This paper is based on our ongoing joint work with Ravi Kanbur. Xi Chen is grateful to Ravi Kanbur for invaluable comments, guidance and encouragement. For comments and suggestions, please direct correspondence to Xi Chen at xc49@cornell.edu.

Replaced with revised version of paper 07/28/11. Former title: Indirect Effects of Microfinance: A Field Experiment on Formal Savings Expansion and Informal Safety Nets of the Ultra-Poor

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