Dynamic Savings Decisions in Agricultural Environments with Incomplete Markets

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Abstract
A methodology is developed for examining savings behavior in rural areas of developing countries that explicitly incorporates the sequential decision process in agriculture. The approach is used to examine the relative importance of alternative forms of savings in the presence and absence of formal financial intermediaries. The authors' results, based on stage-specific panel data from Pakistan, provide evidence that the presence of financial intermediaries importantly influences the use of formal savings and transfers for income smoothing. They also find that there are significant biases in evaluations of the savings-income relationship that are inattentive to the within-year dynamics of agricultural production. (This abstract was borrowed from another version of this item.)
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