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Medientyp:
E-Book
Titel:
The Impact of Risk Contingent Credit and Traditional Credit on Smallholders’ Agricultural Investment, Productivity and Welfare
:
Experimental Evidence from a Randomized Control Trial in Rural Kenya
Beschreibung:
We use a multiyear multiarm randomized controlled trial implemented among 1053 smallholders in Kenya to evaluate ex-ante investment and ex-post productivity and welfare benefits of risk-contingent credit (RCC), comparing it with traditional credit (TC). We rely on local average treatment effects but report the intent-to-treat effects too for their policy significance. Both credits positively influenced households farm investment, leading to enhanced adoption of chemical fertilizers and improved maize varieties. RCC effects were substantially higher than TC effects, especially on chemical fertilizer. Both credits did not affect the overall area under maize, suggesting that they caused agricultural intensification but not extensification. Ex-post, both credits enhanced productivity and welfare, leading to higher maize yields and acreage revenue. Uptake (not assignment) of either RCC or TC reduced food insecurity and increased dietary diversity. Policies to promote smallholders’ farm investment, productivity, and welfare should include expanded access to credit, including bundling insurance with credit