We use detailed contract level data on a portfolio of 197 co¤ee washing sta- tions in 18 countries to identify the sources and consequences of credit markets imperfections. Due to moral hazard, default rates increase following unanticipated increases in world co¤ee prices just before (but not...

This paper examines the role of cultural factors in driving the politics, size and nature (tempo- rary versus permanent migration) of migration policy. We show that there exists a broad political failure that results in ine¢ ciently high barriers restricting the import of temporary foreign...