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drought shocks. It analyzes mechanisms through which cash transfers contribute to resilience, such as savings facilitation … increase savings. They also help households protect earnings in agriculture and off-farm businesses when shocks occur. Few … poor households can foster resilience by facilitating savings and income smoothing …
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Macroeconomic disasters (wars, pandemics, depressions) are characterized by drastic shifts and increased volatility of the aggregate consumption to income ratio. By standard intertemporal budget constraint logic, this ratio is linked to expectations of future income and consumption growth rates....
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