The current financial crisis has pushed many firms to the brink of bankruptcy. A key policy question is thus whether bankruptcy laws are efficient, in the sense of allowing better firms to reorganize while liquidating unviable firms. The sixth in impact series presents lessons from a reform in...

This paper studies the credit market implications and real effects of one the largest borrower bailout programs in history, enacted by the government of India against the backdrop of the 2008-2009 financial crisis. The study finds that the stimulus program had no effect on productivity, wages,...

This paper evaluates the short-term impact of Thailand's 'Million Baht Village Fund' program, among the largest scale government microfinance initiatives in the world, using pre-and post-program panel data and quasi-experimental cross-village variation in credit-per-household. We find that the...