RUHR
ECONOMIC PAPERS
Jörg Peters
Annekathrin Schoofs
Maximiliane Sievert
Preferences over Bank and
Family Loans in Rural Rwanda
#588
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Ruhr Economic Papers
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Ruhr Economic Papers #588
Responsible Editor: Manuel Frondel
All rights reserved. Bochum, Dortmund, Duisburg, Essen, Germany, 2015
ISSN 1864-4872 (online) – ISBN 978-3-86788-683-3
The working papers published in the Series constitute work in progress circulated to
stimulate discussion and critical comments. Views expressed represent exclusively the
authors’ own opinions and do not necessarily reflect those of the editors.
Ruhr Economic Papers #588
Jörg Peters, Annekathrin Schoofs, and Maximiliane Sievert
Preferences over Bank
and Family Loans in Rural Rwanda
Bibliografische Informationen
der Deutschen Nationalbibliothek
Die Deutsche Bibliothek verzeichnet diese Publikation in der deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über:
http://dnb.d-nb.de abrufbar.
http://dx.doi.org/10.4419/86788683
ISSN 1864-4872 (online)
ISBN 978-3-86788-683-3
Jörg Peters, Annekathrin Schoofs, and Maximiliane Sievert1
Preferences over Bank and Family Loans
in Rural Rwanda
Abstract
We study borrowers’ preferences over bank and family loans based on field work
undertaken in rural Rwanda. We randomly assigned willingness-to-pay questions for
a hypothetical loan offer either by a bank or by a family member to a sample of 480
households. Informal family loans are typically easier to access. Because of the social
costs they imply, it is widely believed that family finance is less attractive than formal
finance. Our empirical results, however, show no significant difference in preferences
over these two choices. This suggests that even if formal credits were widely accessible,
people would still also utilize informal finance.
JEL Classification: D14, O17
