Similar Search Results

Financial Reform in Eastern Europe: Progress With the Wrong Model

Corbett, Jennifer; Mayer, Colin - C.E.P.R. Discussion Papers - 1991

Eastern Europe is engaged in a massive programme of financial reform. This paper argues that while this programme has many desirable features, it has failed to address some of the most basic issues. These concern the relationship between the financial system and the enterprise sector, and the...

Persistent link: https://www.econbiz.de/10005791741

Ex Ante Effects of Ex Post Managerial Ownership

Cornelli, Francesca; Li, David Daokui - C.E.P.R. Discussion Papers - 2006

This paper highlights the trade-off between the need to restructure a company and the need to provide managers with appropriate incentives to run it after the restructuring. In order to provide incentives, it is optimal to let managers acquire equity in the firm. However, the expectations to be...

Persistent link: https://www.econbiz.de/10005792329

Financial Systems in Transition: Is there a Case for a Bank Based System?

Grosfeld, Irena - C.E.P.R. Discussion Papers - 1994

This paper looks at empirical evidence and economic theory in order to find some guidelines for building the institutions of a financial system. It argues that in the countries in transition, priority should be given to stimulating information generation about investment opportunities, and to...

Persistent link: https://www.econbiz.de/10005067573

Defensive and Strategic Restructuring in Central European Enterprises

Grosfeld, Irena; Roland, Gérard - C.E.P.R. Discussion Papers - 1995

This paper interprets the existing evidence on enterprise restructuring in Poland, Hungary and the Czech Republic. Despite differences in restructuring policies, the pattern of observed restructuring appears similar in the three countries. Contrary to initial expectations, managers of SOEs have...

Persistent link: https://www.econbiz.de/10005662184

What Do We Know about Microfinance at Macro Glance?

Alimukhamedova, Nargiza; Hanousek, Jan - C.E.P.R. Discussion Papers - 2015

The majority of microfinance impact studies focus on finding their effect on a specific group of beneficiaries, in …-term evidence of a significant ability of microfinance to affect broader economies. Moreover, the impact and dynamics differ … substantially by macro-institutional environment; the microfinance effect is more pronounced in weaker environments. …

Persistent link: https://www.econbiz.de/10011201355

Improving Access to Banking: Evidence from Kenya

Allen, Franklin; Carletti, Elena; Cull, Robert; Qian, Jun; … - C.E.P.R. Discussion Papers - 2014

impact of Equity Bank—a leading private commercial bank focusing on microfinance—on the access to banking in Kenya. Unlike …

Persistent link: https://www.econbiz.de/10011084293

Observing Unobservables: Identifying Information Asymmetries with a Consumer Credit Field Experiment

Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2007

Information asymmetries are important in theory but difficult to identify in practice. We estimate the presence and importance of adverse selection and moral hazard in a consumer credit market using a new field experiment methodology. We randomized 58,000 direct mail offers issued by a major...

Persistent link: https://www.econbiz.de/10005497798

Credit Elasticities in Less-Developed Economies: Implications for Microfinance

Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2007

Policymakers often prescribe that microfinance institutions increase interest rates to eliminate reliance on subsidies …

Persistent link: https://www.econbiz.de/10005504442

Expanding Microenterprise Credit Access: Using Randomized Supply Decisions to Estimate the Impacts in Manila

Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2009

Microcredit seeks to promote business growth and improve well-being by expanding access to credit. We use a field experiment and follow-up survey to measure impacts of a credit expansion for microentrepreneurs in Manila. The effects are diffuse, heterogeneous, and surprising. Although there is...

Persistent link: https://www.econbiz.de/10005048547

Expanding Credit Access: Using Randomized Supply Decisions to Estimate the Impacts

Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2007

Expanding credit access is a key ingredient of development strategies worldwide. Microfinance practitioners … expansion. There is less consensus on the role of consumer credit in expansion initiatives. Some microfinance institutions are …

Persistent link: https://www.econbiz.de/10005114273