negatively affects corn or soybean yields. We also find that it can mitigate the impact of drought on soybean yields. We explore … how wider use of conservation tillage might offset the increase in drought-induced downside risk to soybean yields under …

We study how the availability of credit shapes adaptation to a climatic shock, specifically, the long 1950s US drought …. We find that bank lending, net immigration, and population growth decline sharply in drought exposed areas with limited … initial access to bank finance. In contrast, agricultural investment and long-run productivity increase more in drought …