<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-8402</journal-id>
<journal-title><![CDATA[Ensayos. Revista de economía]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. Rev. econ.]]></abbrev-journal-title>
<issn>2448-8402</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma de Nuevo León, a través de la Facultad de Economía con la colaboración del Centro de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-84022020000100001</article-id>
<article-id pub-id-type="doi">10.29105/ensayos39.1-1</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The Role of Cognitive and Personality Characteristics in Timely Microcredit Repayment: Evidence from a Survey Conducted by Provident, Mexico]]></article-title>
<article-title xml:lang="es"><![CDATA[El papel de las características cognitivas y de personalidad en el pago oportuno de microcréditos: Evidencia de una encuesta realizada por Provident, México]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Giannatale]]></surname>
<given-names><![CDATA[Sonia Di]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ventosa-Santaulària]]></surname>
<given-names><![CDATA[Daniel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Roa]]></surname>
<given-names><![CDATA[María José]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Elbittar]]></surname>
<given-names><![CDATA[Alexander]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Trujano]]></surname>
<given-names><![CDATA[Darío]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Centro de Investigación y Docencia Económicas  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Centro de Estidios Monetarios  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Instituto Federal de Telecomunicaciones  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2020</year>
</pub-date>
<volume>39</volume>
<numero>1</numero>
<fpage>1</fpage>
<lpage>20</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-84022020000100001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-84022020000100001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-84022020000100001&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Sustainability of microfinance institutions depends, among other factors, on having appropriate repayment levels. This article&#8217;s contribution to existing literature is the analysis of the role of a personality trait named &#8220;grit&#8221; in individual microcredit repayment decisions, alongside cognitive characteristics and time and risk preferences. This study is based on a survey of a sample of clients at 'Provident México', a formal microfinance institution that provides personal loans in vulnerable communities in Puebla, Mexico. We find evidence that, generally, older individuals possessing higher levels of grit and a tendency toward short term present bias are more likely to show no delays in loan repayments. Cognitive characteristics are inversely related to paying microcredits on time. Refinancing incentives does not play a key role in timely microcredit repayment, a result that is contrary to related literature but consistent with our finding that individuals in this sample that do not have delays in repayments are characterized by showing a short term present bias.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La sostenibilidad de las instituciones microfinancieras depende, entre otros factores, de tener niveles apropiados de repago. Este trabajo contribuye a la literatura existente al analizar el papel de un rasgo de personalidad denominado "diligencia&#8221; (&#8220;grit&#8221; en inglés) en las decisiones de repago de microcréditos individuales, junto con las habilidades cognitivas y las preferencias de tiempo y riesgo. Este estudio se basa en una encuesta aplicada a una muestra de clientes en 'Provident México', una institución formal de microfinanzas que ofrece préstamos personales en comunidades vulnerables en Puebla, México. Los resultados obtenidos indican que, en general, las personas mayores que poseen niveles más altos de diligencia, y que tienden a tener un sesgo por el corto plazo, tienen más probabilidades de no mostrar retrasos en el repago de los préstamos. Las características cognitivas están inversamente relacionadas con el pago de las deudas a tiempo. Los incentivos de refinanciamiento no desempeñan un papel clave en el repago a tiempo del microcrédito, resultado contrario a la literatura sobre este tema pero que es acorde con el resultado del sesgo por el corto plazo que muestran los individuos de esta muestra que no tienen retrasos en sus pagos.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Microcredit repayment]]></kwd>
<kwd lng="en"><![CDATA[Personality traits]]></kwd>
<kwd lng="en"><![CDATA[Grit]]></kwd>
<kwd lng="en"><![CDATA[Cognitive characteristics]]></kwd>
<kwd lng="en"><![CDATA[Time and risk preferences]]></kwd>
<kwd lng="es"><![CDATA[Reembolso de microcréditos]]></kwd>
<kwd lng="es"><![CDATA[Rasgos de personalidad]]></kwd>
<kwd lng="es"><![CDATA[Determinación]]></kwd>
<kwd lng="es"><![CDATA[Características cognitivas]]></kwd>
<kwd lng="es"><![CDATA[Preferencias temporales y de riesgo]]></kwd>
</kwd-group>
</article-meta>
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