|
|
Working PapersSorted by: Date in Descending order  | United States Microfinance: Regulating to Promote Growth?
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Aruna Chandra and Thankom Arun
Date: December 2011
Description: This study draws on 20 in-depth interviews with microfinance institutions, practitioners, analysts/policymakers, and academics, along with a review of literature to understand and assess the state of the microfinance industry in the United States in terms of its salient features, critical issues and regulatory landscape, using the microfinance chain of funders, providers and customers as an organizing framework.
Read More
| 2011-WP-28 |
| Predicting Failure in the Commercial Banking Industry
Type: Working Papers
Topic: Industry Performance and Regulation
Author: John A. Tatom and Reza Houston
Date: December 2011
Description: The ability to predict bank failure has become much more important since the mortgage foreclosure crisis began in 2007. The model proposed in this study uses proxies for the regulatory standards embodied in the so-called CAMELS rating system, as well as several local or national economic variables to produce a model that is robust enough to forecast bank failure for the entire commercial bank industry in the United States.
Read More
| 2011-WP-27 |
| Inflation and Asset Prices
Type: Working Papers
Topic: Industry Performance and Regulation
Author: John A. Tatom
Date: November 2011
Description: Changes in the general level of prices and inflation have profound effects on asset prices. There are several reasons for these effects and the influence differs depending on the source of the inflation and whether it is expected or not. To understand these effects, it is important to clarify what is meant by inflation, the pure theory of the sources of inflation, how inflation affects goods and services prices and how it affects the assets that are used to finance production, both equity prices and fixed income assets. This article reviews the theory of inflation, its sources and effects on asset prices, especially equity, bond and real asset prices.
Read More
| 2011-WP-26 |
| The Impact of Concurrent Capital and Liquidity Requirements
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Lakshmi Balasubramanyan
Date: October 2011
Description: The objective of this paper is to examine the impact of concurrent capital and liquidity constraints. The financial crisis of 2008 prompted Basel III, which addresses both capital and liquidity requirements of banks. In an effort to understand the policy efficacy of Basel III, it is important for us to understand how capital regulation and liquidity requirements interact and impact bank lending.
Read More
| 2011-WP-25 |
| Assessing Finance Literacy Teaching at Indiana State University
Type: Working Papers
Topic: Financial Literacy
Author: Concetta DePaolo, Eurico Ferreira and Harry Edward Gallatin
Date: September 2011
Description: This study investigates the effectiveness of a newly developed personal financial management course at Indiana State University. Analysis of pre- and post-test data suggests that students enrolled in the course score higher on knowledge exams and exhibit more desirable financial behaviors at the end of the course as compared with the beginning.
Read More
| 2011-WP-24 |
| Risk Weights in Regulatory Capital Standards: Is It Necessary to “Get It Right”?
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Kevin T. Jacques and Lakshmi Balasubramanya
Date: September 2011
Description: In recent decades, bank regulators have become increasingly reliant upon quantitative regulatory capital standards as a means of ensuring that banks hold adequate capital. The risk-based capital standards, from the 1988 Accord through the current Basel II standards, have primarily relied upon a building block approach to capital through the use of risk weights assigned to assets and off-balance sheet activities.
Read More
| 2011-WP-23 |
| Does It Pay to Invest in Debt Free Firms During Recessions?
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Tarek Zaher
Date: September 2011
Description: This study attempts to find out whether investors reward firms that carry no debt and penalize firms that carry large amount of debt during recessions. I compare the performance of portfolios of large cap debt free firms to comparable portfolios of leveraged firms during the last recession. The results of the study suggest that investments in portfolios of debt free firms tend to generate higher returns than investments in portfolios of leveraged firms during recessions.
Read More
| 2011-WP-22 |
| U.S. Monetary Policy in Disarray
Type: Working Papers
Topic: Industry Performance and Regulation
Author: John A. Tatom
Date: August 2011
Description: Monetary policy has become difficult to characterize or follow since 2007. A debate as to whether interest rate targets or monetary base growth are better indicators of policy and prospective outcomes has given way to a new credit policy built on inflating the balance sheet to provide private sector credit. This policy grew out of the Great Depression and has led the Federal Reserve Bank (Fed) to ignore monetary growth and render a federal funds rate target impotent by pushing it to zero.
