Berg, Gunhild; Schrader, Jan - In: Journal of Financial Intermediation 21 (2012) 4, pp. 549-568
This paper analyzes the effect of unpredictable aggregate shocks on loan demand and access to credit by combining client-level information from an Ecuadorian microfinance institution with geophysical data on natural disasters, more specifically volcanic eruptions. The results of this ‘natural...