Migration under liquidity constraints: Evidence from randomized credit access in China

• 成果类型: Article; Proceedings Paper
• 署名作者: Cai, Shu
• 署名单位: Jinan University
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2018.06.005
• 发表日期: 2020
• 关键词: MIGRATION; microfinance; misallocation; liquidity constraints

摘要

This study proposes a model of migration with liquidity constraints and empirically examines the impacts of credit access on migration using data from a randomized control trial for a village banking program in China. The program increases migration by household members in treatment villages, especially in villages with low levels of assets and high migration costs. These findings are consistent with the theoretical prediction that access to credit has a greater effect on migration among households that are liquidity constrained when there are substantial upfront migration costs. Further evidence is provided by quantifying transportation costs and housing rent at the destinations.