ASSET OWNERSHIP AND WORKING CAPITAL CONSTRAINTS IN A POST-REFORM ENVIRONMENT: IMPLICATIONS FOR SECOND GENERATION REFORMS IN ZAMBIA
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Using a 5,000 household panel from Zambia, we find that asset ownership, but not access to fertilizer, has an extremely important impact on output and that investment in oxen would yield returns above the market rate. Policies should thus focus on asset ownership more than on short term working capital.