The credit market implications and real effects of one the largest borrower bailout programs in history are studied, enacted by the government of India against the backdrop of the 2008–2009 financial crisis. The stimulus program had no effect on productivity, wages or consumption, but led...

This paper presents the results of two experiments conducted in Mumbai and Vadodara, India, designed to evaluate ways to improve the quality of education in urban slums. A remedial education programme hired young women from the community to teach basic literacy and numeracy skills to children...

Why do many households remain exposed to large exogenous sources of non-systematic income risk? Why don’t financial markets develop to pool these risks? This paper uses a series of randomized field experiments to test the importance of price and non-price factors in the adoption of an...