Keywords: Informal finance; family loans; bank loans; social collateral;
willingness-to-pay
November 2015
1 Jörg Peters, RWI and AMERU, University of the Witwatersrand, Johannesburg, South Africa;
Annekathrin Schoofs, RWI; Maximiliane Sievert, RWI. – The authors gratefully acknowledge the
support of special grants (Sondertatbestände) from the German Federal Ministry for Economic
Affairs and Energy and the Ministry of Innovation, Science, and Research of the State of North
Rhine-Westphalia. The data underlying this research was collected in cooperation with Genesis
Analytics and ikapadata for an impact evaluation commissioned by CARE Canada and MasterCard
Foundation. The authors are grateful to Nils aus dem Moore for helpful comments and thank
Noel Verrinder for valuable input to the study design and fruitful cooperation in implementing
the survey. – All correspondence to: Annekathrin Schoofs, RWI (Berlin Office), Invalidenstraße 112,
10115 Berlin, Germany, e-mail: [email protected].
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˜‘Ž›ȱ‘Šœȱ‘Š›•¢ȱ‹ŽŽ—ȱœž’Žǰȱ‘˜ž‘ǯȱ
œ’—ȱ ‘˜žœŽ‘˜•ȱ ŠŠȱ ›˜–ȱ ›ž›Š•ȱ Š—Šǰȱ ‘’œȱ ™Š™Ž›ȱ ™›˜Ÿ’Žœȱ ŽŸ’Ž—ŒŽȱ ˜—ȱ
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˜ȱ ŚŞŖȱ ‘˜žœŽ‘˜•œȱ ˜ȱ œŠŽȱ ‘Ž’›ȱ ’••’——ŽœœȬ˜Ȭ™Š¢ȱ ǻǼȱ ˜›ȱ Šȱ ‘¢™˜‘Ž’ŒŠ•ȱ •˜Š—ȱ
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˜Ž›ȱ ˜ȱ ‘Žȱ ˜‘Ž›ȱ ‘Š•ǯȱ ŽŠŸ’—ȱ Š••ȱ Ž•œŽȱ ŽšžŠ•ǰȱ Žȱ ‘žœȱ ’œŽ—Š—•Žȱ ™Ž˜™•ŽȂœȱ ™ž›Žȱ
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Řǯ ‘ŽȱŽŒ˜—˜–’Œœȱ˜ȱŠ–’•¢ȱ’—Š—ŒŽȱ
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ϰ
œŽ•ŽŒ’˜—ǰȱ ˜›ȱ Œ˜—›ŠŒȱ Ž—˜›ŒŽ–Ž—ȱ ™›˜‹•Ž–œȱ ǻ’•’£ȱ ŗşşŖDzȱ Š›’Š—ȱ ŗşşŖDzȱ Š’—ȱ ŗşşşǼǯȱ
¡’œ’—ȱ Ž–™’›’ŒŠ•ȱ ŽŸ’Ž—ŒŽȱ ˜ȱ ›Ž•Š’˜—œ‘’™Ȭ‹ŠœŽȱ ’—Š—Œ’—ȱ Žœ™ŽŒ’Š••¢ȱ ™˜œ’œȱ ‘Žȱ
‹Ž—Ž’œȱ ˜ȱ œ˜Œ’Š•ȱ ’Žœȱ ˜ȱ ’—Œ›ŽŠœŽȱ ›Ž™Š¢–Ž—ȱ ›ŠŽœȱ Ÿ’Šȱ œ˜Œ’Š•ȱ œŠ—Œ’˜—œȱ ǻŽœ•Ž¢ȱ Š—ȱ
˜ŠŽȱŗşşśDzȱŠ›•Š—ȱŽȱŠ•ǯȱŘŖŖşǼǯȱ—ȱ‘ŽȱŽ–Š—ȱœ’Žǰȱ’—˜›–Š•ȱ’—Š—ŒŽȱ’œȱ–žŒ‘ȱ–˜›Žȱ
