Recent empirical findings by (Elsas, 2005) and (Degryse and Ongena, 2007) document a U-shaped effect of market concentration on relationship lending which cannot be easily accommodated by the investment and strategic theories of bank lending orientation. In this paper, we suggest that this...

We estimate a remittance model in which we address endogeneity and reverse causality relationships between remittances, pre-transfer income and consumption. In order to take into account the fact that a large share of individuals do not remit, instrumental variable variants of the double-hurdle...

In this comprehensive original reference work, the editors have brought together an unrivalled group of distinguished scholars and practitioners to comment on the historical and contemporary role of industrial districts (IDs).

In many countries, Mutual Loan-Guarantee Societies (MGSs) are assuming ever-increasing importance for small business lending. In this paper we provide a theory to rationalize the raison d’être of MGSs. The basic intuition is that the motivation for MGSs lies in the inefficiencies created by...

<i> La teoria della moneta e della banca nei primi quarant'anni del novecento: alle radici della teoria del circuito monetario </i> (di Alberto Zazzaro) - ABSTRACT: Starting from a critical review of the reconstruction of the debate on the nature of money and banking suggested by Realfonzo in his book...

We present a simple theory and an empirical test for state dependence in firm access to credit. We estimate a first-order Markov model of credit restriction with sample selection that makes it possible to estimate state dependence in the presence of feedback effects and observed and unobserved...

This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score...

The intimate linkages between law and finance are currently the centre of wide-ranging empirical investigations. This article presents a simple banking model with information asymmetries concerning borrowers' entrepreneurial talent. It is shown that improvements in the enforcement of contract by...

type="main" xml:lang="en" <title type="main">ABSTRACT</title> <p>Recent studies indicate that the effect of migrants’ remittances on the economic growth of receiving countries depends negatively on the level of development of the domestic financial sector. In this paper, we introduce a new indicator of financial...</p>