, India, we find that "gung ho entrepreneurs" (GEs), households who were already running a business before microfinance …

networks. We first study 75 villages in Karnataka, 43 of which were exposed to microfinance after we first collected detailed … microfinance are at least as likely to disappear as links involving likely borrowers. We replicate these surprising findings in the … context of a randomized controlled trial in Hyderabad, where a microfinance institution randomly selected neighborhoods to …

of a particular microfinance institution (Spandana) while the remainder were not, although other MFIs were free to enter …. We found no changes in any of the development outcomes that are often believed to be affected by microfinance, including …