The empirical literature on household savings tends to treat savings simply as the residual of income minus consumption …

period financial contracts, where poor agents face credit constraints owing to moral hazard and limited liability. …

Before the late 1970s, rural dwellers in Ghana had almost no access to institutional credit for farm and nonfarm … activities, and in many rural communities, secure, safe, and convenient savings and payment facilities hardly existed. In … response to this situation, the Government of Ghana took several measures to increase access to credit in rural areas …

in selected villages in Pune district. While the benefits in terms of higher income, consumption, and savings matter for …