Unlocking the benefits of credit through saving

• 成果类型: Article
• 署名作者: Mukherjee, Sanghamitra Warrier; Bergquist, Lauren Falcao; Burke, Marshall; Miguel, Edward
• 署名单位: University of Oxford; Yale University; Yale University; National Bureau of Economic Research; Stanford University; Stanford University; University of California System; University of California Berkeley
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2024.103346
• 发表日期: 2024
• 关键词: credit; Saving; consumption; INVESTMENT; seasonality

摘要

Access to microcredit has been shown to generate only modest average benefits for recipient households. We study whether other financial market frictions - in particular, lack of access to a safe place to save - might limit credit's benefits. Working with Kenyan farmers, we cross-randomize access to a simple savings product with a harvest-time loan. Among loan offer recipients, the additional offer of a savings lockbox increased farm investment by 11% and household consumption by 7%. Results suggest that financial market frictions can interact in important ways and that multifaceted financial access programs might unlock dynamic household gains.