*** (8.117) 0.0297 (1.601) -0.0119 (-0.791) -0.0735 (-1.112) -0.0182 (-0.554) -0.00800 226 CO135 COFAR ROAD IMARK REGI1 is based REGI2 REGI3 REGI4 REGI5 REGI6 Constant Observations Note: (-2.108) 0.337 (0.396) 0.131 (0.406) -0.131 (-0.191) 0.518*** (3.014) (-0.906) 0.364 (0.449) -0.00440 (-0.0166) -0.109 (-0.158) 0.622*** (3.074) (2.151) 1.739** (2.236) -0.460 (-1.178) -1.169** (-2.213) 1.146*** (2.607) (1.647) 0.575 (0.499) -0.756 (-1.462) 0.254 (0.247) 1.503 (1.206) (1.246) -0.0251 (-0.0115) 0.328 (0.256) 0.299 (0.157) 1.985* (1.853) (1.039) 0.818** (2.034) -0.304** (-2.298) -0.759** (-2.214) 0.473 (1.140) (1.157) 0.983 (1.159) -0.586 (-1.159) -1.302*** (-2.637) 0.643*** (2.848) (0.797) 0.730 (0.677) -0.0593 (-0.0891) -0.458 (-0.833) 0.576 (0.990) (0.118) 0.102 (1.026) -0.0285 (-0.446) 0.0362 (0.605) 0.0247 (0.339) (-0.926) 0.710 (1.087) -0.000100 (-0.00133) 0.00664 (0.0904) 0.518 (1.348) (-1.056) 0.781 (1.148) -0.0169 (-0.381) 0.0467 (1.075) 0.315 (1.337) -0.118 (-0.157) -0.264 (-0.314) -0.811 (-0.981) -0.793 (-0.969) -0.714 (-0.713) 0.00334 (0.00336) 3,021 -0.565 (-0.875) -0.667 (-0.867) -1.022 (-1.417) -0.938 (-1.272) -1.019 (-1.085) 0.224 (0.242) 3,021 -1.209** (-2.391) -1.445** (-2.042) -0.986* (-1.691) -0.913 (-1.354) -2.030*** (-2.900) 1.359** (2.408) 3,021 -1.725 (-1.358) -2.497* (-1.816) -0.272 (-0.212) -0.595 (-0.400) -0.614 (-0.393) 0.0188 (0.0177) 3,021 -4.118*** (-3.366) -2.725** (-2.258) -2.510*** (-2.711) -3.338** (-2.375) -2.357 (-1.196) 0.118 (0.0598) 3,021 -0.500 (-0.961) -0.422 (-0.754) -0.204 (-0.420) -0.296 (-0.503) -0.921 (-1.621) 0.494 (1.217) 3,021 -0.0974 (-0.248) -0.537 (-1.436) 0.555 (0.909) 0.312 (0.609) -0.958* (-1.797) 0.796 (1.502) 3,021 -0.425 (-0.532) -0.340 (-0.378) -0.516 (-0.609) -0.342 (-0.345) -0.701 (-0.900) 0.0891 (0.154) 3,021 -0.0319 (-0.295) -0.0655 (-0.552) -0.560 (-0.868) -0.00371 (-0.0445) -0.0180 (-0.171) -0.0707 (-0.664) 3,021 -0.855 (-1.622) -0.579 (-1.454) -0.603 (-1.543) -0.548 (-1.413) -0.460 (-1.167) -0.122 (-1.166) 3,021 -0.645 (-1.497) -0.403 (-1.590) -0.493 (-1.403) -0.339 (-1.385) -0.272 (-1.095) -0.133 (-1.442) 3,021 T-statistics in parentheses *, **, and *** : significant at 10%, 5% and 1%, respectively 227 APPENDIX 7.6 Impact of HS1W and the Role of Microcredit – Without VFE VARIABLES HS1W (β1) HS1W*CR (β2) MARI GENDER ETHI GRAD SIZE SFEM SAGE1 SAGE3 LAND1 LAND2 HOME POOR INSU EINC TINC TCON