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dc.contributor.authorOSBORNE, Theresa
dc.date.accessioned2011-04-19T12:49:08Z
dc.date.available2011-04-19T12:49:08Z
dc.date.issued2006
dc.identifier.citationJournal of Economic Dynamics & Control, 2006, 30, 4, 541-568
dc.identifier.issn0165-1889
dc.identifier.urihttp://hdl.handle.net/1814/16584
dc.description.abstractThis paper examines the theory of credit as a means of raising the productivity and living standards of producer households who face significant uncertainty. A dynamic model with uncertainty is developed in which households choose how much to invest in a yield-enhancing technology, how much to consume, and how much to save. I find that while credit has important short and medium run benefits for productivity, consumption, and lifetime utility, these benefits are not sustained in the long run. Indeed, under reasonable parameter settings, mean consumption will fall. In contrast, the paper shows that risk mitigation has sustained benefits for productivity, lifetime utility, and equality. (c) 2005 Elsevier B.V. All rights reserved.
dc.language.isoen
dc.publisherElsevier Science Bv
dc.subjectcredit
dc.subjectborrowing constraints
dc.subjectagricultural development
dc.subjectprecautionary savings
dc.subjecthuman capital investment
dc.titleCredit and Risk in Rural Developing Economies
dc.typeArticle
dc.identifier.doi10.1016/j.jedc.2005.01.002
dc.neeo.contributorOSBORNE|Theresa|aut|
dc.identifier.volume30
dc.identifier.startpage541
dc.identifier.endpage568
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dc.identifier.issue4


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