In this article, based on the past/current local housing finance initiatives, market conditions, national housing policy and lessons from global financial crisis, we examine whether market based housing finance system may provide efficient policy instrument to solve housing (finance) question of...

We examine the effects of pandemic risk factors and the Federal government's Payment Protection Program (PPP) on the performance of securitized commercial mortgages. Using administrative data that allow us to observe county-level variation in mortgage performance by property type, we find that...

Financial intermediaries may increase economic efficiency through intertemporal risk smoothing. However without an adequate regulation, intermediation may fail to do this. This paper studies the effects of a production shock in a closed economy and compares abilities of market-based and...

This paper discusses the role of state intervention for prevention, containment, and resolution of financial crises based mainly on the Korean experience during the 1997 Asian financial crisis. Crises in emerging market and developing economies tend to be more complicated than those faced by...

This paper – based on a report by a Task Force established by the International Relations Committee (IRC) of the European System of Central Banks (ESCB) – reviews macroeconomic and financial stability challenges for acceding (Bulgaria and Romania) and candidate countries (Croatia and...

What are the benefits of lifting structural impediments to banking the unbanked? We address this question by studying the Spanish Banking Expansion Plan 1964-1974, a program aimed at extending banking services into unbanked municipalities after decades of banking status quo. We exploit the...

We investigate the economic consequences of access to banking institutions. To do so, we examine the legal marijuana industry, where only half of businesses have access to cash management services from a financial institution. We quantify the benefits of cash management in terms of differences...

This paper shows that poor people (Oportunidades beneficiaries) do save money in a bank account when the government provides them one. It also presents statistics of the use of ATM cards by the same population. The paper gives a glimpse of the huge bancarization potential of paying cash transfer...

This paper reports on the first randomized evaluation of the impact of introducing the standard microcredit group-based lending product in a new market. In 2005, half of 104 slums in Hyderabad, India were randomly selected for opening of a branch of a particular microfinance institution...

We analyze lending by traditional as well as FinTech lenders during COVID-19. Comparing samples of FinTech and bank loan records across the outbreak, we find that FinTech companies are more likely to expand credit access to new and financially constrained borrowers after the start of the...