The Mexican government has recently launched several initiatives aimed at increasing the use of formal financial services, under the implicit assumption that they allow households to smooth consumption and finance investment in human capital. This study seeks to determine what is the impact of...

This paper argues that the effect of a financial stimulus on growth can vary along quantiles of the conditional growth distribution. We support this argument by presenting a theoretical finance–growth model, mainly inspired by Pagano (1993) and Canarella and Pollard (2004), where quantile...

Real estate markets around the world have earned a complicated reputation. On the one hand, real estate markets offer investors a wide spectrum of profitable investments opportunities, investments that nowadays can be executed by simply buying shares of stock listed by real estate investment...

We are the first to investigate the cross-section of stock returns in the new emerging equity markets, the so-called frontier emerging markets. Our unique survivorship-bias free data set consists of more than 1,400 stocks over the period 1997 to 2008 and covers 24 of the most liquid frontier...

In this paper we want to do a comparative impact evaluation among the participants of two separate types of microfinance system; a microfinance system operated through individual liability microcredit contract represented by VSSU and a microfinance system under SGSY scheme of the Government of...

The purpose of this study is to empirically investigate the vindication of savings-led growth hypothesis for the Malaysian economy with the long run TYDL version of Granger causality – Toda and Yamamoto (1995) and Dolado and Lütkepohl (1996). This study used the quarterly sample from 1970:Q1...

We replicate and reanalyse the most influential study of microcredit impacts (Pitt and Khandker, 1998). That study was celebrated for showing that microcredit reduces poverty, a much hoped-for possibility (though one not confirmed by recent randomized controlled trials). We show that the...

The present study examines the relationship between farm size, agricultural productivity and access to agricultural extension programmes in reducing poverty and vulnerability drawing upon LSMS panel data in Uganda in 2009-2012 covering three rounds. We first estimate household crop productivity...

We investigate the determinants of the banks' propensity to make long-term business loans in an emerging market context. Using a large sample of Russian banks, we find that the median bank allocates only 0.5% of its assets in long-term business loans and that there is wide cross-sectional...

The 2005 split-share reform in China mandated the conversion of nontradable stocks into tradable status. This paper examines the effects of stock markets on corporate outcomes exploiting multiple institutional features of the Chinese conversion program. Using a generalized propensity score...