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But it turns out she does not live hand-to-mouth. She applies a complex combination of financial strategies to keep afloat. It is often hard work, and it can carry high costs—some of which are social and psychological, not just economic. Collecting year-long financial diaries of households in Bangladesh, India and South Africa, Daryl Collins, Jonathan Morduch, Stuart Rutherford and Orlanda Ruthven weave the complexities of the financial lives of the poor into a readable narrative in their book Portfolios of the Poor....more
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