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Labeled loans and human capital investments

Augsburg, Britta, Caeyers, Bet, Giunti, Sara, Malde, Bansi, Smets, Susanna (2023) Labeled loans and human capital investments. Journal of Development Economics, 162 . Article Number 103053. ISSN 0304-3878. (doi:10.1016/j.jdeveco.2023.103053) (KAR id:99760)

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DOI for this version: 10.22024/UniKent/01.02.99760.3359148

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Imperfect capital markets and commitment problems impede lumpy human capital investments. Labeled loans have been postulated as a potential solution to both constraints, but little is known about the role of the label in influencing investment choices in practice. We draw on a cluster randomized controlled trial in rural India to test predictions from a theoretical model, providing novel evidence that labeled microcredit is effective in influencing household borrowing and investment decisions and increasing take-up of a lumpy human capital investment, a toilet.

Item Type: Article
DOI/Identification number: 10.1016/j.jdeveco.2023.103053
Additional information: For the purpose of open access, the author has applied a CC BY public copyright licence to any Author Accepted Manuscript version arising from this submission.
Uncontrolled keywords: Credit constraints; Microcredit; Labels; Commitment device; Fungibility; Sanitation; Subsidies
Subjects: H Social Sciences
H Social Sciences > HB Economic Theory
H Social Sciences > HC Economic History and Conditions
Divisions: Divisions > Division of Human and Social Sciences > School of Economics
Funders: Economic and Social Research Council (
Depositing User: Bansi Malde
Date Deposited: 30 Jan 2023 10:08 UTC
Last Modified: 25 Jul 2023 14:54 UTC
Resource URI: (The current URI for this page, for reference purposes)
Malde, Bansi:
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