This study aims to analyse the effect of each uncertainty (firm-specific, market, capital asset pricing model (CAPM)-based, and economic policy uncertainty) on the leverage and investment decisions of non-financial companies in Indonesia. The variables used in this study are leverage,...

A theory of land market activity is developed for settings where there is uncertainty and private information about the security of land tenure. Land sellers match with buyers in a competitive search environment, and an illiquid land market emerges as a screening mechanism. As a consequence,...

This paper examines the welfare consequences of social safety nets in developing economies relative to developed economies. Using panel surveys of households in Indonesia and the United States, we find that food consumption falls by approximately ten percent when individuals become unemployed in...