How has the microcredit movement managed to push financial frontiers? In a context in which borrowers vary in unobservable risk, Ghatak (1999, 2000) shows that group-based, joint liability contracts price for risk more accurately than individual contracts, provided that borrowers match...

What are major factors behind underdevelopment of corporate bond market in India? One of the major bottlenecks to the development of this market lies in relatively larger costs of financing which dissuade the firms to raise finance from this avenue. Policies that ensure better production of...

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,...

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...

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...

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Rural people are deprived even of the basic facilities of medical care. Is this ethical? [6th K R Memorial lecture].