We study roughly 11,000 loans from unlicensed moneylenders to over 1,000 borrowers in Singapore and provide basic information about this understudied market. Borrowers frequently expect to repay late. While lenders do rely on additional punishments to enforce loans, the primary cost of not...

We study a Singaporean drug-selling gang's dataset and empirically find that the gang's pushers purchased larger quantities of drugs during periods of enforcement shocks caused by enforcement activities targeting the gang's drug supply chain. This counter-intuitive finding can be explained by...

Using a unique dataset covering the borrowing behaviour of over a thousand borrowers, we study the unlicensed moneylending market in Singapore. In this market, borrowers search for lenders, and lenders decide how much profit to extract from borrowers. Lenders harass borrowers into compliance. We...

We study a Singaporean drug-selling gang's dataset and empirically find that the gang's pushers purchased larger quantities of drugs during periods of enforcement shocks caused by enforcement activities targeting the gang's drug supply chain. This counter-intuitive finding can be explained by...

Using a unique dataset covering the borrowing behaviour of over a thousand borrowers, we study the unlicensed moneylending market in Singapore. In this market, borrowers search for lenders, and lenders decide how much profit to extract from borrowers. Lenders harass borrowers into compliance. We...

We study roughly 11,000 loans from unlicensed moneylenders to over 1,000 borrowers in Singapore and provide basic information about this understudied market. Borrowers frequently expect to repay late. While lenders do rely on additional punishments to enforce loans, the primary cost of not...