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Submitted by Nathan Fiala on

Raj Raina,

Thanks for your comment. In this study I follow businesses over time, so I can describe the dynamics of the control group. Those that did not receive any programs did in fact see their real profits increase steadily over time, which is not surprising for a dynamic economy such as Uganda.

As for the lending rate, we made sure to standardize it across everyone. The interest rate was reduced slightly to 20% (from 26%) for everyone, regardless of product or gender. In future work I hope to be able to address the issue of lending rate effects, but for this study I can't say how interest rates mattered for the outcomes.