The impacts of integrating microfinance with agricultural extension on seasonal food insecurity: Evidence from a high-frequency panel survey in Uganda
研究在乌干达农村将小额信贷与农业推广服务捆绑对季节性粮食安全的影响，发现无论单独还是捆绑，均未减少粮食不安全，反而在收获和农忙季节降低了饮食多样性，原因是贷款还款安排与农业现金流不匹配。
• Neither microfinance alone nor bundled with agricultural extension reduces food insecurity. • Dietary diversity fell during harvest and lean seasons in the bundled group. • Rigid loan repayment misaligns with agricultural cash flows, limiting program synergies. We study the impact of bundling microfinance with farming extension services on seasonal food security in rural Uganda. Using an experimental design, we monitor seasonal changes through a monthly panel spanning two years. We find that neither the combined approach nor standalone microfinance reduced food insecurity across seasons. Conversely, households in both treatment groups experienced declines in dietary diversity during harvest and land preparation seasons. Exploratory analysis suggests that the bundled approach offered sporadic benefits only to households with better market access, while standalone credit appeared to constrain dietary choices for the poorest. We attribute these results to a structural mismatch: the inflexible repayment schedule of the microfinance product likely discouraged agricultural investment, preventing the intended synergies. Our findings imply that for bundled interventions to succeed, financial products must be flexible enough to match the cash flows of the complementary agricultural activities.