ŠŒŒŽœœ’‹•Žȱ˜ȱ‘Žȱ™˜˜›ǰȱ‹ŽŒŠžœŽȱŸŠ›’˜žœȱ›ŽŠœ˜—œȱ›Š’˜—ȱ‘Ž–ȱ˜žȱ˜ȱ‘Žȱ˜›–Š•ȱ–Š›”ŽDZȱ
Š˜›Š‹’•’¢ǰȱ ’œŠ—ŒŽȱ ˜ȱ ‘Žȱ —Ž¡ȱ ’—Š—Œ’Š•ȱ ’—œ’ž’˜—ǰȱ •ŠŒ”ȱ ˜ȱ —ŽŒŽœœŠ›¢ȱ
˜Œž–Ž—Š’˜—ǰȱŒ˜••ŠŽ›Š•ȱ ›Žšž’›Ž–Ž—œǰȱŠ—ȱ ’—Š—Œ’Š•ȱ’••’Ž›ŠŒ¢ȱȮȱ“žœȱ˜ȱ—Š–ŽȱŠȱŽ ȱ
ǻŽ–’›û³Ȭž—ȱŽȱŠ•ǯȱŘŖŗśDzȱŠ›Š’ŸŠ—˜ŸȱŠ—ȱŽœœ•Ž›ȱŘŖŗśǼǯȱ
‘’•Žȱ ‘’œȱ Œ•Šœœ’ŒŠ•ȱ œ›Š—ȱ ˜ȱ ‘Žȱ •’Ž›Šž›Žȱ Œ•ŽŠ›•¢ȱ Ž–™‘Šœ’£Žœȱ ‘Žȱ ŠŸŠ—ŠŽœȱ ˜ȱ
’—˜›–Š•ȱ’—Š—ŒŽȱ›˜–ȱ‹˜‘ȱœž™™•¢ȱœ’ŽȱŠ—ȱŽ–Š—ȱœ’Žȱ™Ž›œ™ŽŒ’ŸŽœǰȱ–˜›Žȱ›ŽŒŽ—•¢ȱ
Š•œ˜ȱ’œŠŸŠ—ŠŽœȱ˜ȱ’—˜›–Š•ȱ’—Š—ŒŽȱ‘ŠŸŽȱ‹ŽŽ—ȱ™˜’—Žȱ˜žǯȱ—ȱŠȱ‘Ž˜›Ž’ŒŠ•ȱ–˜Ž•ǰȱ
Š›Š’ŸŠ—˜ŸȱŠ—ȱŽœœ•Ž›ȱǻŘŖŗśǼȱ‘’‘•’‘ȱ‘ŽȱŒ˜œœȱ˜ȱœ˜Œ’Š•ȱ’ŽœȱŠœœ˜Œ’ŠŽȱ ’‘ȱŠ–’•¢ȱ
’—Š—ŒŽǯȱ—ȱŒŠœŽȱ˜ȱŽŠž•ǰȱ‘Žȱ‹˜››˜ Ž›ȱ“Ž˜™Š›’£Žœȱœ˜Œ’Š•ȱŸŠ•žŽœȱœžŒ‘ȱŠœȱ›’Ž—œ‘’™ȱ
Š—ȱ›ŽŒ’™›˜Œ’¢ϭǰȱ ‘Ž›ŽŠœȱ•˜˜œ’—ȱ™‘¢œ’ŒŠ•ȱŒ˜••ŠŽ›Š•ȱ’—ȱ˜›–Š•ȱ’—Š—ŒŽȱŠ››Š—Ž–Ž—œȱ
’œȱŠœœž–Žȱ˜ȱ’–™•¢ȱ–žŒ‘ȱ•Žœœȱ‹ž›Ž—ȱ˜—ȱ‹˜‘ȱ™Š›’Žœǯȱȱ›Ž•ŠŽȱ–˜Ž•ȱ‹¢ȱŽŽȱŠ—ȱ
Ž›œœ˜—ȱǻŘŖŗřǼȱžœŽœȱ‘ŽȱŒ˜—ŒŽ™ȱ˜ȱ ˜Ȭœ’ŽȱŠ•›ž’œ–DZȱ‘ŽȱŠ–’•¢ȱ•Ž—Ž›ȱ’œȱ ’••’—ȱ˜ȱ
™›˜Ÿ’ŽȱŒ‘ŽŠ™ȱŒ›Ž’ȱŽŸŽ—ȱ’ȱ›Žž›—œȱŠ›Žȱ•˜ ǯȱ‘ŽȱŠ–’•¢ȱ‹˜››˜ Ž›ȱ’œȱŠŸŽ›œŽȱ˜ȱ›’œ”’—ȱ
–˜—Ž¢ȱ‹˜››˜ Žȱ›˜–ȱŠ–’•¢ȱŠ—ȱ›’Ž—œǯȱ‘’œȱ•’—Žȱ˜ȱŠ›ž–Ž—Š’˜—ȱŒ˜—Œ•žŽœȱ‘Šȱ
’—’Ÿ’žŠ•œȱ Š›Žȱ ›Š‘Ž›ȱ ›Ž•žŒŠ—ȱ ˜ȱ ‹˜››˜ ȱ ›˜–ȱ Š–’•¢ȱ Š—ȱ ›’Ž—œȱ Š—ȱ ˜—•¢ȱ ˜ȱ œ˜ȱ
‹ŽŒŠžœŽȱ ˜›–Š•ȱ Œ›Ž’œȱ Š›Žȱ —˜ȱ ŠŒŒŽœœ’‹•Žǯȱ ž›ȱ ™Š™Ž›ȱ œŽŽ”œȱ ŽŸ’Ž—ŒŽȱ ˜›ȱ ‘’œȱ
›Ž•žŒŠ—ŒŽȱ˜ȱ‹˜››˜ ȱ›˜–ȱŠ–’•¢ȱ’—Š—Œ’Š•ȱœ˜ž›ŒŽœǯȱ
řǯ ¡™Ž›’–Ž—Š•ȱŽœ’—ȱ
‘Žȱ –Ž‘˜˜•˜¢ȱ žœŽȱ ’—ȱ ‘’œȱ ™Š™Ž›ȱ ’œȱ Š”Ž—ȱ ›˜–ȱ ‘Žȱ •’Ž›Šž›Žȱ ˜—ȱ ȱ
–Ž‘˜˜•˜’Žœǯȱ Žȱ Ž–™•˜¢ȱ Šȱ Œ˜—’—Ž—ȱ ŸŠ•žŠ’˜—ȱ –Ž‘˜ȱ ˜ȱ œž¢ȱ ‘Žȱ ‹˜››˜ ’—ȱ
™›ŽŽ›Ž—ŒŽȱŠ–˜—ȱŚŞŖȱ›ž›Š•ȱ‘˜žœŽ‘˜•œȱ’—ȱ Š—ŠȂœȱ˜ž‘Ž›—ȱ›˜Ÿ’—ŒŽǯȱŽ¢˜—ȱ‘Žȱ
Š—Š•¢œ’œȱ™›ŽœŽ—Žȱ’—ȱ‘’œȱ™Š™Ž›ǰȱ‘Žȱ™ž›™˜œŽȱ˜ȱ‘Žȱœž›ŸŽ¢ȱ’œȱ˜ȱ™›˜Ÿ’ŽȱŠȱ‹ŠœŽ•’—Žȱ˜›ȱ
‘ŽȱŽŸŠ•žŠ’˜—ȱ˜ȱŠȱ’—Š—Œ’Š•ȱ•’Ž›ŠŒ¢ȱ›Š’—’—ȱ™›˜›Š––Žȱœ™ŽŒ’Š••¢ȱŠ’•˜›Žȱ˜ȱœŠŸ’—œȱ
›˜ž™œǯȱ ‘Ž›Ž˜›Žǰȱ ‘Žȱ œŠ–™•Žȱ ˜ŒžœŽœȱ ˜—ȱ ‘˜œŽȱ ‘˜žœŽ‘˜•ȱ –Ž–‹Ž›œȱ ‘˜ȱ Š›Žȱ
1
ͣ΀͙΁ǁŚĞŶƚŚĞĚĞďƚŝƐĨƌĞĞŽĨĐŽƐƚ͕ƚŚŝƐŝŵƉůŝĐŝƚůLJŵĞĂŶƐƚŚĂƚƚŚĞĚĞďƚŽƌƐŚŽƵůĚďĞĂďůĞƚŽůĞŶĚŝŶƚƵƌŶǁŚĞŶ
ƚŚĞĐƌĞĚŝƚŽƌǁŝůůďĞŝŶŶĞĞĚ͟;'ƵĠƌŝŶĞƚĂů͘ϮϬϭϮ͗ϭϯϯͿ͘
ϱ
™Š›’Œ’™Š’—ȱ ’—ȱ œžŒ‘ȱ œŠŸ’—œȱ ›˜ž™œǯȱ Žȱ žœŽȱ œ–Š›ȱ –˜‹’•Žȱ ŽŸ’ŒŽœȱ ˜ȱ Š–’—’œŽ›ȱ
