Mckenzie econometrically ascertains the determinants of default to the International Bank for Reconstruction and Development (IBRD) through panel logit analysis. Creditworthiness with a lag of one period is determined by the extent of arrears to private creditors, the proportion of total debt...

Economists have recently argued that time inconsistency may play a central role in explaining inter-temporal behavior, particularly among poor households. However, time-preference parameters are typically not identified in standard dynamic choice models and little is known about the fraction of...

We construct an individual-level dataset of partnership contracts in late nineteenth century Rio de Janeiro to study the determinants of contract terms. We show that partners with limited liability contributed more capital and received lower draws for private expenses and lower profit shares...

We use newly-constructed individual-level data on partnership contracts in late nineteenth century Rio de Janeiro to study the determinants of contract terms. We document that partners with and without limited liability both contributed capital and received profit shares, and that both types of...