In this note, I evaluate the private and the social welfare gains that in the Diamond-Dybvig model of bank runs characterize the switch from a decentralized to a centralized equilibrium that may hold even in an atomistic environment with banking intermediation. Specifically, relying on...

We discuss evidence that the microcredit industry in Bangladesh has seen emergence of large variations in the size of the microfinance institutions operating in the market-- on the one hand, there are large national-level MFIs, while on the other hand, small localized MFIs operating only within...

The social capital has strengthened the solidarity funds when the legal mechanisms and institutions for monitoring and assistance would not have been present. The aim of this paper is to analyze the effect of social capital on productivity and performance of the Mexican solidarity funds. For...

Social capital has strengthened the solidarity funds when the legal mechanisms and institutions for monitoring and assistance are not present. The aim of this paper is to analyze the effect of social capital on productivity and performance of microfinance’s cooperatives using the Mexican...

The objective of this report is to analyze whether development banks in Germany, Spain and Brazil have made a strategic counter during the current crisis. The development banks (necessarily consistent with public policy) are a tool that can address the countercyclical strategy that could drive...

We propose a model of a firm that differentiates prices for finished and unfinished housing. The demand for housing is formed by consumers solving a dynamic utility maximization problem. The proposed formulation of this problem takes into account the fact that the purchased apartment may be...

Modern Russian bank mortgages are not widely available to low- and middle-income households due to the high cost of housing, high interest rates and strict requirements for borrowers. There are reasons to believe that the solvent demand for mortgage loans may be increased through the development...

Regulation is intended to protect the vulnerable. However, in its present form the unintended consequences of the proposed Volcker Rule has the potential of continuing the liquidity crisis that aided in the degradation of the housing market into decreased liquidity in the capital markets. In...

It is a common place that during financial crises, like the one started in 2007, authorities provide substantial financial support to some problem banks, whilst at the same time let several others to go bankrupt. Is this happening because some particular banks are considered important and big...

We develop a dynamic model for analyzing the programs of contractual savings for housing (CSH). We introduce concepts of stability as well as strong and weak stability of trajectories generated by CSH programs, and obtain the necessary and sufficient conditions that guarantee fulfillment of...