A financial crisis is an event in which the holders of short-term debt come to question the collateral backing that … debt. So, the resiliency of the financial system depends on the quality of that collateral. We show that there is a … shortage of high-quality collateral by examining the convenience yield on short-term debt, which summarizes the supply and …

, India, we find that “gung ho entrepreneurs” (GEs), households who were already running a business before microfinance …