The objective of this paper is to provide policymakers with new estimates of the separate returns to public agricultural research and extension and a perspective on future agricultural productivity growth. This requires fitting an econometric model that contains separate regressors for the stock...

We study the effects of securitization on interbank lending competition when banks see private signals of local applicants'  repayment chances. If banks cannot securitize, the outcome is efficient: they lend to their most creditworthy local applicants. With securitization, banks lend also to...