Does Financial Inclusion Exclude? The Effect of Access to Savings on Informal Risk-Sharing in Kenya


In the absence of formal markets to manage risk, individuals often rely on mutual interpersonal transfers, otherwise known as informal risk-sharing arrangements (IRSAs). Theoretically, an improvement in access to savings can lead to substitution away from IRSAs, and this substitution can lead to a reduction in the capacity to manage risk. We estimate the… (More)


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