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Learning and Microlending
Drugov, Mikhail; Macchiavello, Rocco - C.E.P.R. Discussion Papers - 2008
borrowing and savings at unfavorable interest rates as well as the failure to undertake profitable and easily available …
Persistent link: https://www.econbiz.de/10005656410
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Financial Repression in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714
Temin, Peter; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2004
If in general, financial deepening aids economic growth, then financial repression should be harmful. We use a natural experiment – the change in the English usury laws in 1714 – to analyse the effects of interest rate restrictions. Based on a sample of individual loan transactions, we...
Persistent link: https://www.econbiz.de/10005662086
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You Can Pick Your Friends, But You Need to Watch Them: Loan Screening and Enforcement in a Referrals Field Experiment
Bryan, Gharad; Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2012
We examine a randomized trial that allows separate identification of peer screening and enforcement of credit contracts. A South African microlender offered half its clients a bonus for referring a friend who repaid a loan. For the remaining clients, the bonus was conditional on loan approval....
Persistent link: https://www.econbiz.de/10011083275
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Can Competition in the Credit Market be Excessive?
Caminal, Ramon; Matutes, Carmen - C.E.P.R. Discussion Papers - 1997
We study the welfare implications of market power in a model where banks choose between credit rationing and monitoring in order to alleviate an underlying moral-hazard problem. We show that the effect of banks’ market power on social welfare is the result of two countervailing effects. On the...
Persistent link: https://www.econbiz.de/10005656189
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Information Sharing and Credit: Firm-Level Evidence from Transition Countries
Brown, Martin; Jappelli, Tullio; Pagano, Marco - C.E.P.R. Discussion Papers - 2007
We investigate whether information sharing among banks has affected credit market performance in the transition countries of Eastern Europe and the former Soviet Union, using a large sample of firm-level data. Our estimates show that information sharing is associated with improved availability...
Persistent link: https://www.econbiz.de/10005136657
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Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies
Huang, Haizhou; Marin, Dalia; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2003
This Paper explains both the onset of the financial crisis in 1998 and the striking economic recovery afterwards in Russia and other Former Soviet Union (FSU) economies. Before the crisis banks do not lend to the real sector of the economy, and firms use non-bank finance - including trade...
Persistent link: https://www.econbiz.de/10005067352
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Credit, Wages and Bankruptcy Laws
Biais, Bruno; Mariotti, Thomas - C.E.P.R. Discussion Papers - 2003
wages. This raises the pledgeable income of the entrepreneurs who still can raise funds, and thus lowers their liquidation …
Persistent link: https://www.econbiz.de/10005498012
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Endogenous Cycles in a Stiglitz-Weiss Economy
Suarez, Javier; Sussman, Oren - C.E.P.R. Discussion Papers - 1997
The literature on financial imperfections and business cycles has focused on propagation mechanisms. In this paper we model a pure reversion mechanism, such that the economy may converge to a two-period equilibrium cycle. This mechanism confirms that financial imperfections may have a dramatic...
Persistent link: https://www.econbiz.de/10005661575
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Pride and Prejudice: The Human Side of Incentive Theory
Ellingsen, Tore; Johannesson, Magnus - C.E.P.R. Discussion Papers - 2006
Many people are sensitive to social esteem, and their pride is a source of pro--social behavior. We present a game-theoretic model in which sensitivity to esteem varies across players and may depend on context as well players' beliefs about their opponents. For example, the pride associated with...
Persistent link: https://www.econbiz.de/10005662241
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The Impact of Financial Education for Youth in Ghana
Berry, James; Karlan, Dean S.; Pradhan, Menno - C.E.P.R. Discussion Papers - 2015
offered financial education. Both programs included a voluntary after-school savings club that provided students with a locked … money box. After nine months, both programs had significant impacts on savings behavior relative to the control group …, mostly because children moved savings from home to school. We observed few other impacts. We do find that financial education …
Persistent link: https://www.econbiz.de/10011249377