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Centre for Micro Finance (CMF) IFMR Research - Chennai. Centre for Microfinance. The Centre for Micro Finance (CMF) is a non-profit, non-partisan research centre housed within the Institute for Financial Management and Research in Chennai.
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Centre for Microfinance The Centre for Micro Finance (CMF) is a non-profit, non-partisan research centre housed within the Institute for Financial Management and Research in Chennai. The mission of the Centre for Micro Finance is to improve the accessibility and quality of financial services for the poor through rigorous research, knowledge dissemination, and evidence-based policy outreach.
Organization’s Approach • Develops research ideas and research design to conduct studies using rigorous methodology. - Impact Evaluation using RCTs - Short-term Policy Research - Panel Studies • Partners with key stakeholders in an effort to translate research/ evidence based results into Policy and Practice. - Disseminating results through various publications and in person meetings with key stakeholders - Conducting conferences and Round-table discussions • Conducts trainings and workshops for students and practitioners on research tools and methodology.
Partners CMF engages with a wide variety of institutions to carry out its mission • Implementation Partners: AIC, Bandhan, Hand-in-Hand, KGFS, Mann Deshi, Saath, SEWA, Sonata, Spandana, and several others. • Policy Research Partners: BIRD-NABARD, Ministry of Finance, CAB-RBI • Institutional Research Partners: Harvard, MIT, IIM(C), Yale, IPA, J-PAL, RAND, Wharton, Stanford, World Bank • Principle Investigators: Abhijit Banerjee, Esther Duflo, RohiniPande, Erica Field, Shawn Cole, Jeremy Tobacman, KarnaBasu, SantoshAnagol, MushfiqMobarak • Principle Funders: Ford Foundation, 3ie, National Science Foundation, Gates Foundation, USAID, AUSAID, DFID, World Bank, LSE, MIT
Areas of Research CMF undertakes quantitative and qualitative research in 4 broad areas. 25+ projects at various stages of development are currently under way across the country. These areas are: • Financial Inclusion • Livelihoods • Social Objectives • Regulation and Policy WWW.CENTRE-FOR-MICROFINANCE.ORG/RESEARCH-PROJECTS
Research Design • Randomized Control Trials (RCTs) • Observing the ‘counter-factual’ • Random assignment with the study population of Control (C) and Treatment (T) • Regression Discontinuity
Methodology for Impact Studies • Estimate the Sample size • Identify the Sample • Conduct Baseline • Randomize • Provide Intervention • Observe • Conduct Endline • Analyze
Examples of Large Scale Impact Studies • Impact Evaluation of the Self Help Group (SHG) model • Impact Evaluation of KGFS Rural Bank model • Value of Distributing Treated Bed Nets via microfinance • Health Insurance Combined with Micro-credit • Selling Formal Insurance to the Informally Insured • Information, Expectations and Agricultural Investment: Evidence from a Field Experiment in India (“Futures Project”)
Index Insurance to Manage Weather Risk: Evidence from a Long-term Experiment in Gujarat Weather Based Crop Insurance aims to mitigate the hardship of the insured farmers against the likelihood of financial loss on account of anticipated crop loss resulting from incidence of adverse conditions of weather parameters like rainfall, temperature, frost, humidity etc. • Sample: 100 Villages (15 Survey HHs/village and 50+ Marketing HHs/village) • Partners: SEWA, DSC, AIC • Timeline: 7 year project (2006 to 2014) • Description: Marketing index-based weather insurance to farmers exposed to weather risks in rural Gujarat. Experimenting with various trust-building and financial literacy interventions during marketing take-up as well as price subsidies.
Additional Results… Video Experiment • Framing effects insignificant and jointly insignificant Pricing Experiment - Financial services expensive to provide in poor areas • Gujarat, expected payout 50-57% of premium • Insurance 4Premium ranges from Rs. 44-Rs. 86 • Price significant at 1% level and demand • Price elasticity around 1.04 Flyer Experiment • Small main effect for group x no religion • “Hindu * Group” reduces purchase among Muslims • “Muslim*Group” reduces purchase among Hindus
Understanding the Effect of Social Networks on Savings Behaviors
Savings Monitor project • Sample: 60 Villages (20 Savers + 15 Monitors per village) • Timeline: 18 months (Jan 2012 to June 2013) • Description: During a village-level meeting research participants are paired together as ‘Savers’ and ‘Monitors’ for a six-month period. Monitors are informed of their Savers six-month savings goal and receive bi-monthly updates on their Savers progress. We experimentally vary how this pairing occurs, as well as retain a control group of Savers with no Monitor. The objective of the research is to observe how existing social networks can be leveraged to support household savings. Treatment Groups: Research Questions: • Who makes the best Monitors? • What kind of ‘pairings’ result in the most productive savings outcomes? • How do Savers and Monitors interact?
Informational Inefficiencies and Technology Adoption: Evidence from Mobile-phone based Agricultural Extension (“AO project”) - Sample: 40 villages (1200 Households) in Gujarat • Partners: DSC, Awaaz De, SajjataSangh • Timeline: 3 years (2011 – 2014) • Description: Providing cell-phone based agricultural advice and response service to farmers in rural Gujarat. Evaluating the impact of the advice on usage of existing agricultural extension services (do we observe substitution) as well as on farmer investment decisions, input usage and farming techniques. AO Product Features • Push Calls • Question and answer service • Experience Sharing • Radio Program • Our implementation: Missed Call Service
Additional Results… • Significant decrease in the use of Monocrotophos by treatment farmers • Significant increase in the use of Imidaclorprid by treatment farmers • Significant increase in the adoption of Cumin as a 2011 Rabi crop by treatment farmers
