Increasingly, research seeks to understand how environmental distress motivates migration, often focusing on the importance of singular events such as flood, drought or crop loss. This article explores the case of a Cambodian community where environmental shocks have been frequent over the past decade and international migration has increased. It shows that as a result of recurring and varied environmental shocks, households increasingly perceive agriculture-based livelihood strategies as unwise and risky. This perception is widespread even among households not directly experiencing income loss. As a result, households use migration as a replacement for local livelihood strategies. These findings support two arguments relevant for future research and policy. First, that environmental shocks have importance beyond their immediate, direct impact. Second, that recurring shocks can influence preferences for and risk perceptions of local investments. Thus for policies to effectively address environmental vulnerability and/or rural development in precarious environments, they must incorporate local understandings of risk and possibility.

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This article explores an unexpected and overlooked consequence of the expansion of microcredit: how it interacts with migration patterns. Drawing on qualitative research in northwest Cambodia, this study explores the uses, meanings and implications of ‘migra‐loans’ — microcredit loans that are used in tandem with household strategies of international migration. Using microcredit in combination with migration allows households to immediately meet consumption goals and utilize the credit being actively promoted by microfinance institutions, while also retreating from insecure and less profitable local livelihood strategies. These strategies problematize expectations about the developmental potential of microcredit, and highlight the importance of local context in framing rural livelihood choices.