Seasonal Liquidity, Rural Labor Markets, and Agricultural Production
在赞比亚农村随机提供补贴贷款，发现流动性约束导致农户在淡季减少劳动投入和产出，缓解后能提高农业产量并推高当地工资，且对贫困家庭影响更大。
Rural economies in many developing countries are characterized by a lean season in the months preceding harvest, when farmers have depleted their cash and grain savings from the previous year. To identify the impacts of liquidity during the lean season, we offered subsidized loans in randomly selected villages in rural Zambia. Ninety-eight percent of households took up the loan. Loan eligibility led to increases in on-farm labor and agricultural output, driving up wages in local labor markets. Larger effects for poorer households suggest that liquidity constraints contribute to inequality in rural economies.