Group versus individual liability: Short and long term evidence from Philippine microcredit lending groups

☆ We are grateful to the World Bank Research Com Foundation CAREER SES-0547898, and the Bill and Meli the Financial Access Initiative for funding this research. W Ghatak, and the referees, for their helpful comments. W Warwick, Karla Hoff, Kate Johnson, Jonathan Morduch BruceWydick, Dean Yang, and seminar and several confer ments on this project. We thank John Owens and the USA Access to Banking Services Program team for helping us Office of Population Studies at the University of San Carl work. We also thank Genevieve DeGuzman, Tomoko Hari perb research assistance. We thank Omar Andaya, G Monette Perez, and the field staff of Green Bank for im protocols. ⁎ Corresponding author. E-mail addresses: [email protected] (X. Giné), dea