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Researchers have created a device that enables them to electronically steer and focus a beam of terahertz electromagnetic energy with extreme precision. This opens the door to high-resolution, real-ti...
Distributed credit networks, such as Ripple and Stellar, are becoming popular as an alternative means for financial transactions. However, the current designs do not preserve user privacy or are not t...
Credit networks model transitive trust (or credit) between users in a distributed environment and have recently seen a rapid increase of popularity due to their flexible design and robustness against ...
In this paper we estimate the causal income elasticity of smoking participation, cessation, and cigarette demand conditional upon participation. Using an instrumental variables (IV) estimation strateg...
The overall aim this article is to examine the role of micro credit and its impact on socio‐ economic lives of rural women in Lapsephedi, Nanglebhare and Fatakshila Village Development Committees (V...
We implemented a randomized field experiment in Malawi examining borrower responses to being fingerprinted when applying for loans. This intervention improved the lender’s ability to implement dynam...
The fraud rule allows the issuer of a letter of credit or a court to disrupt the payment of a letter of credit when fraud is involved. The raison d’etre of letters of credit is to provide an absolute ...
Compensation schemes for managers in the credit sector are a core issue of vibrant and controversial discussions in context of the current ongoing international financial crisis.1 The questions of how...
Comment on Economics of the Primary Dealer Credit Facility.
In many countries, taxes on businesses are less progressive than labor income taxes. This paper provides a justification for this pattern based on adverse selection that entrepreneurs face in credit m...
Some empirical investigations are pointing to the fact that high-tech firms are subject to credit rationing to a higher extent than the avereage. This excess of credit rationing may not be due top inf...
For comments and suggestions, we thank Olivier Blanchard, Markus Brunnermeier, John Campbell, Martin Feldstein, and participants at the NBER Asset Pricing and Monetary Policy Pre-Conference in Novem...
CREDIT WITHIN THE FIRM     Implicit contracts  tenure pro       2015/7/23
We use variation in the degree of development of local credit markets and matched employeremployee data to assess the role of the rm as an internal credit market. We nd that rms operating in less ...

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