It is often assumed that international labor migration from Tajikistan, while having no noticeable effects on investment (usually defined as medium and long-term con- sumption, such as education, or investment into housing or business), on average leads to an increase in short-term consumption,...

Our study investigates the link between bank lending behavior and macroeconomic uncertainty. We develop a dynamic model of a bank's value maximization that results in a negative relationship between loan to capital ratio and macroeconomic uncertainty. This proposition is tested using a panel of...