‘Credit market constraints, consumption smoothing, and the accumulation of durable production assets in low-income countries: investments in bullocks in India’
Abstract
In this paper we formulate and estimate a finite-horizon, structural dynamic model of agricultural investment behavior that incorporates the major features of low-income agricultural environments: income uncertainty, constraints on borrowing and rental markets, and the use of investment assets to generate income and smooth consumption. The model is fit to longitudinal Indian household data on farm profits, bullock stocks, and pump sets. The estimated structural parameters are used to assess the effects on the life cycle accumulation of bullocks, agricultural profits, and welfare associated with complete markets and bullock liquidity and with second-best policies that provide assured sources of income to farmers and weather insurance.
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Credit supply has been positively associated with agricultural investment and consumption smoothing.
“and agricultural investment and consumption smoothing (Rosenzweig and Wolpin, 1993; Conning and Udry, 2007; Giné and Yang, 2009).”
From The Effect of Rural Credit on Deforestation: Evidence from the Brazilian Amazon (2020) · cites this paper as Rosenzweig and Wolpin, 1993
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- Authors
- Rosenzweig, M. R., & Wolpin, K. I.
- Affiliations
- University of Minnesota (US)
- ORCID
- Rosenzweig, Mark R.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1993-04
- Volume
- 101
- Issue
- 2
- Pages
- 223-244
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2010661637
- Cited by
- 1,179
- References
- 0
- Citations by year
- 2026: 23 · 2025: 15 · 2024: 13 · 2023: 18 · 2022: 29 · 2021: 30 · 2020: 39 · 2019: 48 · 2018: 39 · 2017: 35 · 2016: 64 · 2015: 55 · 2014: 59 · 2013: 48 · 2012: 60
- FWCI
- 24.64
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Political Economy (publishedVersion)
- Journal of Political Economy
- Funders
- National Science Foundation (8713819)
- Topics
- Life Sciences › Agricultural and Biological Sciences › Soil Science › Agricultural risk and resilience
- Social Sciences › Safety Research › Agricultural economics and policies
- Life Sciences › Agricultural and Biological Sciences › General Agricultural and Biological Sciences › Agricultural Innovations and Practices
- Keywords
- consumption smoothing, durable assets, agricultural investment, low-income countries, income risk, credit constraints, rental market, asset liquidity, weather insurance, farm profitability, household welfare, India
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