Why Do Poor People Co-Hold Debt and Liquid Savings?
研究孟加拉国贫民窟居民在微型金融机构同时高息借贷和低息储蓄的现象，发现59%的客户可立即用储蓄偿还32%的债务，且该行为与收入不确定性无关。
I examine the use of flexible savings-and-loan accounts offered by SafeSave, a microfinance institution serving poor slum dwellers in Dhaka, Bangladesh. I find that 59 per cent of the clients co-hold, meaning that they borrow at high interest rates and simultaneously hold low-yield liquid savings. Co-holders could immediately pay down, on average, 32 per cent of their debt using liquid savings and thus avoid significant interest payments. The results show that co-holders are more likely to be regular workers subject to little income uncertainty, suggesting that co-holding is not a consequence of liquidity needs. The paper discusses alternative explanations.