So…did microcredit “work” in Manila? Mostly not, as far as the evidence goes. Rossi’s Stainless Steel Law has held: the better the study, the weaker the effect found.
The results from the first randomized study weren't much better.
Via Blattman, who adds: "Aside: What is wrong with the aid industry that the evidence on microcredit – started in 1974 – is still uncertain and early?"
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