‘ŽȱšžŽœ’˜——Š’›ŽϮȱŠ—ȱ›Š—˜–•¢ȱ˜Ž›ŽȱŽŠŒ‘ȱ›Žœ™˜—Ž—ȱŽ’‘Ž›ȱŠȱ‘¢™˜‘Ž’ŒŠ•ȱ‹Š—”ȱ
•˜Š—ȱ ˜›ȱ Šȱ •˜Š—ȱ ‹¢ȱ ›’Ž—œȱ Š—ȱ ›Ž•Š’ŸŽœȱ ǻœŽŽȱ ’ž›Žȱ ŗȱ ˜›ȱ Š—ȱ ’••žœ›Š’˜—ǼDzȱ ŘřŖȱ
›Žœ™˜—Ž—œȱ ›ŽŒŽ’ŸŽȱ ‘Žȱ ˜›–Ž›ȱ ˜Ž›ǰȱ ŘśŖȱ ‘Žȱ •ŠŽ›ǯϯȱ Žȱ Œ‘˜œŽȱ ȃŠȱ ž—Ž›Š•ȱ ˜ȱ Šȱ
›Ž•Š’ŸŽȄȱ Šœȱ ‘Žȱ ’—Š—Œ’—ȱ ™ž›™˜œŽȱ ‹ŽŒŠžœŽȱ ‘’œȱ ’œȱ Šȱ ŸŽ›¢ȱ ¢™’ŒŠ•ȱ Š—ȱ ›Ž•Š’ŸŽ•¢ȱ
ž—˜›ŽœŽŽŠ‹•Žȱ Ž¡™Ž—’ž›Žǯȱ œ’—ȱ Šȱ •’–’Žȱ ’—Ž›ŠŒ’ŸŽȱ ‹’’—ȱ ™›˜ŒŽœœǰȱ Žȱ ’Ž—’¢ȱ
‘Žȱ’—Ž›Ÿ’Ž ŽŽȂœȱȱ˜›ȱ‘ŽœŽȱ‘¢™˜‘Ž’ŒŠ•ȱ•˜Š—ȱŠ•Ž›—Š’ŸŽœǯȱ—ȱ˜›Ž›ȱ˜ȱŽ•’Œ’ȱ™ž›Žȱ
™›ŽŽ›Ž—ŒŽœǰȱ‘ŽȱšžŽœ’˜—ȱ˜—•¢ȱŸŠ›’Žœȱ ’‘ȱ›Žœ™ŽŒȱ˜ȱ‘ŽȱŒ‘˜’ŒŽȱ˜ȱ•Ž—Ž›œȱ•ŽŠŸ’—ȱŠ••ȱ
˜‘Ž›ȱŒ˜—’’˜—œȱŒ˜—œŠ—ǯϰȱȱ
“Imagine you need 5,000 Rwanda Franc (RWF) in order to pay for the funeral of a relative.
A bank / a friend or relative offers you to lend you this money for a period of three months.
After three months you have to pay back 5,750 RWF. Would you borrow the money from a
bank / a friend or relative?”
Figure 1: Structure of willingness-to-pay question
EŽƚĞ͗ ϱ͕ϬϬϬ ZǁĂŶĚĂ &ƌĂŶĐ ;Zt&Ϳ ĞƋƵĂƚĞƐ ƚŽ ƌŽƵŐŚůLJ ϲ ƵƌŽ ;hZͿ Ăƚ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ;ƵƉĚĂƚĞĚ KĐƚ ϭϲ͕
ϮϬϭϱͿ͘
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Ϯ
dŚĞĚŝŐŝƚĂůƋƵĞƐƚŝŽŶŶĂŝƌĞǁĂƐĨŽƌŵĂƚƚĞĚĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽŶƚĂďůĞƚƐďLJŝŬĂƉĂĚĂƚĂ͕ĂƉĞdŽǁŶ͕^ŽƵƚŚĨƌŝĐĂ͘
^ĞĞƉƉĞŶĚŝdž͕dĂďůĞϭĨŽƌĚĞƐĐƌŝƉƚŝǀĞƐƚĂƚŝƐƚŝĐƐŽŶƚŚĞďĂůĂŶĐŝŶŐŽĨƚŚĞƚǁŽƐĂŵƉůĞƐ͘
ϰ
tŚŝůĞŝƚŝƐƐŽŵĞƚŝŵĞƐĂƌŐƵĞĚƚŚĂƚĨĂŵŝůLJĨŝŶĂŶĐĞŝƐĨƌĞĞŽĨĐŽƐƚƐ͕ŝŶŽƵƌĐĂƐĞĨĂŵŝůLJůŽĂŶƐĂƌĞŚLJƉŽƚŚĞƚŝĐĂůůLJ
ŽĨĨĞƌĞĚ ǁŝƚŚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͘ dŚŝƐ ŝƐ ŝŶ ůŝŶĞ ǁŝƚŚ ĞǀŝĚĞŶĐĞ ƉƌŽǀŝĚĞĚ ďLJ 'ƵĠƌŝŶ Ğƚ Ăů͘ ;ϮϬϭϮͿ͘ dŚĞLJ ĨŝŶĚ ĂǀĞƌĂŐĞ
ŵŽŶƚŚůLJŝŶƚĞƌĞƐƚƌĂƚĞƐĨŽƌĨĂŵŝůLJĨŝŶĂŶĐĞŽĨĂďŽƵƚϯйĐŽŵƉĂƌĞĚƚŽϭйĨŽƌĂďĂŶŬůŽĂŶ͘
ϯ
ϲ
Śǯ Žœž•œȱ
˜˜”’—ȱŠȱ‹˜››˜ Ž›œȂȱ‘¢™˜‘Ž’ŒŠ•ȱȱ˜›ȱŠ–’•¢ȱ’—Š—ŒŽȱŸŽ›œžœȱ‹Š—”ȱ’—Š—ŒŽǰȱ Žȱ
’—ȱ —˜ȱ ’Ž›Ž—ŒŽȱ ‹Ž ŽŽ—ȱ ‘ŽœŽȱ  ˜ȱ ¢™Žœȱ ˜ȱ •Ž—’—ǯȱ •‘˜ž‘ȱ ‘˜žœŽ‘˜•œȱ Š›Žȱ
’••’—ȱ˜ȱ™Š¢ȱœ•’‘•¢ȱ‘’‘Ž›ȱŠ–˜ž—œȱ˜›ȱ’—˜›–Š•ȱ’—Š—Œ’Š•ȱœŽ›Ÿ’ŒŽœǰȱ˜—ȱŠŸŽ›ŠŽǰȱ‘Žȱ
’Ž›Ž—ŒŽȱ’œȱ—Ž’‘Ž›ȱœŠ’œ’ŒŠ••¢ȱ—˜›ȱŽŒ˜—˜–’ŒŠ••¢ȱœ’—’’ŒŠ—ǯȱ‘Žȱ—˜—Ȭ›Žœ™˜—œŽȱ›ŠŽȱ
