In this paper, we estimate the de facto RMB exchange rate regime, currency basket, floating band and foreign exchange market pressure before and after the reform of the Chinese exchange rate regime in 2005. The stylized facts indicate that the value of RMB became more stable; the weight of US...

Lending institutions’ reluctance to lend to MSMEs or to offer them competitive interest rates stems from the relatively costly information acquisition for small loans. The central idea is to bridge the information gap between the demand and the supply side by creating a credit analytics...

In this paper, we analyze the asymmetric pure strategy equilibria in a dynamic game of pure information externality. Each player receives a private signal and chooses whether and when to invest. In some of the periods, only a subgroup of the players make decisions, which we call bunching, while...