This article evaluates the performance of a rural credit market in Peru. We develop a model that shows that collateral requirements imposed by lenders in response to asymmetric information can lead not just to quantity rationing but also to transaction cost rationing and risk rationing. Just...

We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and "risk rationing," whereby farmers are able to borrow but only under high-collateral contracts that offer them lower expected well-being than a safe,...

This paper uses unique data from rural Mexico to examine the supply of immigrant hired labour to US farms. Econometric evidence indicates that immigration policy reforms had unintended consequences for farm labour supply. The long-term trend in migration from rural Mexico to US farms is...

We develop a model that shows that asymmetric information can result in two types of credit rationing: conventional quantity rationing, and “risk rationing,” whereby farmers are able to borrow but only under high-collateral contracts that offer them lower expected well-being than a safe,...

The effective design and implementation of interventions that reduce vulnerability and poverty require a solid understanding of underlying poverty dynamics and associated behavioral responses. Stochastic and dynamic benefit streams can make it difficult for the poor to learn the value of such...

The Government of Mozambique is considering legal changes in its land law and administration of state leasehold property-an enormous challenge given its past socialist history and the uncertainties created by its current transition to a private market economy. The present research sought to...

Replaced with revised version of paper 07/20/10.