Expanding credit access in developing contexts could help some households while harming others. Microcredit studies show different effects at quantiles of household profit, including negative effects; yet these findings also differ across studies. I develop new Bayesian hierarchical models to aggregate the evidence on distributional for mixture-type outcomes such as profit. Applying them microc...

The paper tests the proposition that money generates value in trade. It examines the data for 5,746 Russian companies for 1997 and finds that money accounts for 24.6 percent of their value-added. The functional form of the return on money in trade is determined to be positive and marginally declining. The paper imputes that Russian GDP lost 8.1 percent in 1997 because of diminished use of money...

This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government borrowing. In a lemons credit market low credit risk firms switched from bank to nonbank finance, including ...

Shadow banking in China is mainly conducted by banks to evade the excessive credit control, which constitutes a dual-track approach to liberalize the country’s rigid interest rate policy. The market track of shadow banking can lead to efficiency gain by allowing credit resale to fund the more productive yet credit-deprived private enterprises (PEs). Pareto improvement can be achieved as the ban...

Several human renal cell carcinomas with X;autosome translocations have been reported in recent years. The t(X;1)(p11.2;q21) appears to be a specific primary anomaly, suggesting that tumors with this translocation form a distinct subgroup of RCC. Here we report two new cases, one with a t(X;10)(p11.2;q23), the other with a t(X;1)(p11.2;p34). The common breakpoint in Xp11.2 suggests that they be...

RESULTS: The medial and lateral parts of the deep medial cheek fat compartment (DMC) were separated by a septum arising from the lateral border of the levator angular oris muscle. The angular vein traveled between the DMC and the buccal fat pad, 12 mm from the maxilla bone. A total volume of 29.3 ml fat was grafted per cheek for each patient. A 12-month follow-up revealed an average volume augm...

Soybean ranks among the "big 8" of the most allergenic foods, and with increasing consumption of soybean products, the incidence of soy-caused allergies is expected to escalate. Soybean and its derivatives have become ubiquitous in vegetarian and many meat-based food products, and as a result, dietary avoidance has become difficult. However, soybeans can be manipulated in a variety of ways to a...

We examine the role of financial development in economic growth in the former Communist countries of Central and Eastern Europe and the Commonwealth of Independent States during the first two decades since the beginning of transition. These countries, which had undeveloped financial systems under Communism, provide an interesting test of the relationship between financial development and growth...