This paper shows that imperfections in the credit market and insecurity of property rights affect nonuniformly the investment of younger and established microenterprises in Russia. The empirical analysis of investment is based on the liquidity constraint model but also accounts for the added...

This paper studies whether microfinance rating agencies were able to impose market discipline on microfinance institutions (MFIs) during the period 1998-2002. Results indicate that not all rating agencies had equal impact. While some rating agencies were able to promote better sustainability,...

Using data between 1995 and 2010, we find that agricultural banks are benefiting from the derivatives activities by reducing total risk without hurting their profit. In nonagricultural banks, both profitability and total risk are adversely affected, possibly due to speculative derivatives positions.

We use survey data to study the level of financing constrains faced by new farmers in Alabama post 2008, and identify who got loans. We find that new farmers are financially constrained but not impacted by the crisis. Lending was collateral driven, although lenders also considered profitability...

We analyze the impact of climate change on agricultural production in 13 Asian countries for 1998-2007 estimating country-level FE panel model using climate variables. Higher summer temperature and rainfall increase production, higher fall temperature decreases it in Southeast Asia, and increase...

We study the efficiency of Community Development Loan Funds (CDLFs) in the U.S.A. between 2002 and 2005. We find that the largest CDLFs tend to be most efficient and that efficiency decreases with age and the proportion of minority representation on the board, while board size does not affect...

Replaced with revised version of paper 02/10/10

We use survey data to study the degree to which new farming operations in Alabama were financially constrained after the 2008 financial crisis. Next, we control for farmers’ self-selection out of the credit market and identify which farmers were able to secure loans during the period of...

While economies of scope of lending and mobilizing deposits in banking are justified theoretically (Diamond, 1984) and found empirically (see Saunders, 1999), in microfinance, the existence and the magnitudes of scope economies has not been investigated. We use a semi parametric smooth...