ECON HCON FCON NCFD NCFA CHILD OLD NWW -0.0654* (-1.764) -0.00237 (-0.505) 0.0370 (0.891) 0.0670* (1.893) 0.123*** (3.095) -0.00216 (-0.618) 0.0338*** (2.640) -0.00646 (-0.455) -0.0261** (-1.992) -0.0652*** (-3.463) -0.0359** (-2.123) 0.00284 (0.310) -0.0758 (-0.848) -0.0454 (-1.307) -0.00410 -0.0478 (-1.453) -0.00190 (-0.476) -0.00826 (-0.237) 0.0733** (2.397) 0.123*** (3.451) -0.00458 (-1.551) -0.0140 (-1.251) 0.0168 (1.289) -0.0164 (-1.371) -0.0479*** (-3.153) -0.0307* (-1.919) 0.00487 (0.560) -0.0160 (-0.222) -0.0556* (-1.943) 0.00219 0.114*** (3.038) -0.00142 (-0.503) 0.0242 (0.600) 0.00682 (0.189) 0.0698* (1.774) -0.0107*** (-3.179) -0.0368*** (-3.005) -0.00257 (-0.169) -0.00304 (-0.228) -0.0472*** (-2.712) -0.00218 (-0.124) 0.00729 (0.613) 0.0171 (0.206) -0.00696 (-0.215) 0.0203** 0.0561 (0.865) -0.00538 (-0.673) -0.0404 (-0.613) -0.0453 (-0.736) -0.0338 (-0.526) 0.00686 (1.199) -0.0211 (-0.974) -0.0134 (-0.525) 0.249*** (10.59) -0.0152 (-0.562) -0.0536 (-1.547) -0.0201 (-0.781) 0.0862 (0.571) -0.0973* (-1.839) 0.0222 0.412*** (6.485) 0.00832 (1.527) 0.123 (1.498) -0.0187 (-0.262) -0.0310 (-0.375) -0.00111 (-0.158) -0.00974 (-0.385) -0.0347 (-1.143) 0.0331 (1.186) 0.0633* (1.827) 0.0385 (1.066) -0.0568** (-2.149) -0.278 (-1.441) 0.0294 (0.425) 0.0359** 0.0413 (1.497) 0.000388 (0.218) -0.0257 (-0.840) 0.0107 (0.389) 0.0306 (1.103) -0.00236 (-0.976) 0.0362*** (3.971) -0.00992 (-0.921) 0.00215 (0.228) -0.0348*** (-2.699) -0.00596 (-0.432) -0.00887 (-0.915) 0.00314 (0.0487) -0.0198 (-0.819) 0.0142** 0.0230 (0.638) 0.00598* (1.817) -0.0465 (-1.124) 0.00219 (0.0591) 0.0268 (0.625) -2.68e-05 (-0.00787) 0.0431*** (3.453) -0.00823 (-0.547) 0.0248* (1.854) -0.0274 (-1.606) -0.00841 (-0.467) -0.00538 (-0.416) -0.0438 (-0.507) 0.0161 (0.468) 0.0142 0.0740 (1.547) 0.00252 (0.681) 0.00857 (0.166) -0.0345 (-0.747) 0.123** (2.426) -0.00913** (-2.071) 0.0371** (2.319) -0.00685 (-0.344) 0.00159 (0.0908) -0.0469** (-2.101) -0.0190 (-0.763) 0.0140 (0.768) 0.0283 (0.265) 0.0321 (0.754) 0.00288 -0.0165 (-0.705) -0.00189 (-0.603) -0.0104 (-0.638) -0.00199 (-0.144) 0.0176 (0.904) 0.00319* (1.720) -0.0213*** (-3.498) -0.0138* (-1.884) 0.0695*** (7.634) 0.0214*** (2.833) 0.00349 (0.297) -0.00625 (-0.647) 0.0279 (0.675) -0.0165 (-0.824) -0.00253 0.0314 (1.238) -0.00428 (-1.474) 0.0628* (1.757) -0.0356 (-1.186) -0.0434 (-1.498) 0.00598** (2.368) 0.0115 (1.279) -0.0159 (-1.589) -0.00294 (-0.315) 0.119*** (7.253) -0.00814 (-0.591) 0.00419 (0.382) -0.0398 (-0.909) 0.00646 (0.245) -0.00512 0.0223 (0.860) -0.00383 (-1.201) 0.0391 (1.400) -0.0223 (-0.928) -0.000564 (-0.0218) 0.00709*** (2.998) -0.0112 (-1.497) -0.0284*** (-3.323) 0.0490*** (4.966) 0.108*** (8.182) -0.00203 (-0.150) -0.00204 (-0.179) 0.00233 (0.0467) -0.00819 (-0.319) -0.00635 228 CO135 COFAR ROAD IMARK REGI1 is based REGI2 REGI3 REGI4 REGI5 REGI6 Constant Observations Note: (-0.498) 0.0297 (0.868) 0.0618** (2.003) 0.00929 (0.254) -0.0350 (-1.495) (0.293) 0.0265 (0.865) 0.0544** (1.986) 0.0151 (0.465) -0.0169 (-0.820) (2.449) 0.00496 (0.136) 0.0294 (0.931) -0.00399 (-0.102) 0.0243 (1.050) (1.526) 0.0401 (0.652) 0.0421 (0.799) 0.0474 (0.697) -0.0160 (-0.415) (2.061) 0.0185 (0.242) -0.0416 (-0.639) 0.0586 (0.712) -0.0392 (-0.849) (2.303) 0.00743 (0.302) 0.0392* (1.729) 0.0241 (0.893) -0.00839 (-0.517) (1.556) -0.0845** (-2.419) 0.112*** (3.558) -0.0446 (-1.148) 0.0448* (1.953) (0.268) 0.0136 (0.287) 0.0226 (0.559) 0.0203 (0.408) 0.0290 (0.970) (-0.592) 0.00618 (0.298) -0.00459 (-0.279) 0.0281 (1.124) -0.00472 (-0.418) (-0.850) 0.00624 (0.229) 0.00965 (0.437) 0.0281 (0.980) -0.0153 (-0.938) (-1.191) 0.0242 (0.912) 0.00425 (0.200) 0.0537* (1.897) -0.0266* (-1.724) -0.0459 (-1.109) -0.0309 (-0.888) 0.115** (2.231) -0.0644 (-1.308) -0.0357 (-0.915) 0.0184 (0.160) 3,021 -0.0439 (-1.198) -0.0124 (-0.427) 0.119*** (2.624) -0.0755* (-1.859) -0.0743** (-2.270) 0.123 (1.315) 3,021 0.0341 (0.871) -0.0221 (-0.669) 0.0213 (0.413) -0.0237 (-0.529) -0.0995*** (-2.761) 0.141 (1.260) 3,021 -0.000864 (-0.0133) 0.0235 (0.448) 0.0806 (1.021) 0.00699 (0.0945) 0.0833 (1.431) -0.150 (-0.802) 3,021 -0.0787 (-0.974) -0.103 (-1.608) -0.0877 (-0.842) -0.114 (-1.314) -0.0405 (-0.587) 0.148 (0.611) 3,021 -0.0590** (-2.151) -0.0799*** (-3.352) -0.115*** (-3.115) -0.00165 (-0.0454) -0.139*** (-5.582) -0.0139 (-0.168) 3,021 -0.0429 (-1.041) -0.105*** (-3.166) -0.0960* (-1.917) -0.0243 (-0.543) -0.153*** (-4.156) 0.0212 (0.184) 3,021 0.0742 (1.419) -0.0341 (-0.793) 0.0355 (0.523) 0.0633 (1.099) -0.0757 (-1.627) -0.190 (-1.368) 3,021 -0.0270 (-1.576) -0.0133 (-1.040) -0.0500** (-2.304) -0.00344 (-0.217) -0.00430 (-0.290) -0.0415 (-0.758) 3,021 -0.00208 (-0.0740) -0.00366 (-0.153) -0.00792 (-0.226) -0.0110 (-0.429) 0.0195 (0.744) -0.00720 (-0.111) 3,021 -0.0298 (-1.151) -0.0151 (-0.691) -0.0280 (-0.901) -0.0136 (-0.556) 0.0157 (0.676) -0.0539 (-0.802) 3,021 T-statistics in parentheses *, **, and *** : significant at 10%, 5% and 1%, respectively 229 APPENDIX 7.7 Impact of HS1A and the Role of Microcredit – VFE VARIABLES HS1A (β1) HS1A*CR (β2) MARI GENDER ETHI GRAD SIZE SFEM SAGE1 SAGE3 LAND1 LAND2 HOME POOR INSU EINC TINC TCON ECON HCON FCON NCFD NCFA CHILD OLD NWW -0.0159 (-0.407) -0.00136 (-0.273) 0.0653 (1.352) 0.0726* (1.760) 0.162 (1.590) 0.00296 (0.625) 0.0627*** (3.880) -0.0283 (-1.577) -0.0169 (-1.041) -0.0301 (-1.326) -0.0591** (-2.317) 0.00487 (0.309) -0.105 (-0.797) -0.0679 (-1.636) -0.0238** -0.0324 (-0.961) -7.87e-05 (-0.0174) -0.000864 (-0.0209) 0.0704* (1.938) 0.171* (1.882) -0.00106 (-0.265) 0.00970 (0.716) -0.00197 (-0.122) -0.00608 (-0.425) -0.0301* (-1.682) -0.0540** (-2.298) 0.0145 (1.040) 0.0550 (0.504) -0.0764** (-2.175) -0.00941 0.0586 (1.436) 0.00675* (1.696) 0.0413 (0.815) -0.0163 (-0.350) 0.109 (1.231) -0.0135*** (-2.881) -0.0381** (-2.508) -0.00743 (-0.396) -0.00582 (-0.351) -0.0569*** (-2.757) -0.00332 (-0.124) 0.0217 (1.280) 0.0923 (0.836) -0.0316 (-0.813) 0.0250** 0.0452 (0.703) -0.00549 (-0.787) -0.0620 (-0.737) -0.0561 (-0.718) 0.159 (0.969) 0.00478 (0.609) -0.0409 (-1.532) 0.0223 (0.710) 0.252*** (8.803) -0.0165 (-0.476) -0.0496 (-0.960) -0.0121 (-0.304) -0.175 (-0.948) -0.0973 (-1.407) 0.0324 0.355*** (4.911) 0.00794 (0.859) 0.140 (1.414) -0.0263 (-0.294) -0.0423 (-0.189) -0.00691 (-0.761) -0.0147 (-0.480) -0.0235 (-0.649) 0.000179 (0.00543) 0.0239 (0.582) 0.0553 (1.106) -0.0376 (-1.031) 0.172 (0.749) 0.0154 (0.179) 0.0267 0.00237 (0.0914) 0.000448 (0.166) -0.0334 (-1.043) 0.00906 (0.314) 0.131* (1.880) 0.00181 (0.587) 0.0450*** (4.264) -0.0113 (-0.897) -0.00308 (-0.278) -0.0248* (-1.682) -0.0323* (-1.777) -0.00290 (-0.267) 0.0142 (0.176) -0.0237 (-0.829) 0.00836 -0.0385 (-1.028) 0.00969** (2.204) -0.00199 (-0.0420) -0.0123 (-0.288) -0.0805 (-1.007) 0.000764 (0.180) 0.0525*** (3.554) -0.0274 (-1.527) 0.0200 (1.296) -0.0174 (-0.889) -0.0336 (-1.487) 0.00534 (0.425) 0.00441 (0.0427) 0.0162 (0.394) 0.0131 0.0213 (0.407) 0.01000* (1.930) -0.0203 (-0.324) -0.0184 (-0.321) 0.181* (1.664) -0.00774 (-1.344) 0.0270 (1.387) -0.00670 (-0.278) 0.00598 (0.288) -0.0387 (-1.477) -0.0253 (-0.760) 0.0211 (1.001) 0.0144 (0.106) -0.00133 (-0.0257) 0.0113 0.00161 (0.0898) -0.00448* (-1.712) 0.00980 (0.495) 0.00398 (0.223) 0.0937* (1.666) 