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Missallocation and Financial Frictions: Some Direct Evidence From the Dispersion in Borrowing Costs
Gilchrist, Simon; Zakrajsek, Egon; Sim, Jae W. - National Bureau of Economic Research (NBER) - 2012
Financial frictions distort the allocation of resources among productive units--all else equal, firms whose financing choices are affected by such frictions face higher borrowing costs than firms with ready access to capital markets. As a result, input choices may differ systematically across...
Persistent link: https://www.econbiz.de/10010969203
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Continuous Workout Mortgages
Shiller, Robert J.; Wojakowski, Rafal M.; Ebrahim, M. Shahid - National Bureau of Economic Research (NBER) - 2011
Continuous Workout Mortgage (CWM) balance and payments are indexed using market-observable house price index in an economic environment with prepayments. Our main results include: (a) explicit modelling of repayment and interest-only CWMs; (b) closed form formulas for mortgage payment and...
Persistent link: https://www.econbiz.de/10009019683
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Estimating the Impact of Microcredit on Those Who Take It Up: Evidence from a Randomized Experiment in Morocco
Crépon, Bruno; Duflo, Esther; Devoto, Florencia; … - National Bureau of Economic Research (NBER) - 2014
This paper reports the results from a randomized evaluation of a microcredit program introduced in rural areas of Morocco starting in 2006 by Al Amana, the country's largest microfinance institution. Al Amana was the only MFI operating in the study areas during the evaluation period. Thirteen...
Persistent link: https://www.econbiz.de/10010950654
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The Miracle of Microfinance? Evidence from a Randomized Evaluation
Duflo, Esther; Banerjee, Abhijit; Glennerster, Rachel; … - National Bureau of Economic Research (NBER) - 2013
. Three to four years after the initial expansion (after many of the control slums had started getting credit from Spandana …
Persistent link: https://www.econbiz.de/10010950913
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The Financial Sector in Burundi
Nkurunziza, Janvier D.; Ndikumana, Léonce; Nyamoya, Prime - National Bureau of Economic Research (NBER) - 2012
profitability, however, hides several weaknesses of the financial sector: a high level of fragmentation; a narrow credit market that … households and medium size firms) due to the "missing middle credit market" which is not filled by either banks or microfinance …
Persistent link: https://www.econbiz.de/10010950937
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Liberty for More: Finance and Educational Opportunities
Levine, Ross; Rubinstein, Yona - National Bureau of Economic Research (NBER) - 2013
credit conditions, the ability of an individual to benefit from college, and a family's financial and educational …
Persistent link: https://www.econbiz.de/10010951111
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The Diffusion of Microfinance
Duflo, Esther; Jackson, Matthew O.; Banerjee, Abhijit; … - National Bureau of Economic Research (NBER) - 2012
We examine how participation in a microfinance program diffuses through social networks. We collected detailed demographic and social network data in 43 villages in South India before microfinance was introduced in those villages and then tracked eventual participation. We exploit exogenous...
Persistent link: https://www.econbiz.de/10009397139
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Challenges in Banking the Rural Poor: Evidence from Kenya's Western Province
Dupas, Pascaline; Green, Sarah; Keats, Anthony; … - National Bureau of Economic Research (NBER) - 2012
evidence suggests that the main reasons people did not begin saving in their bank accounts are that: (1) they do not trust the …, we provided information on local credit options and lowered the eligibility requirements for an initial small loan … side, however. More work needs to be done to understand what savings and credit products are best suited for the majority …
Persistent link: https://www.econbiz.de/10009493266
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Banking System Control, Capital Allocation, and Economy Performance
Morck, Randall; Yavuz, M. Deniz; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2009
We observe less efficient capital allocation in countries whose banking systems are more thoroughly controlled by tycoons or families. The magnitude of this effect is similar to that of state control over banking. Unlike state control, tycoon or family control also correlates with slower...
Persistent link: https://www.econbiz.de/10008627168
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Institutions, Competition, and Capital Market Integration in Japan
Mitchener, Kris J.; Ohnuki, Mari - National Bureau of Economic Research (NBER) - 2008
Using a newly-constructed panel data set which includes annual estimates of lending rates for 47 Japanese prefectures, we analyze why interest rates converged over the period 1884-1925. We find evidence that technological innovations and institutional changes played an important role in creating...
Persistent link: https://www.econbiz.de/10005829112