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英文文献：Working Paper 317 - Women Self-Selection out of the Credit Market in Africa-工作文件317 -非洲妇女自我选择退出信贷市场
英文文献作者：Hanan Morsy,Amira El-Shal,Andinet Woldemichael
英文文献摘要：
Women are disproportionately disadvantaged in access to finance in Africa. While supply-side detriments, such as high interest rates and collateral requirements, are well documented in the literature, little is understood about how demand-side factors contribute to the observed gender gap in access to finance. This paper provides the first empirical evidence on how women managers’ perception about their creditworthiness contributes to the large gender gap in Africa, particularly in the Northern region. One of the innovations of the paper is introducing a theoretical model using the credit market framework with imperfect and asymmetric information to explain what may drive loan applicants to self-select. We use firm-level data for 47 African countries from the World Bank Enterprise Survey. We find that women entrepreneurs in Africa, in general, and in North Africa, in particular, are more likely to self-select themselves out of the credit market due to low perceived creditworthiness compared to their men counterparts. The results also suggest that the observed self-selection behavior is not a response mechanism to current discriminatory lending practices by the banks. The results are robust to different empirical specifications. The findings will inform policies towards greater financial inclusion of women in the region.
在非洲，妇女在获得资金方面处于不成比例的不利地位。虽然文献中详细记载了供给方面的不利因素，如高利率和担保要求，但对于需求方面的因素如何导致在获得融资方面观察到的性别差距，人们知之甚少。这篇论文提供了第一个实证证据，说明在非洲，特别是在北部地区，女性管理者对其信誉度的看法如何导致了巨大的性别差距。本文的创新之处在于引入了一个利用信息不完全和不对称的信贷市场框架的理论模型来解释是什么驱动了贷款申请人的自我选择。我们使用了来自世界银行企业调查的47个非洲国家的企业层面的数据。我们发现，非洲的女性企业家，特别是北非的女性企业家，更有可能选择自己退出信贷市场，因为与她们的男性同行相比，她们的信用度较低。研究结果还表明，所观察到的自我选择行为并不是对当前银行歧视性贷款行为的反应机制。结果对不同的实证规范具有较强的鲁棒性。该研究结果将为该地区提高妇女金融包容性的政策提供信息。
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