This paper investigates the impact of international swap lines on stock returns using data from banks in emerging markets. The analysis shows that swap lines by the Swiss National Bank (SNB) had a positive impact on bank stocks in Central and Eastern Europe. It then highlights the importance of...

In this paper we evaluate the feasibility of a common Asian Currency Unit (ACU) involving countries of East and South Asia. We analyze the various properties of an ACU and calculate it's value using weighted averages of the values of Asian currencies. Looking at the movement of individual Asian...

Legal restrictions on international capital movements are imposed in many countries in an attempt to (partially) insulate their economies from abroad and pursue some degree of domestic policy independence. But is the imposition of capital controls effective in achieving these goals? We...

Uncertainty and unpredictability faced by low-income households increase their vulnerability making poverty even more unbearable. India¡¦s National Bank for Agriculture and Rural Development (NABARD)-initiated Self-Help Group (SHG) program, which is currently the largest and fastest growing...

This paper analyzes the influence of market discipline on the risk-taking incentives of banks. It is shown that market discipline reduces risk if banks can credibly commit to a given level of risk before the interest rate on deposits is set. If, however, the bank can readjust the level of risk...

The provision of business training with microfinance leads to a positive impact on assets for the participating households. We correct for membership selection bias and account for potential training endogeneity with propensity score matching, using data from the Self Help Group microfinance...

We evaluate the impact of training provided by facilitators of Self Help Groups (SHGs). This evaluation provides one of the first studies of the impact of 'microfinance plus', or the disbursement of services beyond credit. Indian SHGs are mainly NGO-formed microfinance groups but funded by...

We evaluate the effect of delivery mechanisms for training provided by facilitators of self help groups (SHGs). Indian SHGs are unique in that they are mainly NGO-formed microfinance groups but later funded by commercial banks. We correct for both membership and training endogeneity. Training...

We investigate if participation in Indian Self Help Group microfinance program (SHG) results in reducing vulnerability. Vulnerability estimates are constructed using crosssectional SHG rural household survey data, collected in 2003. The potential selection bias is eliminated by propensity score...

While most economists agree that the world is facing the worst economic crisis since the Great Depression, there is little agreement as to what caused it. Some have argued that the financial instability we are witnessing is due to irrational exuberance of market participants, fraud, greed, too...