قرضه های کوچک و قحطی: وام وجوه ایرلندی در طول قحطی بزرگ

What happens to microfinance organizations when faced with massive external shocks such as famines? Using a unique and extensive data set, we analyze the impact of the Great Irish Famine of the 1840s on the Irish loan funds. The funds were a large and important microfinance institution operating throughout Ireland. We find that the pre-famine capital ratio of each fund was a strong predictor of survival of the fund through the famine. Among available local demographic variables, the most significant is the rate of female literacy, which was strongly correlated with the probability of fund survival.