Commitments to Save : A Field Experiment in Rural Malawi
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This paper reports the results of a
field experiment that randomly assigned smallholder cash
crop farmers formal savings accounts. In collaboration with
a microfinance institution in Malawi, the authors tested two
primary treatments, offering either: 1) "ordinary"
accounts, or 2) both ordinary and "commitment"
accounts. Commitment accounts allowed customers to restrict
access to their own funds until a future date of their
choosing. A control group was not offered any account but
was tracked alongside the treatment groups. Only the
commitment treatment had statistically significant effects
on subsequent outcomes. The effects were positive and large
on deposits and withdrawals immediately prior to the next
planting season, agricultural input use in that planting,
crop sales from the subsequent harvest, and household
expenditures in the period after harvest. Across the set of
key outcomes, the commitment savings treatment had larger
effects than the ordinary savings treatment. Additional
evidence suggests that the positive impacts of commitment
derive from keeping funds from being shared with one's
social network.
Palabras clave
ACCESS TO FUNDS, ACCOUNT HOLDERS, AGRICULTURAL INPUTS, AGRICULTURE, AUCTION, AUCTION FLOOR, BANK ACCOUNT, BANK ACCOUNTS, BANK OPERATIONS, BENEFICIARIES, BUDGETING, CASH-CROP, COST ANALYSIS, CREDIT ACCESS, CREDIT ASSOCIATIONS, CREDIT COOPERATIVES, CREDIT PRODUCTS, CROP VALUE, DEBT, DEPOSIT, DEPOSIT ACCOUNT, DEPOSIT ACCOUNTS, DEPOSIT MOBILIZATION, DEPOSITS, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DISCOUNT RATE, DURABLE, DURABLE ASSETS, ECONOMETRICS, ECONOMIC DEVELOPMENT, ECONOMIC OUTCOMES, ECONOMIC RESEARCH, ECONOMICS RESEARCH, EXPENDITURE, EXPENDITURES, FARM OUTPUT, FARMERS, FEMALE EMPOWERMENT, FINANCIAL INSTITUTIONS, FINANCIAL PRODUCTS, FOREIGN EXCHANGE, FUTURE RESEARCH, FUTURE STUDIES, GOVERNMENT BUDGET, GOVERNMENT BUDGETS, GROUP LOAN, HOLDING, HOLDINGS, HOUSEHOLD COMPOSITION, HOUSEHOLD SIZE, HOUSEHOLD SURVEY, ILLITERACY, INCENTIVES TO SAVE, INCOME, INCOME LEVELS, INCOMES, INDIVIDUAL ACCOUNTS, INFORMAL INSURANCE, INSURANCE, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INVESTMENT BEHAVIOR, LACK OF KNOWLEDGE, LANDOWNERS, LENDER, LENDERS, LIABILITY, LOAN, LOAN RECOVERY, LOAN REPAYMENT, LOW-INCOME COUNTRIES, MARGINAL UTILITY, MARGINAL UTILITY OF CONSUMPTION, MICROCREDIT, MICROCREDIT PROGRAMS, MICROENTERPRISE CREDIT, MICROENTERPRISES, MICROFINANCE, MICROFINANCE INSTITUTION, MICROFINANCE INSTITUTIONS, OPTIMAL CONTRACTS, OUTPUT, PAYMENT SYSTEM, POLITICAL ECONOMY, POOR, PORTFOLIO, PORTFOLIOS, POSITIVE EFFECTS, PREMATURE WITHDRAWALS, PRIVATE SECTOR DEVELOPMENT, PUBLIC POLICY, RATES OF RETURN, RESOURCE ALLOCATION, RETURNS, ROSCAS, RURAL, RURAL BANKING, RURAL BANKS, RURAL COMMUNITIES, RURAL HOUSEHOLDS, SAVINGS, SAVINGS ACCOUNT, SAVINGS ACCOUNTS, SAVINGS BEHAVIOR, SAVINGS PROGRAMS, SMALL BUSINESSES, SMALLHOLDER FARMERS, SOCIAL NETWORKS, STOCKS, SURCHARGES, SUSTAINABLE FINANCE, SUSU, TIME DEPOSIT, TRANSACTION, TRANSACTION COSTS, TRANSACTIONS COSTS, TRANSPORT, VILLAGE ECONOMIES, WITHDRAWAL