0.00120 (0.546) -0.0255*** (-3.420) -0.0126 (-1.399) 0.0754*** (7.108) 0.0213** (2.188) 0.0319** (1.984) -0.0192 (-1.385) -0.0202 (-0.344) -0.0290 (-1.139) 0.000824 0.0363 (1.351) -1.42e-05 (-0.00374) 0.0429 (1.101) -0.0102 (-0.319) 0.00372 (0.0596) 0.00899*** (2.814) 0.0214* (1.886) -0.0291** (-2.086) -0.00711 (-0.596) 0.139*** (7.627) 0.00967 (0.577) -0.00180 (-0.161) -0.0639 (-0.774) -0.00845 (-0.255) -0.00722 0.0125 (0.519) -0.00376 (-1.149) 0.0369 (1.117) 0.00674 (0.237) 0.0909 (1.519) 0.00676** (2.294) -0.00753 (-0.778) -0.0322*** (-2.740) 0.0481*** (3.817) 0.120*** (7.862) 0.0305* (1.646) -0.0127 (-0.842) -0.0723 (-1.093) -0.0193 (-0.582) -0.00752 230 CO135 COFAR ROAD IMARK REGI1 is based REGI2 REGI3 REGI4 REGI5 REGI6 Constant Observations Note: (-2.171) 0.319 (0.378) 0.133 (0.427) -0.114 (-0.167) 0.561*** (3.544) (-0.953) 0.336 (0.422) 0.00248 (0.00980) -0.0870 (-0.129) 0.651*** (3.447) (2.139) 1.791** (2.236) -0.477 (-1.180) -1.209** (-2.206) 1.113*** (2.638) (1.642) 0.610 (0.522) -0.767 (-1.471) 0.232 (0.221) 1.490 (1.195) (1.145) 0.252 (0.120) 0.222 (0.167) 0.112 (0.0635) 1.959* (1.870) (1.063) 0.822** (2.043) -0.304** (-2.324) -0.763** (-2.230) 0.459 (1.083) (1.139) 0.959 (1.152) -0.579 (-1.169) -1.290*** (-2.687) 0.637*** (2.793) (0.771) 0.752 (0.693) -0.0688 (-0.103) -0.477 (-0.860) 0.564 (0.989) (0.155) 0.103 (1.017) -0.0273 (-0.418) 0.0369 (0.598) 0.0194 (0.264) (-0.917) 0.746 (1.135) -0.0102 (-0.128) -0.0192 (-0.237) 0.482 (1.186) (-0.989) 0.797 (1.169) -0.0184 (-0.411) 0.0340 (0.740) 0.275 (1.045) -0.167 (-0.226) -0.382 (-0.459) -0.902 (-1.117) -0.835 (-1.036) -0.742 (-0.748) -0.00119 (-0.00120) 3,021 -0.599 (-0.937) -0.740 (-0.968) -1.083 (-1.534) -0.968 (-1.337) -1.026 (-1.109) 0.208 (0.228) 3,021 -1.169** (-2.364) -1.361** (-1.963) -0.906 (-1.557) -0.891 (-1.279) -2.036*** (-2.877) 1.403** (2.402) 3,021 -1.708 (-1.345) -2.472* (-1.801) -0.242 (-0.189) -0.570 (-0.382) -0.625 (-0.397) 0.0435 (0.0403) 3,021 -4.075*** (-3.356) -2.730** (-2.296) -2.418** (-2.359) -3.323** (-2.175) -2.533 (-1.379) 0.373 (0.203) 3,021 -0.484 (-0.914) -0.380 (-0.673) -0.172 (-0.346) -0.281 (-0.471) -0.910 (-1.581) 0.495 (1.217) 3,021 -0.0931 (-0.237) -0.502 (-1.349) 0.577 (0.954) 0.301 (0.596) -0.936* (-1.797) 0.782 (1.511) 3,021 -0.411 (-0.518) -0.305 (-0.343) -0.479 (-0.570) -0.348 (-0.347) -0.706 (-0.909) 0.115 (0.196) 3,021 -0.0259 (-0.239) -0.0530 (-0.465) -0.552 (-0.855) 0.0108 (0.129) -0.0126 (-0.118) -0.0750 (-0.695) 3,021 -0.813 (-1.511) -0.478 (-1.146) -0.515 (-1.263) -0.507 (-1.246) -0.448 (-1.076) -0.0984 (-0.880) 3,021 -0.599 (-1.362) -0.287 (-1.042) -0.401 (-1.130) -0.286 (-1.056) -0.242 (-0.880) -0.131 (-1.404) 3,021 T-statistics in parentheses *, **, and *** : significant at 10%, 5% and 1%, respectively 231 APPENDIX 7.8 Impact of HS1A and the Role of Microcredit – Without VFE VARIABLES HS1A (β1) HS1A*CR (β2) MARI GENDER ETHI GRAD SIZE SFEM SAGE1 SAGE3 LAND1 LAND2 HOME POOR INSU EINC TINC TCON ECON HCON FCON NCFD NCFA CHILD OLD NWW -0.00882 (-0.292) 0.000469 (0.120) 0.0365 (0.877) 0.0655* (1.852) 0.122*** (3.060) -0.00211 (-0.606) 0.0322** (2.518) -0.00780 (-0.549) -0.0214* (-1.646) -0.0596*** (-3.204) -0.0371** (-2.187) 0.00299 (0.330) -0.0796 (-0.892) -0.0457 (-1.310) -0.00516 -0.0169 (-0.661) 0.000326 (0.0977) -0.00809 (-0.232) 0.0723** (2.363) 0.123*** (3.452) -0.00458 (-1.552) -0.0151 (-1.354) 0.0161 (1.230) -0.0129 (-1.083) -0.0437*** (-2.909) -0.0313* (-1.951) 0.00497 (0.572) -0.0179 (-0.250) -0.0557* (-1.940) 0.00160 0.0669** (2.299) 0.000632 (0.214) 0.0230 (0.570) 0.00780 (0.215) 0.0701* (1.791) -0.0107*** (-3.179) -0.0347*** (-2.836) -0.00184 (-0.121) -0.00956 (-0.723) -0.0559*** (-3.236) -0.00118 (-0.0672) 0.00742 (0.622) 0.0177 (0.210) -0.00891 (-0.276) 0.0203** 0.0832* (1.761) -0.00357 (-0.546) -0.0439 (-0.666) -0.0450 (-0.730) -0.0370 (-0.574) 0.00701 (1.226) -0.0205 (-0.951) -0.0141 (-0.555) 0.247*** (10.57) -0.0199 (-0.745) -0.0540 (-1.559) -0.0201 (-0.780) 0.0823 (0.543) -0.0968* (-1.822) 0.0212 0.313*** (5.919) 0.0127** (2.304) 0.116 (1.418) -0.0165 (-0.231) -0.0378 (-0.459) -0.000937 (-0.133) -0.00167 (-0.0661) -0.0339 (-1.118) 0.00756 (0.274) 0.0301 (0.878) 0.0403 (1.122) -0.0559** (-2.126) -0.281 (-1.465) 0.0164 (0.237) 0.0347** 0.0138 (0.682) 0.000263 (0.145) -0.0257 (-0.839) 0.0113 (0.409) 0.0312 (1.127) -0.00239 (-0.986) 0.0371*** (4.076) -0.00937 (-0.870) -0.000446 (-0.0478) -0.0380*** (-2.977) -0.00540 (-0.392) -0.00887 (-0.916) 0.00438 (0.0679) -0.0203 (-0.838) 0.0145** -0.0218 (-0.783) 0.00832*** (2.765) -0.0440 (-1.066) 0.00162 (0.0438) 0.0296 (0.692) -0.000184 (-0.0541) 0.0441*** (3.536) -0.00763 (-0.507) 0.0234* (1.790) -0.0284* (-1.688) -0.00774 (-0.431) -0.00505 (-0.391) -0.0415 (-0.481) 0.0112 (0.324) 0.0145 0.0479 (1.295) 0.00388 (1.119) 0.00795 (0.154) -0.0343 (-0.743) 0.122** (2.425) -0.00913** (-2.071) 0.0387** (2.422) -0.00659 (-0.332) -0.00294 (-0.170) -0.0526** (-2.381) -0.0186 (-0.745) 0.0142 (0.778) 0.0283 (0.264) 0.0288 (0.677) 0.00273 -0.00417 (-0.289) -0.00228 (-0.980) -0.0107 (-0.661) -0.00194 (-0.142) 0.0173 (0.887) 0.00322* (1.733) -0.0218*** (-3.559) -0.0139* (-1.915) 0.0706*** (7.747) 0.0225*** (3.074) 0.00331 (0.282) -0.00634 (-0.656) 0.0275 (0.664) -0.0151 (-0.742) -0.00258 0.0117 (0.563) -0.000824 (-0.253) 0.0630* (1.765) -0.0355 (-1.187) -0.0415 (-1.427) 0.00592** (2.349) 0.0118 (1.326) -0.0157 (-1.566) -0.00382 (-0.414) 0.118*** (7.215) -0.00764 (-0.555) 0.00430 (0.392) -0.0399 (-0.913) 0.00606 (0.230) -0.00528 -0.000247 (-0.0134) -0.00216 (-0.846) 0.0395 (1.411) -0.0219 (-0.914) 0.00135 (0.0520) 0.00704*** (2.974) -0.0108 (-1.468) -0.0279*** (-3.277) 0.0483*** (4.979) 0.107*** (8.165) -0.00146 (-0.108) -0.00207 (-0.181) 0.00311 (0.0623) -0.00739 (-0.285) -0.00617 232 CO135 COFAR ROAD IMARK REGI1 is based REGI2 REGI3 REGI4 REGI5 REGI6 Constant Observations Note: (-0.627) 0.0313 (0.914) 0.0627** (2.022) 0.00856 (0.233) -0.0341 (-1.457) (0.213) 0.0275 (0.896) 0.0545** (1.983) 0.0147 (0.451) -0.0163 (-0.787) (2.450) 0.00598 (0.165) 0.0294 (0.932) -0.00456 (-0.116) 0.0241 (1.041) (1.459) 0.0418 (0.680) 0.0448 (0.848) 0.0466 (0.683) -0.0161 (-0.419) (1.990) 0.0234 (0.306) -0.0374 (-0.575) 0.0553 (0.668) -0.0404 (-0.872) (2.347) 0.00724 (0.295) 0.0387* (1.711) 0.0241 (0.894) -0.00860 (-0.530) (1.587) -0.0838** (-2.404) 0.110*** (3.479) -0.0450 (-1.159) 0.0455** (1.981) (0.253) 0.0146 (0.309) 0.0228 (0.564) 0.0197 (0.393) 0.0290 (0.969) (-0.600) 0.00597 (0.287) -0.00422 (-0.256) 0.0282 (1.129) -0.00478 (-0.424) (-0.878) 0.00737 (0.270) 0.00882 (0.399) 0.0276 (0.966) -0.0148 (-0.907) (-1.156) 0.0244 (0.918) 0.00337 (0.158) 0.0538* (1.901) -0.0264* (-1.713) -0.0442 (-1.067) -0.0321 (-0.924) 0.115** (2.221) -0.0646 (-1.306) -0.0416 (-1.047) 0.0249 (0.216) 3,021 -0.0428 (-1.167) -0.0129 (-0.445) 0.120*** (2.640) -0.0746* (-1.833) -0.0758** (-2.300) 0.126 (1.350) 3,021 0.0330 (0.843) -0.0241 (-0.732) 0.0157 (0.304) -0.0280 (-0.624) -0.104*** (-2.849) 0.139 (1.241) 3,021 0.000269 (0.00414) 0.0203 (0.387) 0.0727 (0.917) 0.000423 (0.00569) 0.0679 (1.138) -0.143 (-0.759) 3,021 -0.0839 (-1.041) -0.113* (-1.766) -0.117 (-1.123) -0.136 (-1.566) -0.0764 (-1.091) 0.156 (0.648) 3,021 -0.0597** (-2.179) -0.0800*** (-3.356) -0.116*** (-3.132) -0.00227 (-0.0623) -0.138*** (-5.458) -0.0163 (-0.197) 3,021 -0.0448 (-1.089) -0.105*** (-3.167) -0.0943* (-1.885) -0.0222 (-0.495) -0.146*** (-3.896) 0.0165 (0.143) 3,021 0.0730 (1.396) -0.0358 (-0.834) 0.0309 (0.455) 0.0600 (1.042) -0.0802* (-1.701) -0.189 (-1.361) 3,021 -0.0263 (-1.539) -0.0131 (-1.020) -0.0495** (-2.267) -0.00326 (-0.204) -0.00488 (-0.312) -0.0407 (-0.745) 3,021 -0.00176 (-0.0626) -0.00470 (-0.196) -0.00861 (-0.246) -0.0115 (-0.451) 0.0199 (0.766) -0.00855 (-0.132) 3,021 -0.0295 (-1.143) -0.0152 (-0.694) -0.0273 (-0.879) -0.0132 (-0.538) 0.0186 (0.789) -0.0567 (-0.843) 3,021 T-statistics in parentheses *, **, and *** : significant at 10%, 5% and 1%, respectively 233 APPENDIX 8.1 Access to Credit by Poverty status Source Microcredit Non-microcredit Formal Informal Any Sources Total NTP Commune No Yes 401 484 (45.3%) (54.7%) 1005 891 (53.0%) (47.0%) 975 933 (51.1%) (48.9%) 487 480 (50.4%) (49.6%) 1355 1299 (51.1%) (48.9%) 3849 3239 (54.3%) (45.7%) Poverty Status No Yes 649 236 (73.3%) (26.7%) 1496 400 (78.9%) (21.1%) 1468 440 (76.9%) (23.1%) 755 212 (78.1%) (21.9%) 2058 596 (77.5%) (22.5%) 5514 1574 (77.8%) (22.2%) Total 885 (100%) 1896 (100%) 1908 (100%) 967 (100%) 2654 (100%) 7088 (100%) 234 APPENDIX 8.2 Difficulties in Accessing to Agricultural Input (Seed, Fertilizers) Difficulties No difficulties Lack of suppliers Prices too high Not enough information Not able to buy on credit Not enough access to credit Poor transport infrastructure Other Difficulties Total Non-adopters Adopters Whole Sample No % No % No % 305 63.7% 1,424 72.7% 1729 70.9% 18 3.8% 84 4.3% 102 4.2% 37 7.7% 217 11.1% 254 10.4% 16 3.3% 55 2.8% 71 2.9% 15 3.1% 73 3.7% 88 3.6% 1.3% 0.2% 10 0.4% 76 15.9% 97 5.0% 173 7.1% 1.3% 0.3% 11 0.5% 479 100.0% 1,959 100.0% 2,438 100.0% ... the local authorities, policy-makers and practitioners to recognize and understand the role of microcredit in fostering investment and then improving living standard of the rural households Thenceforth,...MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY ***** Pham Tien Thanh MICROCREDIT AND WELFARE OF THE RURAL HOUSEHOLDS IN VIETNAM Major: Development Economics. .. research includes the following specific objective: (1) Investigate the determinants of accessibility to microcredit of the rural households; in particular, whether microcredit targets the poor and