The rural northwestern districts of Bangladesh, home to 10 million people, experience a preharvest seasonal famine, locally known as Monga, with disturbing regularity. Surprisingly, outmigration from the Monga-prone districts is not all that common. This research tests whether migration could...

This paper develops a theory of sequential lending in groups in micro-finance that centers on the notion of dynamic incentives, in particular the simple idea that default incentives should be relatively uniformly distributed across time. In a framework that allows project returns to accrue over...