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Abstract
Household welfare can be improved through microfinancial institutions' support by providing microcredit programs. The shock of the COVID-19 pandemic caused the impact on household welfare to decrease by 2.6% in 2020 in Bengkulu. This study aims to evaluate the impact of the People's Business Credit (KUR) program on the welfare of business households in Bengkulu Province through the National Socio-Economic Survey of the Central Bureau of Statistics (SUSENAS) for the 2022 wave using the propensity score matching (PSM) method. The study results show that microcredit influences household welfare in Bengkulu. Households receiving KUR had higher expenditures of 8.89% than groups not receiving the KUR program. In addition, age, number of households, education, savings account, marital status, and agricultural business influence KUR program recipient participation. The KUR program is expected to improve the quality of MSMEs and provide recommendations for enhancing KUR program services to related financial institutions.
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References
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- Ahlin, C., & Jiang, N. (2008). Can Micro-Credit Bring Development? Journal of Development Economics, 86(1), 1–21. https://doi.org/10.1016/j.jdeveco.2007.08.002
- Akotey, J. O., & Adjasi, C. K. D. (2016). Does Microcredit Increase Household Welfare in the Absence of Microinsurance? World Development, 77(2012), 380–394. https://doi.org/10.1016/j.worlddev.2015.09.005
- Aktaruzzaman, K., & Farooq, O. (2017). Does Microcredit Increase Borrowers’ Savings? A Fuzzy Regression Discontinuity Design Approach. International Review of Applied Economics, 31(4), 495–507. https://doi.org/10.1080/02692171.2016.1263607
- Ali, I., Hatta, Z. A., Azman, A., & Islam, S. (2017). Microfinance as a Development and Poverty Alleviation Tool in Rural Bangladesh: A Critical Assessment. Asian Social Work and Policy Review, 11(1), 4–15. https://doi.org/10.1111/aswp.12106
- Amanor, K., Oteng-Abayie, E. F., Osei-Fosu, A. K., & Frimpong, P. B. (2023). A Decomposition Analysis of Microcredit Welfare Gaps in Ghana. A gender analysis. Social Sciences and Humanities Open, 7(1), 100464. https://doi.org/10.1016/j.ssaho.2023.100464
- Bhuiya, M. M. M., Khanam, R., Rahman, M. M., & Nghiem, S. (2019). Microcredit Participation and Child Schooling in Rural Bangladesh: Evidence From a Cross-Sectional Survey. Economic Analysis and Policy, 64, 293–301. https://doi.org/10.1016/j.eap.2019.09.005
- Christopher F. B. (2006). An Introduction to Modern Econometrics Using Stata. Christopher F. Baum - Google Books.
- Crépon, B., Devoto, F., Duflo, E., & Parienté, W. (2015). Estimating the Impact of Microcredit on Those Who Take It Up: Evidence from a Randomized Experiment in Morocco. American Economic Journal: Applied Economics, 7(1), 123–150. https://doi.org/10.1257/app.20130535
- Dao, N. D. (2020). Does The Microcredit Intervention Change The Life of The Low- and Middle-Income Households in Rural Vietnam? Evidence from panel data. World Development Perspectives, 20(September), 100259. https://doi.org/10.1016/j.wdp.2020.100259
- Duong, P. B., & Thanh, P. T. (2014). Impact Evaluation of Microcredit on Welfare of The Vietnamese Rural Households. Asian Social Science, 11(2), 190–201. https://doi.org/10.5539/ass.v11n2p190
- Félix, E. G. S., & Belo, T. F. (2019). The Impact of Microcredit on Poverty Reduction in Eleven Developing Countries in South-East Asia. Journal of Multinational Financial Management, 52–53(December), 100590. https://doi.org/10.1016/j.mulfin.2019.07.003
- Garcia, A., Lensink, R., & Voors, M. (2020). Does Microcredit Increase Aspirational Hope? Evidence From a Group Lending Scheme in Sierra Leone. World Development, 128, 104861. https://doi.org/10.1016/j.worlddev.2019.104861
- Garrido, M. M., Kelley, A. S., Paris, J., Roza, K., Meier, D. E., Morrison, R. S., & Aldridge, M. D. (2014). Methods for Constructing and Assessing Propensity Scores. Health Services Research, 49(5), 1701–1720. https://doi.org/10.1111/1475-6773.12182
- Hossain, M. K. (2012). Measuring the Impact of BRAC Microfinance Operations: A Case Study of a Village. International Business Research, 5(4), 112-123. https://doi.org/10.5539/ibr.v5n4p112
- Hsu, Y. C. (2014). Efficiency in Government Health Spending: A Super Slacks-Based Model. Quality and Quantity, 48(1), 111–126. https://doi.org/10.1007/s11135-012-9753-9
- Jeffrey M. W. (2013). Introductory Econometrics: a Modern Approach. 5th. In South-Western Cengange learning.
