|**Table 28. Estimation Results of Model of the D**|**eterminants**<br>Robus|**of VF Inte**<br>t OLS|**rest Rates**<br>Endogeno|us SwitchingR|egression|
|---|---|---|---|---|---|
|||Full with||No|Probit|
||Stepwise|,<br>provinces|Onlending|<br>onlending|,<br>switch|
|Supply: Fund Capital||||||
|<br>Initial VF capital|0.228***|0.152**|0.134***|0.676***|0.356***|
||_(0.074)_|_(0.074)_|_(0.045)_|_(0.237)_|_(0.071)_|
|VF allows for saving||-0.025|-0.066|-0.021|0.049|
|||_(0.149)_|_(0.167)_|_(0.201)_|_(0.082)_|
|VF requires members to save||0.057|0.345**|0.030|0.065|
|||_(0.144)_|_(0.147)_|_(0.187)_|_(0.077)_|
|Supply: Characteristics of VF Committee||||||
|Proportion who have some higher education|-0.527**|-0.213|-0.479*|-0.416|0.007|
||_(0.240)_|_(0.252)_|_(0.288)_|_(0.340)_|_(0.149)_|
|Proportion who have accounting experience||0.439|-1.286|0.506|-0.361|
|||_(1.238)_|_(2.015)_|_(1.607)_|_(0.706)_|
|Need training in loan appraisal (yes=1)||<br>-0.058|<br>-0.519***|<br>-0.033|<br>-0.089|
|||_(0.124)_|_(0.159)_|_(0.164)_|_(0.067)_|
|Accounts are computerized (yes=1)|0.457***|0.285**|0.730***|0.431**|0.032|
||_(0.123)_|_(0.129)_|_(0.168)_|_(0.177)_|_(0.071)_|
|VF officers are chosen, not elected (yes=1)|0.361**|0.337**|0.089|0.565**|0.030|
||_(0.157)_|_(0.160)_|_(0.166)_|_(0.221)_|_(0.089)_|
|VF would cut loans equally if funds were short (yes=1)||<br>-0.004|<br>-0.082|<br>-0.268|<br>-0.082|
|||_(0.125)_|_(0.180)_|_(0.203)_|_(0.072)_|
|Demand: Village Size and Organization||||||
|<br>Number of households in village|0.001***<br>_(0.000)_|0.001***<br>_(0.000)_|0.002***<br>_(0.000)_|0.001***<br>_(0.000)_|-0.000<br>_(0.000)_|
|Village has a market (yes=1)||-0.044|0.033|-0.276|0.054|
|||_(0.134)_|_(0.175)_|_(0.182)_|_(0.074)_|
|Rural (yes=1)||<br>-0.306*|<br>0.014|<br>-0.223|<br>-0.067|
|||_(0.161)_|_(0.188)_|_(0.197)_|_(0.088)_|
|Demand: Household Characteristics||||||
|Proportion of households who are self-employed farmers|-0.708**<br>_(0.338)_|-0.101<br>_(0.407)_|0.145<br>_(0.409)_|-0.560<br>_(0.487)_|0.100<br>_(0.212)_|
|Proportion of income generated by wages|-0.658*|-0.544|-0.049|-1.274**|-0.515**|
||_(0.379)_|_(0.430)_|_(0.554)_|_(0.538)_|_(0.238)_|
|Proportion of population with some secondary education||<br>0.006|<br>-1.184*|<br>0.303|<br>0.419*|
|||_(0.459)_|_(0.622)_|_(0.579)_|_(0.253)_|
|Household assets (excluding land)|-0.224*|<br>-0.077|<br>-0.171|<br>-0.430**|<br>0.045|
||_(0.123)_|_(0.134)_|_(0.366)_|_(0.202)_|_(0.082)_|
|Proportion who have a loan from a formal bank||<br>0.320|<br>-0.017|<br>0.857*|<br>0.531***|
|||_(0.351)_|_(0.311)_|_(0.454)_|_(0.192)_|
|Proportion of borrowers who are women||<br>0.166<br>_(0.443)_|<br>0.841<br>_(0.540)_|<br>-0.054<br>_(0.575)_|<br>-0.241<br>_(0.241)_|
|Expenditure per capita|0.062*|<br>0.112**|<br>0.197**|<br>0.009|<br>-0.165***|
||_(0.036)_|_(0.046)_|_(0.086)_|_(0.072)_|_(0.039)_|
|Loan terms and conditions<br>VF would borrow more if funds were short|||||1.048***<br>_(0156)_|
|VF could lend out another 1m baht safely|||||_._<br>0.488***<br>_(0099)_|
|VF wants to borrow more from BAAC, GSB, etc.|||||_._<br>0.419***<br>_(0092)_|
|VF borrows to on-lend to members|0.261*|0.367**|||_._|
||_(0.140)_|_(0.149)_||||
|Memo items||||||
|Number of observations|2425|2136|2128|||
|<br>R<sup>2</sup>|,<br>0.040|,<br>0.153|,|||

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