The purpose of this paper is twofold: first, provide a comparative analysis of interregional and intraregional inequalities in terms of financial inclusion across Moroccan regions; second, explore the determinants of regional financial inclusion in a panel of 12 Moroccan regions. We used the...

The Bahamas has a strong foundation for developing the local currency bond market (LCBM), benefitting from macroeconomic stability, and favorable fiscal and borrowing plans. The government views domestic capital market development as crucial for rebuilding economic buffers and fostering...

This paper studies empirically the relationship between competition and risk taking in banking markets. We exploit an unique dataset providing information about all bank loans to Norwegian firms over several years. Rather than relying on observed market shares, we use the distance between bank...

Majority of the population of Rajasthan lives in rural areas. Before independence, debt payments were made by moneylenders and Nagar Seth. After the establishment of the Village Bank on October 2, 1975, they were entrusted with the task of disbursing village loans. Rural banks provide individual...

This paper investigates whether the uncovered interest parity (UIP) will hold more firmly if the local currency bond markets (LCBMs) are more developed, and the presence of nonbank financial institutions (NBFIs) is expanded. Deviations in UIP decrease as LCBMs develop, while the patterns of the...

We examine how banking supervisors affect credit at the local level by charging fines to individual banks. Using a macro approach to capture the direct effect on the fined bank and the indirect effect on the other banks operating in the local credit market, we estimate reputational, reallocation...

The long running debate among economic historians over how long it took regional financial markets in the United States to become fully integrated should be of considerable interest to students of monetary unions. This paper reviews the debate, discusses the implications of various hypotheses...

This paper demonstrates that the protracted decrease in young homeownership since the Great Recession was driven by high-house price regions, despite credit standards changing mostly nationally. Using a panel of U.S. metro areas, I calibrate an equilibrium spatial macro-finance model with...

After the inception of the euro, the real economy in most member countries remained dependent on credit by domestic banks, which increasingly funded themselves through cross-border interbank funding. We find that this pattern of 'double-decker' banking integration exposed domestic banks to sharp...

Recent empirical findings by Elsas (2005) and Degryse and Ongena (2007) document a U-shaped effect of market concentration on relationship lending which cannot be easily accommodated by the investment and strategic theories of relationship lending. In this paper, we suggest that this...

Interjurisdictional flows of imperfectly-mobile migrants, investment, and other productive resources result in the costly dynamic adjustment of resource stocks. This paper investigates the comparative dynamics of adjustment to changes in local fiscal policy with two imperfectly mobile productive...

After the inception of the euro, the real economy in most member countries remained dependent on credit by domestic banks, which increasingly funded themselves through cross-border interbank funding. We find that this pattern of ‘double-decker’ banking integration exposed domestic banks to...

This paper documents the emergence of a regional financial cycle in Asia, evidenced by commonality in regional bank flows, and its impact on domestic credit. Using a dataset of 24,169 non-financial Indian firms for the period 2001-2019, we establish that the regional financial cycle has a...

We study the effects of differences in local financial development within an integrated financial market. To do so, we construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market. By...

This paper examined the determinants of financial inclusion in Afar Region. To address the objectives of the study, two purposively selected woredas (Awash and Asaita) and one city administration (Samara-logia) were used. Three hundred and eighty-four sample households were selected for this...

Funding international development organizations / Christopher Smith, Xuan Gao, and Thomas Dollmaier -- Development of domestic capital markets / Elena Sulima -- The role of development finance institutions in developing and deepening local capital markets / Purva Chadha -- Inspiring opening-up,...

Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets-being, a...

This paper provides novel evidence on the real and financial market effects of legal institutions. Our analysis exploits persistent and externally imposed differences in court enforcement that arose when the U.S. Congress assigned state courts to adjudicate contracts on a subset of Native...

Does financial development facilitate micro-entrepreneurship? Using randomized surveys of over 1 million Indian households and district-level bank branch location pre-determined by government policy, we find instead that financial access shifts workers from informal entrepreneurship into formal...

It is widely believed that local currency bond markets (LCBMs) can promote financial stability in developing countries. For instance, they can help mitigate the currency and maturity mismatch that contributed to the outbreak of the Asian financial crisis of 1997–1998. In this paper, we...

Small businesses (SMEs) depend on banks for credit. We show that the severity of the Eurozone crisis was worse in countries where firms borrowed more from domestic banks (“domestic bank dependence”) than in countries where firms borrowed more from international banks. Eurozone banking...

The RRBs were set up in India under the RRB Act, 1976 with a view to build up the provincial economy by giving, with the end goal of improvement of agribusiness, exchange, trade, industry and other beneficial exercises in the country zones, credit and different offices especially to little and...

India's economy is predominantly rural in character. In the course of recent years rural India has seen an expansion in the purchasing energy of customers, joined by their want to update their way of life. Fit as a fiddle the present rural situation there is an earnest need of overhauling...

Small businesses (SMEs) depend on banks for credit. We show that the severity of the Eurozone crisis was worse in countries where firms borrowed more from domestic banks ("domestic bank dependence") than in countries where firms borrowed more from international banks. Eurozone banking...

Small businesses (SMEs) depend on banks for credit. We show that the severity of the Eurozone crisis was worse in countries where firms borrowed more from domestic banks ("domestic bank dependence") than in countries where firms borrowed more from international banks. Eurozone banking...