Macroinsurance for Microenterprises: A Randomized Experiment in Post-Revolution Egypt
Firms in many developing countries cite macroeconomic instability and political uncertainty as major constraints to their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. A randomized experiment was conducted in post-revolution Egypt to...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2014
|
| Online-Zugang: | BSB01 FHI01 HTW01 EUV01 URL des Erstveröffentlichers |
| Zusammenfassung: | Firms in many developing countries cite macroeconomic instability and political uncertainty as major constraints to their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. A randomized experiment was conducted in post-revolution Egypt to measure the impact of insuring microenterprises against macroeconomic and political uncertainty. Demand for macroeconomic shock insurance was high; 36.7 percent of microentrepreneurs in the treatment group purchased insurance. However, purchasing insurance does not change the likelihood that a business takes a new loan, the size of the loan, or how the loan is invested. This lack of effect is attributed to microenterprises largely investing in inventories and raw materials rather than irreversible investments like equipment. These results suggest that, contrary to what some firms profess, macroeconomic and political risk is not inhibiting the investment behavior of microenterprises. However, insurance may still be of value to help firms cope with shocks when they do occur, but the paper is unable to examine this dimension, because the insurance product did not pay out over the course of the pilot |
| Beschreibung: | 1 Online-Ressource (38 p) |
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| 520 | |a Firms in many developing countries cite macroeconomic instability and political uncertainty as major constraints to their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. A randomized experiment was conducted in post-revolution Egypt to measure the impact of insuring microenterprises against macroeconomic and political uncertainty. Demand for macroeconomic shock insurance was high; 36.7 percent of microentrepreneurs in the treatment group purchased insurance. However, purchasing insurance does not change the likelihood that a business takes a new loan, the size of the loan, or how the loan is invested. This lack of effect is attributed to microenterprises largely investing in inventories and raw materials rather than irreversible investments like equipment. These results suggest that, contrary to what some firms profess, macroeconomic and political risk is not inhibiting the investment behavior of microenterprises. However, insurance may still be of value to help firms cope with shocks when they do occur, but the paper is unable to examine this dimension, because the insurance product did not pay out over the course of the pilot | ||
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| spelling | Groh, Matthew Verfasser aut Macroinsurance for Microenterprises A Randomized Experiment in Post-Revolution Egypt Groh, Matthew Washington, D.C The World Bank 2014 1 Online-Ressource (38 p) txt rdacontent c rdamedia cr rdacarrier Firms in many developing countries cite macroeconomic instability and political uncertainty as major constraints to their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. A randomized experiment was conducted in post-revolution Egypt to measure the impact of insuring microenterprises against macroeconomic and political uncertainty. Demand for macroeconomic shock insurance was high; 36.7 percent of microentrepreneurs in the treatment group purchased insurance. However, purchasing insurance does not change the likelihood that a business takes a new loan, the size of the loan, or how the loan is invested. This lack of effect is attributed to microenterprises largely investing in inventories and raw materials rather than irreversible investments like equipment. These results suggest that, contrary to what some firms profess, macroeconomic and political risk is not inhibiting the investment behavior of microenterprises. However, insurance may still be of value to help firms cope with shocks when they do occur, but the paper is unable to examine this dimension, because the insurance product did not pay out over the course of the pilot McKenzie, David oth Groh, Matthew oth Groh, Matthew Macroinsurance for Microenterprises http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-7048 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Groh, Matthew Macroinsurance for Microenterprises A Randomized Experiment in Post-Revolution Egypt |
| title | Macroinsurance for Microenterprises A Randomized Experiment in Post-Revolution Egypt |
| title_auth | Macroinsurance for Microenterprises A Randomized Experiment in Post-Revolution Egypt |
| title_exact_search | Macroinsurance for Microenterprises A Randomized Experiment in Post-Revolution Egypt |
| title_exact_search_txtP | Macroinsurance for Microenterprises A Randomized Experiment in Post-Revolution Egypt |
| title_full | Macroinsurance for Microenterprises A Randomized Experiment in Post-Revolution Egypt Groh, Matthew |
| title_fullStr | Macroinsurance for Microenterprises A Randomized Experiment in Post-Revolution Egypt Groh, Matthew |
| title_full_unstemmed | Macroinsurance for Microenterprises A Randomized Experiment in Post-Revolution Egypt Groh, Matthew |
| title_short | Macroinsurance for Microenterprises |
| title_sort | macroinsurance for microenterprises a randomized experiment in post revolution egypt |
| title_sub | A Randomized Experiment in Post-Revolution Egypt |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-7048 |
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