Unlocking the benefits of credit through saving
本摘要源自该文的 NBER 工作论文版（2021），正式发表版可能有调整。
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 crossrandomize access to a simple savings product with a harvest-time loan. Among farmers offered a loan, 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.