- Loubere, N. (2018). Indebted to Development: Microcredit as (de)Marginalisation in Rural China. Journal of Peasant Studies, 45(3), 585–609. https://doi.org/10.1080/03066150.2016.1236025
- Loubere, N., & Shen, Q. (2018). The Policy and Practice of Microcredit in Rural China: Toward a Relational Understanding of Heterogeneous Implementation. Modern China, 44(4), 418–452. https://doi.org/10.1177/0097700417753734
- Luan, D. X., Bauer, S., & Anh, N. T. L. (2015). Poverty Targeting and Income Impact of Subsidised Credit on Accessed Households in The Northern Mountainous Region of Vietnam. Journal of Agriculture and Rural Development in the Tropics and Subtropics, 116(2), 107–121.
- Montgomery, H., & Weiss, J. (2011). Can Commercially-Oriented Microfinance Help Meet the Millennium Development Goals? Evidence from Pakistan. World Development, 39(1), 87–109. https://doi.org/10.1016/j.worlddev.2010.09.001
- Adju, N. Y., Blongkod, H., & Panigoro, N. (2023). Pengaruh Pemberian Kredit Usaha Rakyat Terhadap Pendapatan Usaha Mikro Kecil dan Menengah. Jurnal Ekonomi, 28(1), 119–135. https://doi.org/10.24912/je.v28i1.1402
- Nopiah, R., & Islami, P. A. (2018). Dampak Sosial-Ekonomi Koperasi Difabel dan Perwujudan Microfinance Access. Inklusi, 5(2), 217-238. https://doi.org/10.14421/ijds.050204
- Ouertani, M. N., Naifar, N., & Ben Haddad, H. (2018). Assessing government spending efficiency and explaining inefficiency scores: DEA-bootstrap analysis in the case of Saudi Arabia. Cogent Economics and Finance, 6(1), 1–16. https://doi.org/10.1080/23322039.2018.1493666
- Putra, G. W., & Pujiyanto, P. (2020). Evaluasi Dampak Program Keluarga Harapan Terhadap Pemanfaatan Fasilitas Pelayanan Kesehatan untuk Layanan Persalinan di Indonesia (Analisis Data SUSENAS tahun 2018). Jurnal Ekonomi Kesehatan Indonesia, 5(1). https://doi.org/10.7454/eki.v5i1.3898
- Sarker, D. (2013). Microfinance for Disabled People. Research Journal of Finance and Accounting, 4(9), 118–125. https://doi.org/10.7176/rjfa/4-9-118
- Tahmasebi, A., & Askaribezayeh, F. (2021). Microfinance and Social Capital Formation- a Social Network Analysis Approach. Socio-Economic Planning Sciences, 76, 100978. https://doi.org/10.1016/j.seps.2020.100978
- Thanh, P. T., Saito, K., & Duong, P. B. (2019). Impact of Microcredit on Rural Household Welfare and Economic Growth in Vietnam. Journal of Policy Modeling, 41(1), 120–139. https://doi.org/10.1016/j.jpolmod.2019.02.007
- Thu, V. H., & Goto, D. (2020). Does Microfinance Improve the Household Welfare of Ethnic Minorities? Evidence from Bac Kan Province, Vietnam. Progress in Development Studies, 20(1), 65–83. https://doi.org/10.1177/1464993419886230
- Ulfa, M., & Mulyadi, M. (2020). Analisis Dampak Kredit Usaha Rakyat pada Sektor Usaha Mikro terhadap Penanggulangan Kemiskinan di Kota Makassar. Aspirasi: Jurnal Masalah-Masalah Sosial, 11(1), 17–28. https://doi.org/10.46807/aspirasi.v11i1.1294
- Van Rooyen, C., Stewart, R., & de Wet, T. (2012). The Impact of Microfinance in Sub-Saharan Africa: A Systematic Review of the Evidence. World Development, 40(11), 2249–2262. https://doi.org/10.1016/j.worlddev.2012.03.012
- Weber, O., & Ahmad, A. (2014). Empowerment through Microfinance: The Relation Between Loan Cycle and Level of Empowerment. World Development, 62, 75–87. https://doi.org/10.1016/j.worlddev.2014.05.012
- Yergin, H., Mercan, M., & Erol, A. (2015). Assessment of Efficiency and Effectiveness of Micro Credit Application From Socio-Economic and Political Perspectives: The Case of Hakkari. Procedia Economics and Finance, 23(October 2014), 176–179. https://doi.org/10.1016/s2212-5671(15)00405-0