’œȱ ›Ž•Š’ŸŽ•¢ȱ •˜ ȱ Šȱ şȱ ™Ž›ŒŽ—ǯϱȱ ˜›Ž˜ŸŽ›ǰȱ Žȱ ›ž—ȱ Šȱ œ’–™•Žȱ –ž•’ŸŠ›’ŠŽȱ ›Ž›Žœœ’˜—ȱ
’‘ȱ ‘Žȱ œŠŽȱ ȱ Šœȱ Ž™Ž—Ž—ȱ ŸŠ›’Š‹•Žȱ ’—ȱ ˜›Ž›ȱ ˜ȱ Ž¡™•˜›Žȱ ‘Žȱ ‘ŽŽ›˜Ž—Ž’¢ȱ
Š•˜—ȱ™˜Ž—’Š•ȱŒ˜ŸŠ›’ŠŽœȱŠ—ȱ’—ȱ‘ŠȱŽœ™ŽŒ’Š••¢ȱŠȱ‘’‘ȱ•ŽŸŽ•ȱ˜ȱ’—Š—Œ’Š•ȱ•’Ž›ŠŒ¢ȱ’œȱ
—ŽŠ’ŸŽ•¢ȱ Œ˜››Ž•ŠŽȱ ’‘ȱ ›Žœ™˜—Ž—œȂȱ ȱ ǻœŽŽȱ Š‹•Žȱ ŗǼǯȱ ‘Ž›ȱ œ˜Œ’˜ȬŽŒ˜—˜–’Œȱ
ŸŠ›’Š‹•Žœȱ˜ȱ—˜ȱ‘ŠŸŽȱŠȱœ›˜—ȱŠ—ȱœ’—’’ŒŠ—ȱ’—•žŽ—ŒŽȱ˜—ȱ‘Žȱǯȱ‘Žȱ’Ž›Ž—ŒŽȱ
‹Ž ŽŽ—ȱ‘Žȱ ˜ȱ•˜Š—ȱ˜Ž›œȱ›Ž–Š’—œȱ’—œ’—’’ŒŠ—ǰȱ‘˜ž‘ǯ
śǯ ˜—Œ•ž’—ȱ›Ž–Š›”œȱȱ
•‘˜ž‘ȱ ‘Žȱ –Š“˜›’¢ȱ ˜ȱ ‘˜žœŽ‘˜•œȱ ’—ȱ –Š›’—Š•’£Žȱ Œ˜––ž—’’Žœȱ ‹˜››˜ ȱ ›˜–ȱ
’—˜›–Š•ȱœ˜ž›ŒŽœǰȱȃ’—˜›–Š•ȱŽŠ•œȱŠ›Žȱ›Š›Ž•¢ȱ™›’ŸŠŽǰȱŠ—ȱŽ¡™˜œž›Žȱ˜ȱ‘Žȱ™ž‹•’ŒȱŠ£Žȱ
ŒŠ—ȱŒŠžœŽȱ–žŒ‘ȱœ˜Œ’Š•ȱ’œŒ˜–˜›Ȅȱǻ˜••’—œȱŽȱŠ•ǯȱŘŖŖşDZȱśŚǼǯȱž›ȱœ–Š••ȱŽœȱž—Ž›Š”Ž—ȱ
Š•˜—œ’Žȱ Šȱ •Š›Žȱ ‘˜žœŽ‘˜•ȱ œž›ŸŽ¢ȱ ’—ȱ ›ž›Š•ȱ Š—Šǰȱ ‘˜ ŽŸŽ›ǰȱ ˜Žœȱ —˜ȱ Œ˜—’›–ȱ Šȱ
œ›˜—ȱ Š—’™Š‘¢ȱ ŠŠ’—œȱ ‹˜››˜ ’—ȱ ›˜–ȱ Š–’•¢ȱ –Ž–‹Ž›œȱ ˜›ȱ ›’Ž—œǯȱ ȱ ŒŠ—ȱ ‹Žȱ œŽŽ—ȱ
‘Šȱ ‘Ž›Žȱ ’œȱ —˜ȱ œ’—’’ŒŠ—ȱ ’Ž›Ž—ŒŽȱ ’—ȱ ‘Žȱ ’••’——ŽœœȬ˜Ȭ™Š¢ȱ ‹Ž ŽŽ—ȱ Šȱ
‘¢™˜‘Ž’ŒŠ•ȱ ‹Š—”ȱ •˜Š—ȱ ˜Ž›ȱ ŸŽ›œžœȱ Šȱ ‘¢™˜‘Ž’ŒŠ•ȱ Š–’•¢ȱ •˜Š—ȱ ˜Ž›ǯȱ ž›ȱ ’—’—ȱ
œžŽœœȱ‘Šȱœ˜Œ’Š•ȱŠ—ȱŽŒ˜—˜–’ŒȱŒ˜œœȱŠœœ˜Œ’ŠŽȱ ’‘ȱ‹˜‘ȱ¢™Žœȱ˜ȱ’—Š—ŒŽǰȱ’—ȱ‘Ž’›ȱ
Ž—’›Ž¢ǰȱ ˜ȱ —˜ȱ ’Ž›ȱ œž‹œŠ—’Š••¢ǯȱ Ž—ŒŽǰȱ ŽŸŽ—ȱ ’ȱ ˜›–Š•ȱ Œ›Ž’œȱ Ž›Žȱ ’Ž•¢ȱ
ŠŒŒŽœœ’‹•Žȱ ’—ȱ ŽŸŽ•˜™’—ȱ Œ˜ž—›’Žœǰȱ ™Ž˜™•Žȱ ˜ž•ȱ ™›˜‹Š‹•¢ȱ œ’••ȱ ž’•’£Žȱ ‹˜‘ȱ ‘Žȱ
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ϱ
dŚĞƐĞƌĞƐƉŽŶĚĞŶƚƐƌĞĨƵƐĞĚƚŽĂŶƐǁĞƌƚŚŝƐƋƵĞƐƚŝŽŶ͘
ϳ
dĂďůĞϭ͗^ŽƵƌĐĞŽĨĨŝŶĂŶĐĞĂŶĚŝƚƐĞĨĨĞĐƚŽŶƚŚĞǁŝůůŝŶŐŶĞƐƐͲƚŽͲƉĂLJ
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ĞŵŽŐƌĂƉŚŝĐƐ
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ŐĞΔϮͬϭϬϬ
DĂůĞ‫ڻ‬
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DĂƌŝƚĂůƐƚĂƚƵƐŽĨƌĞƐƉŽŶĚĞŶƚ
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Ύ
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EŽƚĞ͗ sĂůƵĞƐ ĚĞŶŽƚĞĞƐƚŝŵĂƚĞĚĐŽĞĨĨŝĐŝĞŶƚƐ ǁŝƚŚ ƉͲǀĂůƵĞƐ ŝŶ ƉĂƌĞŶƚŚĞƐĞƐ͘ Ɖ ф Ϭ͘ϭϬ͕ Ɖ ф Ϭ͘Ϭϱ͕ Ɖ ф Ϭ͘Ϭϭ
ĚĞŶŽƚĞƐƚĂƚŝƐƚŝĐĂůƐŝŐŶŝĨŝĐĂŶĐĞĂŶĚ‫ڻ‬ŝƐĨŽƌĂĚŝƐĐƌĞƚĞĚƵŵŵLJǀĂƌŝĂďůĞ;ϬͬϭͿ͘tĞƵƐĞĚĨŽƵƌƋƵĞƐƚŝŽŶƐƚĂŬĞŶĨƌŽŵ
