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Asset-based Microfinance for Microenterprises: Evidence from Pakistan

We conduct a field experiment offering graduated microcredit clients the opportunity to finance a business asset worth four times their previous borrowing limit. We implement this using a hire-purchase contract; our control group is offered a zero-interest loan.

Working Paper
1 Jan 2021

Misperceived Quality: Fertilizer in Tanzania

Fertilizer use remains below recommended rates in most of Sub-Saharan Africa, contributing to low crop yields and poverty. Michelson et al. (2021) explore the role of fertilizer quality.

Journal Article
1 Jan 2021

A Market-Based Solution for Fire Sales and Other Pecuniary Externalities

In economies with a continuum of agents of different types, pecuniary externalities are removed with market exchanges.

Journal Article
1 Jan 2021

Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and Inequality

A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium.

Journal Article
1 Jan 2021

Relationships on the Rocks: Contract Evolution in a Market for Ice

Firms use relational contracts to support repeated trade. Do these informal agreements evolve in response to market conditions? In a market for ice, firms reestablish relationships on new terms when a prior agreement breaks down.

Journal Article
1 Jan 2021

Growing Markets through Business Training for Female Entrepreneurs: A Market-Level Randomized Experiment in Kenya

A common concern with efforts to directly help some small businesses to grow is that their growth comes at the expense of their unassisted competitors.

Journal Article
1 Jan 2021

Rule of Law and Female Entrepreneurship

Commerce requires trust, but trust is difficult when one group consistently fears expropriation by another.

Working Paper
1 Dec 2020

Do Marketing Channel Reforms Increase Competition? Evidence from Indian Produce Markets

In this paper Alé Chilet and Itin-Shwartz (2020) study the effectiveness of marketing channel liberalization in increasing competition among traders and prices obtained by farmers for their produce.

Working Paper
1 Dec 2020

Competition and Entry in Agricultural Markets: Experimental Evidence from Kenya

African agricultural markets are characterized by low farmer revenues and high consumer food prices. Many have worried that this wedge is partially driven by imperfect competition among intermediaries.

Journal Article
1 Dec 2020

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