Re-Re-Reply to "The Impact of Microcredit on the Poor in Bangladesh : Revisiting the Evidence"
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World Bank, Washington, DC
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"The Impact of Microcredit on the
Poor in Bangladesh: Revisiting the Evidence," by David
Roodman and Jonathan Morduch (2014) (henceforth RM) is the
most recent of a sequence of papers and web postings that
seeks to refute the findings of the Pitt and Khandker (1998;
henceforth PK) article "The Impact of Group-Based
Credit on Poor Households in Bangladesh: Does the Gender of
Participants Matter?" that microcredit for women had
significant, favorable effects on household consumption and
other outcomes. In this version of RM, the authors have
backed off many of their prior claims and methods after
earlier replies noted their faults (see Pitt (1999), Pitt
(2011a), Pitt (2011b), and Pitt and Khandker (2012)).
Nonetheless, important claims against PK remain in this new
version of RM and are addressed below. Readers should refer
to Pitt and Khandker (2012) for a discussion of other issues
with RM, including a discussion of the bimodal likelihood.
Palabras clave
AGRICULTURE, BOOTSTRAP, BORROWING, CONSISTENT ESTIMATES, CONSISTENT ESTIMATOR, CONSTANT TERM, COVARIANCE, DEPENDENT VARIABLE, DEVELOPMENT POLICY, DEVELOPMENT RESEARCH, DUMMY VARIABLE, DUMMY VARIABLES, ECONOMETRIC MODEL, ECONOMETRIC MODELING, ECONOMETRICS, ECONOMICS, ENDOGENOUS VARIABLES, EQUATIONS, ERROR, ERROR TERM, ERROR TERMS, ERROR VARIANCE, EXOGENOUS VARIABLES, F-TEST, FIXED EFFECTS, FREE PARAMETERS, INDEPENDENT VARIABLE, INDEPENDENT VARIABLES, INSTRUMENTAL VARIABLES, INSTRUMENTAL VARIABLES ESTIMATION, JOURNAL OF ECONOMETRICS, KURTOSIS, LIKELIHOOD FUNCTION, LINEAR REGRESSION, LOGARITHMS, MATHEMATICS, MATRICES, MATRIX, MAXIMUM LIKELIHOOD, MAXIMUM LIKELIHOOD ESTIMATION, MAXIMUM LIKELIHOOD ESTIMATOR, MAXIMUM LIKELIHOOD ESTIMATORS, MEAN VALUE, 0 HYPOTHESIS, NUMBER OF OBSERVATIONS, OUTLIERS, POLITICAL ECONOMY, POLYNOMIALS, POSITIVE EFFECTS, PRECISION, PREDICTION, PROBABILITY, RESEARCH WORKING PAPERS, SAMPLE SIZE, SCENARIO, SENSITIVITY ANALYSIS, SIMULATION, SIMULATIONS, SIMULTANEOUS EQUATIONS, SKEWNESS, SLOPE COEFFICIENTS, SMALL SAMPLE, STANDARD DEVIATION, STANDARD DEVIATIONS, STATA, STATA CODE, STATISTICAL MODELS, STATISTICAL SIGNIFICANCE, T-RATIO, T-RATIOS, TEST STATISTIC, TEST STATISTICS, WEALTH, WEIGHTING