In this paper, we develop a specific observable symptom of a banking system that underprices the default spread in non-recourse asset-backed lending. Using three different data sets for 18 countries and property types, we find that, following a negative demand shock, the underpricing economies...

The demand for environmental goods is often low in developing countries. The major causes are awareness regarding the contamination of water and poverty, but less attention has been paid to the former reason. We use a household survey from Hyderabad city and estimate the contribution of...

The existing measures of housing affordability are essentially short-run indicators that compare current income with property prices. Taking into consideration that a housing purchase is a long-horizon decision and the property price reflects the discounted present value of future mortgage...

The study focused on the implications of a post 2008 CARP transition scenario for the agrarian law and justice system. It addressed the conflicts after the award of certificates of land ownership awards (CLOA) or emancipation patents (EP). There are six types of conflicts within the agrarian...

1. The importance of economically dominant farmers is increasing in the lease market for agricultural land. This is particularly evident from the NSS data of 1981-82 and 1991-92 on the percentage of operational holdings and operated area under tenancy and on the shares of large farmers in total...

Developing economies are seeking to promote financial inclusion, i.e., greater access to financial services for low-income households and firms, as part of their overall strategies for economic and financial development. This raises the question of whether financial stability and financial...

In this paper, we present two stylized models of the financial system. We make the case that in order to realize the potential of a well-functioning complete financial market, financial system designers and financial service providers will need to think about ways to deliver financial...

Developing economies are seeking to promote financial inclusion, i.e., greater access to financial services for low-income households and firms, as part of their overall strategies for economic and financial development. This raises the question of whether financial stability and financial...

In this paper, we present two stylized models of the financial system. We make the case that in order to realize the potential of a well-functioning complete financial market, financial system designers and financial service providers will need to think about ways to deliver financial...