References
Abera, W. H. (2019). Micro-Credits Work As An Effective Anti-Poverty Program For Poverty Eradication? Evidence From Ethiopia. Socio Economic Challenges, 3(2), 31–53. https://doi.org/10.21272/sec.3(2).31-53.2019
Ahlin, C., & Jiang, N. (2008). Can Micro-Credit Bring Development? Journal of Development Economics, 86(1), 1–21. https://doi.org/10.1016/j.jdeveco.2007.08.002
Akotey, J. O., & Adjasi, C. K. D. (2016). Does Microcredit Increase Household Welfare in the Absence of Microinsurance? World Development, 77(2012), 380–394. https://doi.org/10.1016/j.worlddev.2015.09.005
Aktaruzzaman, K., & Farooq, O. (2017). Does Microcredit Increase Borrowers’ Savings? A Fuzzy Regression Discontinuity Design Approach. International Review of Applied Economics, 31(4), 495–507. https://doi.org/10.1080/02692171.2016.1263607
Ali, I., Hatta, Z. A., Azman, A., & Islam, S. (2017). Microfinance as a Development and Poverty Alleviation Tool in Rural Bangladesh: A Critical Assessment. Asian Social Work and Policy Review, 11(1), 4–15. https://doi.org/10.1111/aswp.12106
Amanor, K., Oteng-Abayie, E. F., Osei-Fosu, A. K., & Frimpong, P. B. (2023). A Decomposition Analysis of Microcredit Welfare Gaps in Ghana. A gender analysis. Social Sciences and Humanities Open, 7(1), 100464. https://doi.org/10.1016/j.ssaho.2023.100464
Bhuiya, M. M. M., Khanam, R., Rahman, M. M., & Nghiem, S. (2019). Microcredit Participation and Child Schooling in Rural Bangladesh: Evidence From a Cross-Sectional Survey. Economic Analysis and Policy, 64, 293–301. https://doi.org/10.1016/j.eap.2019.09.005
Christopher F. B. (2006). An Introduction to Modern Econometrics Using Stata. Christopher F. Baum - Google Books.
Crépon, B., Devoto, F., Duflo, E., & Parienté, W. (2015). Estimating the Impact of Microcredit on Those Who Take It Up: Evidence from a Randomized Experiment in Morocco. American Economic Journal: Applied Economics, 7(1), 123–150. https://doi.org/10.1257/app.20130535
Dao, N. D. (2020). Does The Microcredit Intervention Change The Life of The Low- and Middle-Income Households in Rural Vietnam? Evidence from panel data. World Development Perspectives, 20(September), 100259. https://doi.org/10.1016/j.wdp.2020.100259
Duong, P. B., & Thanh, P. T. (2014). Impact Evaluation of Microcredit on Welfare of The Vietnamese Rural Households. Asian Social Science, 11(2), 190–201. https://doi.org/10.5539/ass.v11n2p190
Félix, E. G. S., & Belo, T. F. (2019). The Impact of Microcredit on Poverty Reduction in Eleven Developing Countries in South-East Asia. Journal of Multinational Financial Management, 52–53(December), 100590. https://doi.org/10.1016/j.mulfin.2019.07.003
Garcia, A., Lensink, R., & Voors, M. (2020). Does Microcredit Increase Aspirational Hope? Evidence From a Group Lending Scheme in Sierra Leone. World Development, 128, 104861. https://doi.org/10.1016/j.worlddev.2019.104861
Garrido, M. M., Kelley, A. S., Paris, J., Roza, K., Meier, D. E., Morrison, R. S., & Aldridge, M. D. (2014). Methods for Constructing and Assessing Propensity Scores. Health Services Research, 49(5), 1701–1720. https://doi.org/10.1111/1475-6773.12182
Hossain, M. K. (2012). Measuring the Impact of BRAC Microfinance Operations: A Case Study of a Village. International Business Research, 5(4), 112-123. https://doi.org/10.5539/ibr.v5n4p112
Hsu, Y. C. (2014). Efficiency in Government Health Spending: A Super Slacks-Based Model. Quality and Quantity, 48(1), 111–126. https://doi.org/10.1007/s11135-012-9753-9
Jeffrey M. W. (2013). Introductory Econometrics: a Modern Approach. 5th. In South-Western Cengange learning.
