Rajan, Raghuram Govind; Ramcharan, Rodney - National Bureau of Economic Research - 2023
. We find that bank lending, net immigration, and population growth decline sharply in drought exposed areas with limited … initial access to bank finance. In contrast, agricultural investment and long-run productivity increase more in drought …-exposed areas when they have access to bank finance, even allowing some of these areas to leapfrog otherwise similar areas in the …