Finance and Climate Resilience: Evidence from the long 1950s US Drought

Raghuram Rajan and Rodney Ramcharan

No 31356, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The local availability of credit shaped whether, and how, farmers adapted to the long 1950s US drought. Investment in irrigation increased substantially more in drought-exposed areas with greater access to bank finance. Overall, these areas suffered significantly less population decline, both in the short- and long term. Thus, enhancing local access to finance can enable communities to adapt to large adverse climatic shocks, limiting outmigration.

JEL-codes: G0 J0 Q0 (search for similar items in EconPapers)
Date: 2023-06
New Economics Papers: this item is included in nep-agr, nep-ban, nep-env, nep-fdg, nep-his and nep-mig
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