This paper evaluates the literature on international unconventional monetary policies (UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in standard models permits a theoretical role for UMP. Empirical studies provide compelling evidence that UMPs influenced asset prices tail risk desired manner. Calibrated modeling vector autoregressive (VAR) exercises imp...

The purpose of this research is to examine the effect Islamic leadership and work ethics on employee performance banks in Riau province, whereby organizational culture became mediator variable. This employs Structure Equation Model (SEM) based Partial Least Square (PLS) with help SmartPLS 3.0 M3 software. data were collected by using a questionnaire from 275 respondents. respondent was an Provi...

Trading frictions in financial markets affect more long-term than short-term bonds, generating an upward-sloping yield curve. Long-term financing is expensive economies with higher trading so firms choose to borrow and invest shorter horizons lower productivity projects. The theory guides a new identification of the slope liquidity spread data. We measure calibrate model for United States, coun...

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...

Abstract We document novel evidence on the spillover effect of a corporate control regulation local mortgage markets. find that banks directly targeted by Sarbanes-Oxley Act (SOX) to rectify their internal weaknesses reduce originations following regulation’s enactment. This causes credit be reallocated toward other in same markets: while competing public expand lending safer borrowers, private...

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...

This paper attempts to provide a critical appraisal of the debate on the effectiveness of microfinance as a universal poverty reduction tool. It argues that while microfinance has developed some innovative management and business strategies, its impact on poverty reduction remains in doubt. Microfinance, however, certainly plays an important role in providing safety-net and consumption smoothen...