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...

In this paper, a new framework for analyzing corruption in public bureaucracies is provided. The standard way to model corruption is as an example of moral hazard, which then leads to a focus on better monitoring and stricter penalties with the eradication of corruption as the final goal. An...

A reduced form model where banks can pursue other goals than profit maximization is presented. This allows us to test for behavioral changes of banks over time. This model provides a framework to evaluate whether moral hazard issues may plague banks receiving state aid, which concerns greatly...

This paper examines how unhedged currency exposure of firms varies with changes in currency exibility. A sequence of four time-periods with alternating high and low currency volatility in India provides a natural experiment in which changes in currency exposure of a panel of firms is measured,...

Among the major challenges currently faced by humanity are food security and climate change. Agriculture plays a significant role in both. Adapting to climate change is expected to be an increasing issue for agriculture and food security in the next decades. At the same time, agriculture is part...

It is conventional wisdom that it is possible to reduce exposure to indoor air pollution, improve health outcomes, and decrease greenhouse gas emissions in the rural areas of developing countries through the adoption of improved cooking stoves. This belief is largely supported by observational...

This paper uses a large panel database to investigate the determinants of forest clearing in Indonesian kabupatens since 2005. The study incorporates short-run changes in prices and demand for palm oil and wood products, as well as the exchange rate, the real interest rate, land-use zoning,...

Tropical deforestation accounts for almost one-fifth of greenhouse gas emissions worldwide and threatens the world.s most diverse ecosystems. The prevalence of illegal forest extraction in the tropics suggests that understanding the incentives of local bureaucrats and politicians who enforce...

The paper examines the genesis of Climate Change which has been referred to as the defining human development issue of our generation. Also studied is the impact of this problem in the global as well as Indian context. India is not immune from the impact of global warming and climate change....

Capitalizing on the most recent worldwide estimates of the impacts of climate change on agriculture production, this paper assesses the economic effects of climate change for Southeast Asian countries through 2080. However, the uneven distribution of productivity losses across global regions...