ƚŚĞ >ƵƐĂƌĚŝ ĂŶĚ DŝƚĐŚĞůů ;ϮϬϭϭͿ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŽůĞ Ğƚ Ăů͘ ;ϮϬϭϭͿͲŵĞƚŚŽĚŽůŽŐLJ ƚŽ ŵĞĂƐƵƌĞ ĨŝŶĂŶĐŝĂů ůŝƚĞƌĂĐLJ
ප
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ĂŶƐǁĞƌĞĚ͘^ŽƵƌĐĞ͗WZK&/ZďĂƐĞůŝŶĞĚĂƚĂƐĞƚϮϬϭϱ͕ŽǁŶĐĂůĐƵůĂƚŝŽŶ͘
ϴ
ƉƉĞŶĚŝdž
dĂďůĞϭ͗^ĂŵƉůĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐďLJƚLJƉĞŽĨŚLJƉŽƚŚĞƚŝĐĂůůĞŶĚĞƌ
dLJƉĞŽĨůĞŶĚĞƌ͗
&ĂŵŝůLJĨŝŶĂŶĐĞ
DĞĂŶ^ƚ͘Ğǀ͘
tdW
ĂŶŬĨŝŶĂŶĐĞ
DĞĂŶ^ƚ͘Ğǀ͘
ŝĨĨ͘
ƉͲǀĂůƵĞ
ϱϱϳϮ͘ϯϰ
ϰϱϱ͘ϯϲ
ϱϱϮϳ͘ϬϬ
ϰϳϱ͘ϯϳ
ϰϱ͘ϯϱ
Ϭ͘ϯϬϯϮ
ŐĞ
ϰϭ͘ϯϭ
ϭϯ͘ϯϲ
ϰϯ͘ϰϯ
ϭϰ͘ϮϬ
ͲϮ͘ϭϮ
Ϭ͘ϭϬϱϰ
DĂůĞ‫ڻ‬
Ϭ͘Ϯϰ
Ϭ͘ϰϯ
Ϭ͘Ϯϴ
Ϭ͘ϰϱ
ͲϬ͘Ϭϰ
Ϭ͘ϯϰϳϰ
,,ƐŝnjĞ
ϰ͘ϴϵ
Ϯ͘ϭϬ
ϰ͘ϴϭ
ϭ͘ϴϲ
Ϭ͘Ϭϴ
Ϭ͘ϲϴϬϳ
Ϭ͘ϭϭ
Ϭ͘ϯϭ
Ϭ͘Ϭϴ
Ϭ͘Ϯϴ
Ϭ͘ϬϮ
*
ĞŵŽŐƌĂƉŚŝĐƐ
DĂƌŝƚĂůƐƚĂƚƵƐ
ŽĨƌĞƐƉŽŶĚĞŶƚ
^ŝŶŐůĞ‫ڻ‬
Ϭ͘ϰϮϱϬ
tŝĚŽǁĞĚ‫ڻ‬
Ϭ͘ϭϮ
Ϭ͘ϯϯ
Ϭ͘ϭϵ
Ϭ͘ϯϵ
ͲϬ͘Ϭϲ Ϭ͘ϬϲϮϮ
ŝǀŽƌĐĞĚ‫ڻ‬
Ϭ͘Ϭϳ
Ϭ͘Ϯϱ
Ϭ͘Ϭϳ
Ϭ͘Ϯϱ
Ϭ͘ϬϬ
Ϭ͘ϵϭϭϯ
DĂƌƌŝĞĚ‫ڻ‬
Ϭ͘ϳϬ
Ϭ͘ϰϲ
Ϭ͘ϲϲ
Ϭ͘ϰϳ
Ϭ͘Ϭϰ
Ϭ͘ϯϳϵϬ
ĚƵĐĂƚŝŽŶΘ>ŝƚĞƌĂĐLJ
ŽĨƌĞƐƉŽŶĚĞŶƚ
WƌŝŵĂƌLJĂŶĚůĞƐƐ‫ڻ‬
Ϭ͘ϴϲ
Ϭ͘ϯϱ
Ϭ͘ϴϵ
Ϭ͘ϯϭ
ͲϬ͘Ϭϰ
Ϭ͘Ϯϳϰϰ
^ĞĐŽŶĚĂƌLJĂŶĚŵŽƌĞ‫ڻ‬
Ϭ͘ϭϮ
Ϭ͘ϯϮ
Ϭ͘Ϭϴ
Ϭ͘Ϯϴ
Ϭ͘Ϭϯ
Ϭ͘ϮϰϯϬ
KƚŚĞƌ‫ڻ‬
Ϭ͘Ϭϯ
Ϭ͘ϭϲ
Ϭ͘Ϭϯ
Ϭ͘ϭϲ
Ϭ͘ϬϬ
Ϭ͘ϵϯϲϴ
**
>ŝƚĞƌĂĐLJ‫ڻ‬
&ŝŶĂŶĐŝĂůĚĞĐŝƐŝŽŶŵĂŬŝŶŐ
ΘtĞĂůƚŚŽĨƌĞƐƉŽŶĚĞŶƚ
,ŝŐŚĨŝŶĂŶĐŝĂůůŝƚĞƌĂĐLJප
ප
Ϭ͘ϲϲ
Ϭ͘ϰϳ
Ϭ͘ϱϲ
Ϭ͘ϱϬ
Ϭ͘ϭϬ Ϭ͘Ϭϯϲϴ
Ϭ͘Ϯϳ
Ϭ͘ϰϱ
Ϭ͘Ϯϴ
Ϭ͘ϰϱ
ͲϬ͘ϬϬ
Ϭ͘ϵϭϮϱ
Ϭ͘ϮϮ
Ϭ͘Ϭϯ
Ϭ͘ϭϳ
Ϭ͘ϬϮ
Ϭ͘Ϯϭϴϳ
>ŽǁĨŝŶĂŶĐŝĂůůŝƚĞƌĂĐLJ Ϭ͘Ϭϱ
ZĞƐƉŽŶĚĞŶƚƚĂŬĞƐĚĞĐŝƐŝŽŶŽŶ
ĐƌĞĚŝƚ‫ڻ‬
,ŽƵƐĞŚŽůĚŽǁŶƐůĂŶĚ
;хϭŚĞĐƚĂƌĞͿ‫ڻ‬
,ŽƵƐĞŚŽůĚŽǁŶƐďŝĐLJĐůĞ‫ڻ‬
Ϭ͘ϯϳ
Ϭ͘ϰϴ
Ϭ͘ϰϮ
Ϭ͘ϰϵ
ͲϬ͘Ϭϱ
Ϭ͘ϮϲϮϬ
Ϭ͘ϭϮ
Ϭ͘ϯϯ
Ϭ͘ϭϬ
Ϭ͘ϯϬ
Ϭ͘ϬϮ
Ϭ͘ϰϬϲϬ
Ϭ͘Ϯϯ
Ϭ͘ϰϮ
Ϭ͘ϭϰ
Ϭ͘ϯϰ
Ϭ͘Ϭϵ**
Ϭ͘Ϭϭϰϱ
,ŽƵƐĞŚŽůĚŽǁŶƐŵŽƚŽƌĐLJĐůĞ‫ڻ‬
Ϭ͘Ϭϭ
Ϭ͘Ϭϵ
Ϭ͘Ϭϭ
Ϭ͘ϭϮ
ͲϬ͘Ϭϭ
Ϭ͘ϱϳϱϵ
,ŽƵƐĞŚŽůĚŽǁŶƐĐŽǁƐ‫ڻ‬
Ϭ͘ϱϯ
Ϭ͘ϱϬ
Ϭ͘ϰϱ
Ϭ͘ϱϬ
Ϭ͘Ϭϴ*
Ϭ͘Ϭϴϲϯ
,ŽƵƐĞŚŽůĚŽǁŶƐŐŽĂƚƐ‫ڻ‬
Ϭ͘ϱϱ
Ϭ͘ϱϬ
Ϭ͘ϱϴ
Ϭ͘ϱϬ
ͲϬ͘Ϭϯ
Ϭ͘ϱϰϰϯ
KďƐĞƌǀĂƚŝŽŶƐ
Ϯϯϱ
Ϯϭϯ
ϰϰϴ
EŽƚĞ͗ ΎƉфϬ͘ϭϬ͕ ΎΎƉфϬ͘Ϭϱ͕ ΎΎΎƉфϬ͘ϬϭĚĞŶŽƚĞƐƚĂƚŝƐƚŝĐĂůƐŝŐŶŝĨŝĐĂŶĐĞĂŶĚ‫ڻ‬ŝƐĨŽƌĂĚŝƐĐƌĞƚĞĚƵŵŵLJǀĂƌŝĂďůĞ
;ϬͬϭͿ͘ tĞ ƵƐĞĚ ĨŽƵƌ ƋƵĞƐƚŝŽŶƐ ƚĂŬĞŶ ĨƌŽŵ ƚŚĞ >ƵƐĂƌĚŝ ĂŶĚ DŝƚĐŚĞůů ;ϮϬϭϭͿ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŽůĞ Ğƚ Ăů͘ ;ϮϬϭϭͿͲ
ප
