decouple across secured and unsecured markets following an adverse shock to credit risk. The scarcity of underlying collateral …

type of collateral that is comparable to the floating lien. We explore this natural experiment to identify how collateral …-in-differences approach, we find that following the change in the law and the loss in collateral value borrowers pay a higher interest rate on … credit by their bank. The reduction in collateral value also precedes a decrease in bank monitoring intensity and frequency …

Collateral is a widely used, but not well understood, debt-contracting feature. Two broad strands of theoretical … literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems … ex post theories of collateral are empirically dominant although the ex ante theories are also valid for customers with …

Walter Eucken strongly rejected the institution of limited liability. From his point of view, only unrestricted full … liability was in conformity with the market order. This perspective misses important insights, as is shown with recourse to the … of limited liability. Second, one can realize further welfare gains within organizations by means of incentive contracts …

Group liability in microcredit purports to improve repayment rates through peer screening, monitoring, and enforcement … overall effect, as well as specific mechanisms. The first removed group liability from pre-existing groups and the second … randomly assigned villages to either group or individual liability loans. In both, groups still held weekly meetings. We find …

Relatively little is known about the youth labour market in general and about gender differences in Mongolia, one of …

particular challenges of multi-level governance. Against this background a case study of Mongolia was carried out, a transition … and stakeholder interviews were carried out in order understand progress and problems of introducing IWRM in Mongolia in …

parts of the developing world. This also holds for Mongolia. Current data suggests that Mongolia may not meet the Millennium … improving urban water supply and sanitation in Mongolia. A special focus is placed on domestic consumers, notably the peri …