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小额信贷是否帮助穷人？ ——孟加拉国旗舰计划所带来的新证据 摘要：小额信贷运动金融中介创新贫困家庭减少了贷款的成本和风险孟加拉国乡村银行目的是带来社会和经济效益， 。本文借鉴一个新近1800个家庭有资格获得贷款男子也往往会更的，相对于对照组，消费平滑主要收入平滑，而不是借款和贷款。关键词：小额信贷，项目评估，银行，孟加拉 Does Microfinance Really Help the Poor? New Evidence from Flagship Programs in Bangladesh Abstract The microfinance movement has built on innovations in financial intermediation that reduce the costs and risks of lending to poor households. Replications of the movement’s flagship, the Grameen Bank of Bangladesh, have now spread around the world. While programs aim to bring social and economic benefits to clients, few attempts have been made to quantify benefits rigorously. This paper draws on a new cross-sectional survey of nearly 1800 households, some of which are served by the Grameen Bank and two similar programs, and some of which have no access to programs. Households that are eligible to borrow and have access to the programs do not have notably higher consumption levels than control households, and, for the most part, their children are no more likely to be in school. Men also tend to work harder, and women less. More favorably, relative to controls, households eligible for programs have substantially (and significantly) lower variation in consumption and labor supply across seasons. The most important potential impacts are thus associated with the reduction of vulnerability, not of poverty per se. The consumption-smoothing appears to be driven largely by income-smoothing, not by borrowing and lending. The evaluation holds lessons for studies of other programs in low-income countries. While it is common to use fixed effects estimators to control for unobservable variables correlated with the placement of programs, using fixed effects estimators can exacerbate biases when, as here, programs target their programs to specific populations within larger communities. Key words: microfinance, project evaluation, Grameen Bank, Bangladesh  1. Introduction Microfinance has captured the imaginations