Government-driven credit played an important role in countervailing the private credit crunch in Brazil during the recent financial crisis. However, government credit concessions continued to expand after the economy recovered. This paper investigates some important features of this expansion...

For women microentrepreneurs, access to financial services matters. It is critical to their ability to make productive investments in their businesses. As part of IDB's efforts to strengthen women's roles in economic development, the Women in Development Unit undertook a study to analyze the...

May 23, 2013. Presentation. "Monetary Policy in a Low Policy Rate Environment." OMFIF Golden Series Lecture, London.

November 8, 2012. Presentation. "Shadow Interest Rates and the Stance of U.S. Monetary Policy." Presented at the Center for Finance and Accounting Research Annual Corporate Finance Conference, Olin Business School, Washington University in St. Louis

Government-owned development banks have often been justified by the need to respond to financial market imperfections that hinder the establishment and growth of promising businesses, and as a result, stifle economic development more generally. However, evidence on the effectiveness of these...

Microfinance institutions (MFIs) have been successful in providing credit to millions of low-income borrowers in groups previously excluded from formal financial services, but they often charge interest rates that many claim are excessive. We examine microfinance interest rates and their...

Presentation to the Money Marketeers of New York University, New York City - Sept. 21, 1999

Presentation to the Money Marketeers, New York, June 14, 2005

Address before Bryant College, Providence, R.I., Oct. 14, 2003

Global Interdependence Center Central Bank Series, Federal Reserve Bank of Philadelphia, Philadelphia, May 18, 2006