Loubere, N. (2018). Indebted to Development: Microcredit as (de)Marginalisation in Rural China. Journal of Peasant Studies, 45(3), 585–609. https://doi.org/10.1080/03066150.2016.1236025
Loubere, N., & Shen, Q. (2018). The Policy and Practice of Microcredit in Rural China: Toward a Relational Understanding of Heterogeneous Implementation. Modern China, 44(4), 418–452. https://doi.org/10.1177/0097700417753734
Luan, D. X., Bauer, S., & Anh, N. T. L. (2015). Poverty Targeting and Income Impact of Subsidised Credit on Accessed Households in The Northern Mountainous Region of Vietnam. Journal of Agriculture and Rural Development in the Tropics and Subtropics, 116(2), 107–121.
Montgomery, H., & Weiss, J. (2011). Can Commercially-Oriented Microfinance Help Meet the Millennium Development Goals? Evidence from Pakistan. World Development, 39(1), 87–109. https://doi.org/10.1016/j.worlddev.2010.09.001
Adju, N. Y., Blongkod, H., & Panigoro, N. (2023). Pengaruh Pemberian Kredit Usaha Rakyat Terhadap Pendapatan Usaha Mikro Kecil dan Menengah. Jurnal Ekonomi, 28(1), 119–135. https://doi.org/10.24912/je.v28i1.1402
Nopiah, R., & Islami, P. A. (2018). Dampak Sosial-Ekonomi Koperasi Difabel dan Perwujudan Microfinance Access. Inklusi, 5(2), 217-238. https://doi.org/10.14421/ijds.050204
Ouertani, M. N., Naifar, N., & Ben Haddad, H. (2018). Assessing government spending efficiency and explaining inefficiency scores: DEA-bootstrap analysis in the case of Saudi Arabia. Cogent Economics and Finance, 6(1), 1–16. https://doi.org/10.1080/23322039.2018.1493666
Putra, G. W., & Pujiyanto, P. (2020). Evaluasi Dampak Program Keluarga Harapan Terhadap Pemanfaatan Fasilitas Pelayanan Kesehatan untuk Layanan Persalinan di Indonesia (Analisis Data SUSENAS tahun 2018). Jurnal Ekonomi Kesehatan Indonesia, 5(1). https://doi.org/10.7454/eki.v5i1.3898
Sarker, D. (2013). Microfinance for Disabled People. Research Journal of Finance and Accounting, 4(9), 118–125. https://doi.org/10.7176/rjfa/4-9-118
Tahmasebi, A., & Askaribezayeh, F. (2021). Microfinance and Social Capital Formation- a Social Network Analysis Approach. Socio-Economic Planning Sciences, 76, 100978. https://doi.org/10.1016/j.seps.2020.100978
Thanh, P. T., Saito, K., & Duong, P. B. (2019). Impact of Microcredit on Rural Household Welfare and Economic Growth in Vietnam. Journal of Policy Modeling, 41(1), 120–139. https://doi.org/10.1016/j.jpolmod.2019.02.007
Thu, V. H., & Goto, D. (2020). Does Microfinance Improve the Household Welfare of Ethnic Minorities? Evidence from Bac Kan Province, Vietnam. Progress in Development Studies, 20(1), 65–83. https://doi.org/10.1177/1464993419886230
Ulfa, M., & Mulyadi, M. (2020). Analisis Dampak Kredit Usaha Rakyat pada Sektor Usaha Mikro terhadap Penanggulangan Kemiskinan di Kota Makassar. Aspirasi: Jurnal Masalah-Masalah Sosial, 11(1), 17–28. https://doi.org/10.46807/aspirasi.v11i1.1294
Van Rooyen, C., Stewart, R., & de Wet, T. (2012). The Impact of Microfinance in Sub-Saharan Africa: A Systematic Review of the Evidence. World Development, 40(11), 2249–2262. https://doi.org/10.1016/j.worlddev.2012.03.012
Weber, O., & Ahmad, A. (2014). Empowerment through Microfinance: The Relation Between Loan Cycle and Level of Empowerment. World Development, 62, 75–87. https://doi.org/10.1016/j.worlddev.2014.05.012
Yergin, H., Mercan, M., & Erol, A. (2015). Assessment of Efficiency and Effectiveness of Micro Credit Application From Socio-Economic and Political Perspectives: The Case of Hakkari. Procedia Economics and Finance, 23(October 2014), 176–179. https://doi.org/10.1016/s2212-5671(15)00405-0