ŵĞƚŚŽĚŽůŽŐLJ ƚŽ ŵĞĂƐƵƌĞ ĨŝŶĂŶĐŝĂů ůŝƚĞƌĂĐLJ ;ĚĞŶŽƚĞĚ ďLJ Ϳ͕ ĂĚĂƉƚĞĚ ƚŽ ƚŚĞ ZǁĂŶĚĂŶ ĐŽŶƚĞdžƚ͘ tĞ ĐŽĚĞĚ Ă
ŚŽƵƐĞŚŽůĚ ĂƐ ͞,ŝŐŚ ĨŝŶĂŶĐŝĂů ůŝƚĞƌĂĐLJ͟ ŝĨ Ăůů ĨŽƵƌ ƋƵĞƐƚŝŽŶƐ ǁĞƌĞ ĐŽƌƌĞĐƚůLJ ĂŶƐǁĞƌĞĚ ĂŶĚ ĂƐ ͞>Žǁ ĨŝŶĂŶĐŝĂů
ůŝƚĞƌĂĐLJ͟ŝĨŶŽŶĞŽĨƚŚĞĨŽƵƌƋƵĞƐƚŝŽŶƐǁĂƐĐŽƌƌĞĐƚůLJĂŶƐǁĞƌĞĚ͘
^ŽƵƌĐĞ͗WZK&/ZďĂƐĞůŝŶĞĚĂƚĂƐĞƚϮϬϭϱ͕ŽǁŶĐĂůĐƵůĂƚŝŽŶ͘
ϵ
˜›ȱŽŠŒ‘ȱœŒ˜›Žȱ˜ȱ‘Žȱ’—Š—Œ’Š•ȱ•’Ž›ŠŒ¢ȱ’—Ž¡ǰȱ™Ž˜™•ŽȱŸŠ•žŽȱ‘Žȱ‘¢™˜‘Ž’ŒŠ•ȱ•˜Š—ȱ˜Ž›ȱ
‹¢ȱŠȱ‹Š—”ȱ˜›ȱ‹¢ȱŠȱŠ–’•¢ȱ–Ž–‹Ž›ȱŽšžŠ••¢ǯȱ‘žœǰȱ‘Ž›Žȱ’œȱ—˜ȱœž‹œŠ—’Š•ȱ’Ž›Ž—ŒŽȱ’—ȱ
Ž›–œȱ˜ȱ ’••’——ŽœœȬ˜Ȭ™Š¢ȱ‹Ž ŽŽ—ȱ‘ŽœŽȱ ˜ȱ˜™’˜—œǯȱ
&ŝŐƵƌĞϭ͗ǀĞƌĂŐĞǁŝůůŝŶŐŶĞƐƐͲƚŽͲƉĂLJĂŶĚĨŝŶĂŶĐŝĂůůŝƚĞƌĂĐLJŝŶĚĞdžȱ
Willingness-to-pay (mean)
6,250
6,000
5,750
5,500
5,250
5,000
0
1
2
Financial literacy index
Bank loan
3
4
Family loan
EŽƚĞ͗ dŚĞ ƐƚƌĂŝŐŚƚ ůŝŶĞ Ăƚ ϱ͕ϳϱϬ Zt& ĚŽĐƵŵĞŶƚƐ ƚŚĞ ƐƚĂƌƚŝŶŐ ƉŽŝŶƚ ŝŶ ƚŚĞ ďŝĚĚŝŶŐ ƉƌŽĐĞĚƵƌĞ͘ tĞ ƵƐĞĚ ĨŽƵƌ
ƋƵĞƐƚŝŽŶƐƚĂŬĞŶĨƌŽŵƚŚĞ>ƵƐĂƌĚŝĂŶĚDŝƚĐŚĞůů;ϮϬϭϭͿĂƐǁĞůůĂƐƚŚĞŽůĞĞƚĂů͘;ϮϬϭϭͿͲŵĞƚŚŽĚŽůŽŐLJƚŽŵĞĂƐƵƌĞ
ĨŝŶĂŶĐŝĂůůŝƚĞƌĂĐLJ͕ĂĚĂƉƚĞĚƚŽƚŚĞZǁĂŶĚĂŶĐŽŶƚĞdžƚ͘&ŽƌĞĂĐŚͣLJĞƐ͞ƚŚĞƌĞƐƉŽŶĚĞŶƚŐĞƚƐŽŶĞƉŽŝŶƚ͕ƐŽƚŚĂƚƚŚĞ
ƌĂŶŐĞŽĨƚŚĞĨŝŶĂŶĐŝĂůůŝƚĞƌĂĐLJŝŶĚĞdžŝƐĨƌŽŵnjĞƌŽƚŽĨŽƵƌ͘
^ŽƵƌĐĞ͗WZK&/ZďĂƐĞůŝŶĞĚĂƚĂƐĞƚϮϬϭϱ͕ŽǁŶĐĂůĐƵůĂƚŝŽŶ͘
ȱ
‘Žȱ ’••’——ŽœœȬ˜Ȭ™Š¢ȱ˜›ȱŠȱ‘¢™˜‘Ž’ŒŠ•ȱ•˜Š—ȱ˜Ž›ȱ‹¢ȱŠȱ‹Š—”ȱ˜›ȱ‹¢ȱŠȱŠ–’•¢ȱ–Ž–‹Ž›ȱ
˜Žœȱ—˜ȱŒ‘Š—Žȱ˜›ȱ’Ž›Ž—ȱ•ŽŸŽ•œȱ˜ȱ˜›–Š•ȱ’—Š—Œ’Š•ȱ’—Œ•žœ’˜—ǯȱ
&ŝŐƵƌĞϮ͗ǀĞƌĂŐĞǁŝůůŝŶŐŶĞƐƐͲƚŽͲƉĂLJĂŶĚĨŽƌŵĂůĨŝŶĂŶĐŝĂůŝŶĐůƵƐŝŽŶȱ
Willingness-to-pay (mean)
6,250
6,000
5,750
5,500
5,250
5,000
0.0
0.2
0.4
0.6
Formal financial inclusion
Bank loan
0.8
1.0
Family loan
EŽƚĞ͗dŚĞƐƚƌĂŝŐŚƚůŝŶĞĂƚϱ͕ϳϱϬZt&ĚŽĐƵŵĞŶƚƐƚŚĞƐƚĂƌƚŝŶŐƉŽŝŶƚŝŶƚŚĞďŝĚĚŝŶŐƉƌŽĐĞĚƵƌĞ͘
^ŽƵƌĐĞ͗WZK&/ZďĂƐĞůŝŶĞĚĂƚĂƐĞƚϮϬϭϱ͕ŽǁŶĐĂůĐƵůĂƚŝŽŶ͘
ϭϬ
ŽŽ›Ž—ŒŽœȱȱ
Š—Ž›“ŽŽǰȱ ǯȱ ǯǰȱ ǭȱ ž•˜ǰȱ ǯȱ ǻŘŖŖŝǼǯȱ ‘Žȱ ŽŒ˜—˜–’Œȱ •’ŸŽœȱ ˜ȱ ‘Žȱ ™˜˜›ǯȱ ‘Žȱ ˜ž›—Š•ȱ ˜ȱ
Œ˜—˜–’ŒȱŽ›œ™ŽŒ’ŸŽǰȱŘŗǻŗǼǰȱŗŚŗǯȱ
Žœ•Ž¢ǰȱ ǯǰȱ ǭȱ ˜ŠŽǰȱ ǯȱ ǻŗşşśǼǯȱ ›˜ž™ȱ •Ž—’—ǰȱ ›Ž™Š¢–Ž—ȱ ’—ŒŽ—’ŸŽœȱ Š—ȱ œ˜Œ’Š•ȱ
Œ˜••ŠŽ›Š•ǯȱ˜ž›—Š•ȱ˜ȱŽŸŽ•˜™–Ž—ȱŒ˜—˜–’ŒœǰȱŚŜǻŗǼǰȱŗȬŗŞǯȱ
˜•ŽǰȱǯǰȱŠ–™œ˜—ǰȱǯǰȱǭȱ’ŠǰȱǯȱǻŘŖŗŗǼǯȱ›’ŒŽœȱ˜›ȱ”—˜ •ŽŽǵȱ‘Šȱ›’ŸŽœȱŽ–Š—ȱ˜›ȱ
’—Š—Œ’Š•ȱœŽ›Ÿ’ŒŽœȱ’—ȱŽ–Ž›’—ȱ–Š›”Žœǵȱ˜ž›—Š•ȱ˜ȱ’—Š—ŒŽǰȱŜŜǰȱŗşřřȬŗşŜŝǯȱ
