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Liquidity and Inefficient Investment
Hart, Oliver - 2013
We study the role of fiscal policy in a complete markets model where the only friction is the nonpledgeability of human capital. We show that the competitive equilibrium is constrained inefficient, leading to too little risky investment. We also show that fiscal policy following a large negative...
Persistent link: https://www.econbiz.de/10013079745
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Seasonal Liquidity, Rural Labor Markets and Agricultural Production
Fink, Günther - 2018
Many rural households in low and middle income countries continue to rely on small-scale agriculture as their primary source of income. In the absence of irrigation, income arrives only once or twice per year, and has to cover consumption and input needs until the subsequent harvest. We develop...
Persistent link: https://www.econbiz.de/10012920359
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Sell Low and Buy High : Arbitrage and Local Price Effects in Kenyan Markets
Burke, Marshall - 2018
Large and regular seasonal price fluctuations in local grain markets appear to offer African farmers substantial inter-temporal arbitrage opportunities, but these opportunities remain largely unexploited: small-scale farmers are commonly observed to "sell low and buy high" rather than the...
Persistent link: https://www.econbiz.de/10012922227
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Dangers of a Double-Bottom Line : A Poverty Targeting Experiment Misses Both Targets
Karlan, Dean - 2018
Two for-profit Philippine social enterprises, aiming to demonstrate corporate social responsibility by increasing microlending to the poor, incorporated a widely-used poverty measurement tool into their loan applications and tested the tool using randomized training content. Treated loan...
Persistent link: https://www.econbiz.de/10012925285
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Measuring the Equilibrium Impacts of Credit : Evidence from the Indian Microfinance Crisis
Breza, Emily - 2018
In October 2010, the state government of Andhra Pradesh, India issued an emergency ordinance, bringing microfinance … loans in the affected state. We use this massive dislocation in the microfinance market to identify the causal impacts of a … sector (agriculture), suggesting that one important impact of the microfinance contraction was transmitted through its effect …
Persistent link: https://www.econbiz.de/10012927025
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Investing Outside the Box : Evidence from Alternative Vehicles in Private Capital
Lerner, Josh - 2018
This paper undertakes a comprehensive analysis of alternative investment vehicles in private equity, using unexplored custodial data about 112 limited partners over four decades. We differentiate between alternative vehicles that are GP-directed versus those where the LP has some discretion. Of...
Persistent link: https://www.econbiz.de/10012912171
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Implicit and Explicit Commitment in Credit and Saving Contracts : A Field Experiment
Afzal, Uzma - 2019
microfinance institution. We offer a commitment contract inspired by the rotating structure of a ROSCA. Additional treatments test …
Persistent link: https://www.econbiz.de/10012871152
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Hope as Aspirations, Agency, and Pathways : Poverty Dynamics and Microfinance in Oaxaca, Mexico
Lybbert, Travis J. - 2016
experimental study based on a hope intervention in Oaxaca, Mexico among 601 indigenous women with access to microfinance loans. Our …
Persistent link: https://www.econbiz.de/10012982040
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Financing Smallholder Agriculture : An Experiment with Agent-Intermediated Microloans in India
Maitra, Pushkar - 2014
Recent evaluations of traditional microfinance loans have found no significant impacts on borrower incomes or …
Persistent link: https://www.econbiz.de/10013043280
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Saving for a (Not so) Rainy Day : A Randomized Evaluation of Savings Groups in Mali
Beaman, Lori A. - 2014
countries. The microfinance movement grew largely out of business process innovations and subsidies that reduced these costs. We …
Persistent link: https://www.econbiz.de/10013045281