In October 2010, the state government of Andhra Pradesh, India issued an emergency ordinance, bringing microfinance … activities in the state to a complete halt and causing a nation-wide shock to the liquidity of lenders, especially those with … loans in the affected state. We use this massive dislocation in the microfinance market to identify the causal impacts of a …

In October 2010, the state government of Andhra Pradesh, India issued an emergency ordinance, bringing microfinance … activities in the state to a complete halt and causing a nation-wide shock to the liquidity of lenders, especially those with … loans in the affected state. We use this massive dislocation in the microfinance market to identify the causal impacts of a …

economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than …

of the central bank to it were analyzed empirically. Using data set collected from Brazil, China, India, Russia, South … Africa and Turkey, a structural panel VAR model was estimated. The findings show that the financial shock caused significant …