This paper provides a micro-level evidence that ...nancial development impacts growth by reducing ...nancing constraints that would otherwise restrict e¢cient ...rm investment. I estimate a structural model based on the Euler equation for investment using ...rm-level data from 40 countries. I ...nd a strong negative relationship between the extent of ...nancial market development, and the sensi...

In this paper we estimate a time-series model of excess liquidity in the Egyptian banking sector. While financial liberalization and financial stability are found to have reduced excess liquidity, these effects have been offset by an increase in the number of violent political incidents arising from conflict between radical Islamic groups and the Egyptian state. The link between political event...

CEO incentive contracts are commonplace in China but their incidence varies significantly across Chinese cities. We show that city and provincial policy experiments help explain this variance. We examine the role of two policy experiments: the use of Special Economic Zones (SEZs) to attract foreign direct investment (FDI), and the rate at which state owned enterprises (SOEs) were privatised. CE...

We implement a lab-in-the-field experiment with 334 Turkish loan officers to document gender discrimination in small business lending and unpack mechanisms. Officers review multiple real-life applications which we randomize applicant gender. While unconditional approval rates are the same, 26 percent more likely require guarantor when present same application as coming from female instead of ma...

In this research, a model is designed to assess the effect of banking facilities over private sector investment. In this model, private investment is a function of non-oil GDP, and with a time lag, of import of capital goods, investment of public sector and the real facilities granted by the banking system to the private sector. The effects of the model indicate a meaningful effect of the ...