中文摘要
贫困往往不仅表现为收入低且不稳定，也表现为沉重的债务负担。在一项涉及智利3,500多名低收入微型企业主的随机实地实验中，我们发现，提供免费储蓄账户的使用机会减少了参与者的短期债务。此外，遭遇经济冲击的参与者需要削减消费的程度较低，参与者的主观幸福感也得到统计显著的改善。因此，预防性储蓄与信贷在提供自我保险方面互为替代，当有免费正规储蓄账户可用时，参与者更倾向于减少借贷。账户使用模式表明，他人要求参与者分享自身资源，可能是储蓄的一个关键障碍。
Abstract
Poverty is often characterized not only by low and unstable income, but also by heavy debt burdens. In a randomized field experiment with over 3,500 low-income micro-entrepreneurs in Chile, we find that providing access to free savings accounts decreases participants’ shortterm debt. In addition, participants who experience an economic shock have less need to reduce consumption, and subjective well-being improves significantly. Precautionary savings and credit therefore act as substitutes in providing self-insurance, and participants prefer borrowing less when a free formal savings account is available. Take-up patterns suggest that requests by others for participants to share their resources may be a key obstacle to saving.