Since 1994, a great deal has been accomplished. We argue that poverty reduction was temporarily sidelined in the 2000s. A series of shocks, especially the fuel and food price crisis of 2008, combined with poor productivity growth in agriculture and a weather shock, undermined progress in...

This is the supplemental material to the paper titled "Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and The Distribution of Income." It includes additional theoretical and quantitative results. It also includes illustration for the numerical algorithm for our...

Using the 1996-7 and 2002-3 nationally representative household surveys, we examine the extent to which growth in Mozambique has been pro-poor. Although all segments of the income distribution experienced a rapid increase in consumption between the sample periods, the rate of growth in...

We develop a micro-founded general equilibrium model with heterogeneous agents and three dimensions of financial inclusion: access (determined by a participation cost), depth (determined by a borrowing constraint), and intermediation efficiency (determined by a monitoring cost). We find that the...

A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich interactions. The economic impact of financial inclusion...

Using 1996-97 and 2002-03 nationally representative household surveys, we examine the extent to which growth in Mozambique has been pro-poor. While all sections of society enjoyed a rapid annual increase in consumption between the sample periods, the rate of growth in consumption was slightly...