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Risk and insurance in a rural credit market: an empirical investigation in northern Nigeria



Risk and insurance in a rural credit market: an empirical investigation in northern Nigeria



Review of Economic Studies 61(3): 495-526



Credit contracts play a direct role in pooling risk between households in Zaria, northern Nigeria. Repayments owed by borrowers depend on realizations of random shocks by both borrowers and lenders. An alternative to costly ex ante mechanisms which risk-averse households might use to reduce the variance of their incomes, is the possibility of ex post mechanisms which permit them to stabilize their consumption in the face in income fluctuations.

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Accession: 002689362

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DOI: 10.2307/2297901


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