Replaced with revised version of paper 07/28/11. Former title: Indirect Effects of Microfinance: A Field Experiment on Formal Savings Expansion and Informal Safety Nets of the Ultra-Poor

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Since the 2007–08 food crisis, many thoughtful analyses have addressed the causes and impacts of high and volatile international food prices and proposed solutions to the crisis. These studies have covered global as well as local food price dynamics and policy reactions. The food price problem...