˜••’—œǰȱ ǯǰȱ ˜›žŒ‘ǰȱ ǯǰȱ ž‘Ž›˜›ǰȱ ǯǰȱ ǭȱ ž‘ŸŽ—ǰȱ ǯȱ ǻŘŖŖşǼǯȱ ˜›˜•’˜œȱ ˜ȱ ‘Žȱ ˜˜›DZȱ
˜ ȱ‘Žȱ˜›•ȇœȱ˜˜›ȱ’ŸŽȱ˜—ȱǞŘȱŠȱŠ¢ǰȱ›’—ŒŽ˜—DZȱ›’—ŒŽ˜—ȱ—’ŸŽ›œ’¢ȱ›Žœœǯȱ
Ž–’›û³Ȭž—ǰȱǯǰȱ•Š™™Ž›ǰȱǯǰȱ’—Ž›ǰȱǯǰȱǭȱŠ—ȱž‘ŽžœŽ—ǰȱǯȱǻŘŖŗśǼǯȱ‘Žȱ•˜‹Š•ȱ
’—Ž¡ȱŠŠ‹ŠœŽȱŘŖŗŚDZȱŽŠœž›’—ȱ’—Š—Œ’Š•ȱ’—Œ•žœ’˜—ȱŠ›˜ž—ȱ‘Žȱ ˜›•ǰȱ‘Žȱ˜›•ȱŠ—”ǰȱ
ǚǯȱŝŘśśǯȱȱ
ž·›’—ǰȱǯǰȱ˜ŽœŒ‘ǰȱǯǰȱŽ—”ŠŠœž‹›Š–Š—’Š—ǰȱǯǰȱǭȱȇœ™Š••’Ž›ǰȱǯȱǻŘŖŗŘǼǯȱ›Ž’ȱ›˜–ȱ
‘˜–ȱŠ—ȱ˜›ȱ ‘Šǵȱ‘Žȱ’ŸŽ›œ’¢ȱ˜ȱ‹˜››˜ ’—ȱœ˜ž›ŒŽœȱŠ—ȱžœŽœȱ’—ȱ›ž›Š•ȱœ˜ž‘Ž›—ȱ
—’Šǯȱ˜ž›—Š•ȱ˜ȱ—Ž›—Š’˜—Š•ȱŽŸŽ•˜™–Ž—ǰȱŘŚǻŗǼǰȱŗŘŘȬŗřŝǯȱ
Š’—ǰȱ ǯȱ ǻŗşşşǼǯȱ ¢–‹’˜œ’œȱ Ÿœǯȱ Œ›˜ ’—Ȭ˜žDZȱ ‘Žȱ ’—Ž›ŠŒ’˜—ȱ ˜ȱ ˜›–Š•ȱ Š—ȱ ’—˜›–Š•ȱ
Œ›Ž’ȱ –Š›”Žœȱ ’—ȱ ŽŸŽ•˜™’—ȱ Œ˜ž—›’Žœǯȱ ˜ž›—Š•ȱ ˜ȱ ŽŸŽ•˜™–Ž—ȱ Œ˜—˜–’Œœǰȱ śşǻŘǼǰȱ ŚŗşȬ
ŚŚŚǯȱ
Š›Š’ŸŠ—˜Ÿǰȱ ǯǰȱ ǭȱ Žœœ•Ž›ǰȱ ǯȱ ǻŘŖŗśǼǯȱ ȱ ›’Ž—ȱ ’—ȱ ŽŽȱ ’œȱ Šȱ ›’Ž—ȱ —ŽŽDZȱ ‘Ž˜›¢ȱ
Š—ȱ Ÿ’Ž—ŒŽȱ ˜—ȱ ‘Žȱ ǻ’œǼȱ ŸŠ—ŠŽœȱ ˜ȱ —˜›–Š•ȱ ˜Š—œǯȱ ˜›”’—ȱ Š™Ž›ǰȱ ’–˜—ȱ
›ŠœŽ›ȱ—’ŸŽ›œ’¢ȱŠ—Œ˜žŸŽ›ǯȱ
Š›•Š—ǰȱǯǰȱ˜‹’žœǰȱǯǰȱ˜œŽ—‹•Šǰȱǯǰȱǭȱ£Ž’•ǰȱǯȱǻŘŖŖşǼǯȱ›žœȱŠ—ȱœ˜Œ’Š•ȱŒ˜••ŠŽ›Š•ǯȱ
‘ŽȱžŠ›Ž›•¢ȱ˜ž›—Š•ȱ˜ȱŒ˜—˜–’ŒœǰȱŗŘŚǻřǼǰȱŗřŖŝȬŗřŜŗǯȱ
ŽŽǰȱǯȱǭȱŽ›œœ˜—ǰȱǯȱǻŘŖŗřǼǯȱ’—Š—Œ’—ȱ›˜–ȱŠ–’•¢ȱŠ—ȱ›’Ž—œǯȱȱ˜›”’—ȱŠ™Ž›ȱ
Ž›’Žœȱ’—ȱ’—Š—ŒŽǰȱǚǯȱřśŞȦŘŖŗřǯȱȱ
ϭϭ
žœŠ›’ǰȱǯǰȱǭȱ’Œ‘Ž••ǰȱǯȱǯȱǻŘŖŗŗǼǯȱ’—Š—Œ’Š•ȱ•’Ž›ŠŒ¢ȱŠ—ȱ™•Š——’—DZȱ–™•’ŒŠ’˜—œȱ˜›ȱ
›Ž’›Ž–Ž—ȱ Ž••‹Ž’—ǯȱ Š’˜—Š•ȱ ž›ŽŠžȱ ˜ȱ Œ˜—˜–’Œȱ ŽœŽŠ›Œ‘ȱ ˜›”’—ȱ Š™Ž›ǰȱ ǚǯȱ
ŗŝŖŝŞǯȱ
’•’£ǰȱǯȱǯȱǻŗşşŖǼǯȱŽŽ›ȱ–˜—’˜›’—ȱŠ—ȱŒ›Ž’ȱ–Š›”Žœǯȱ˜›•ȱŠ—”ȱŒ˜—˜–’ŒȱŽŸ’Ž ǰȱ
ŚǻřǼǰȱřśŗȬřŜŜǯȱ
ž›ŸŽ¢ǰȱ ǯȱ ǯǰȱ ǭȱ ˜—ǰȱ ǯȱ ǻŘŖŗŖǼǯȱ —˜›–Š•ȱ •Ž—’—ȱ Š–˜—œȱ ›’Ž—œȱ Š—ȱ ›Ž•Š’ŸŽœDZȱ
Š—ȱ–’Œ›˜Œ›Ž’ȱŒ˜–™ŽŽȱ’—ȱ›ž›Š•ȱ‘’—Šǵȱ‘’—ŠȱŒ˜—˜–’ŒȱŽŸ’Ž ǰȱŘŗǻŚǼǰȱśŚŚȬśśŜǯȱ
›¢ǰȱ ǯȱ ǻŗşşŖǼǯȱ ›Ž’ȱ –Š›”Žœȱ ’—ȱ ˜›‘Ž›—ȱ ’Ž›’ŠDZȱ ›Ž’ȱ Šœȱ ’—œž›Š—ŒŽȱ ’—ȱ Šȱ ›ž›Š•ȱ
ŽŒ˜—˜–¢ǯȱ˜›•ȱŠ—”ȱŒ˜—˜–’ŒȱŽŸ’Ž ǰȱŚǻřǼǰȱŘśŗȬŘŜşǯȱ
Š›’Š—ǰȱ
ǯȱǯȱǻŗşşŖǼǯȱ˜—’˜›’—ȱŠŽ—œȱ ’‘ȱ˜‘Ž›ȱŠŽ—œǯȱ˜ž›—Š•ȱ˜ȱ—œ’ž’˜—Š•ȱŠ—ȱ
‘Ž˜›Ž’ŒŠ•ȱŒ˜—˜–’ŒœȱǻǼȱȦȱŽ’œŒ‘›’ȱû›ȱ’ŽȱŽœŠ–ŽȱŠŠœ ’œœŽ—œŒ‘ŠǰȱŗśřȬŗŝŚǯȱ
ž›•Ž›ǰȱǯȱǻŘŖŖŖǼǯȱ’—Š—Œ’Š•ȱ–Š›”ŽœȱŠ—ȱ‘ŽȱŠ••˜ŒŠ’˜—ȱ˜ȱŒŠ™’Š•ǯȱ˜ž›—Š•ȱ˜ȱ’—Š—Œ’Š•ȱ
Œ˜—˜–’ŒœǰȱśŞǻŗǼǰȱŗŞŝȬŘŗŚǯȱ
ϭϮ

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