Read More
| 2011-WP-21a |
| The Regulatory Effect of Risk-Based Capital in Property-Liability Insurance
Type: Working Papers
Topic: Industry Performance and Regulatio
Author: Jiang Cheng and Mary A. Weiss
Date: August 2011
Description: This study investigates how U.S. property-liability insurers changed their behavior in response to the risk-based capital (RBC) requirements implemented in 1994. We posit that insurers may have acted to manage their operations and/or exploit anomalies in the RBC formula so as to improve the RBC result. The sample consists of pooled, cross-sectional data of U.S. property-liability insurers included in the NAIC’s database for the period 1991 to 2007.
Read More
| 2011-WP-20 |
| Underwriting in Property-Casualty Insurance Markets: Regulation, Risk and Volatility
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Ronnie J. Phillips and David Nickerson
Date: August 2011
Description: We offer a novel explanation of underwriting volatility in property-liability insurance markets in terms of private uncertainty over public regulatory policy. Underwriting involving random losses to policyholders is one source of risk to the equity value of insurance firms. Solvency regulations, however, pose a second source of risk to equity value when the implementation of such regulations randomly affects the return to underwriting but exhibits imperfect correlation with market conditions over time.
Read More
| 2011-WP-19 |
| Consumer Debt Delinquency over Life Cycle Stages
Type: Working Papers
Topic: Financial Literacy
Author: Jing Jian Xiao and Rui Yao
Date: August 2011
Description: Consumer debt delinquency, as measured by being 60 or more days late in debt payment, is an indicator of financial ill health. Using six datasets of the 1992-2007 U.S. Surveys of Consumer Finances, this study examines consumer debt delinquency over life cycle stages.
Read More
| 2011-WP-18 |
| The Effects of Perceived and Actual Financial Knowledge on Credit Card Behavior
Type: Working Papers
Topic: Financial Literacy
Author: Sam Allgood and William B. Walstad
Date: July 2011
Description: This study uses a combined measure of financial literacy or financial knowledge that includes both a test score of actual financial knowledge and a self-assessment of overall financial knowledge. The combined measure provides greater understanding about how financial knowledge affects financial behavior.
Read More
| 2011-WP-15 |
| Systemic Risk-Taking: Amplification Effects, Externalities, and Regulatory Responses
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Anton Korinek
Date: May 2011
Description: This paper develops a simple macroeconomic model of systemic risk in the form of financial accelerator effects: adverse developments in financial markets and in the real economy mutually reinforce each other and lead to a feedback cycle of falling asset prices, deteriorating balance sheets and tightening financing conditions.
Read More
| 2011-WP-13 |
| Does Mandatory Loan Review Affect Mortgage Contract Choice and Performance?
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Itzhak Ben-David
Date: May 2011
Description: We explore the effects of mandatory third-party review of mortgage contracts on the terms, availability, and performance of mortgage credit. Our study is based on a legislative pilot carried out by the State of Illinois in a selected set of zip codes in 2006.
Read More
| 2011-WP-12 |
| Home Sweet Home: Financial Development and Homeownership
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Ishani Tewari
Date: May 2011
Description: Do improvements in credit markets restrict or broaden economic disparities? Deregulation of intrastate branching, an exogenous shock to U.S. mortgage markets, led to an increase in the overall stock and flow of mortgages. This increase was disproportionately higher for marginal borrowers such as lower income, younger and black households.
Read More
| 2011-WP-10B |
| Predicting Fraud by Investment Managers
Type: Working Papers
Topic: Industry Performance and Regulation
Author: William C. Gerken and Stephen G. Dimmock
Date: May 2011
Description: We test the predictability of investment fraud using a panel of mandatory disclosures filed with the U.S. Securities and Exchange Commission (SEC). We show that past regulatory and legal violations, conflicts of interest, and monitoring have significant power to predict fraud.
Read More
| 2011-WP-09 |
| Home Equity in Retirement
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Irina A. Telyukova and Makoto Nakajima
Date: May 2011
Description: Retired homeowners dissave more slowly than renters, which suggests that homeownership affects retirees' saving decisions. We investigate empirically and theoretically the life-cycle patterns of housing and total assets in retirement.
Read More
| 2011-WP-08B |
| The Impact of Portfolio Disclosure on Hedge Fund Performance, Fees and Flows
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Zhen Shi
Date: April 2011
Description: This study investigates the impact of portfolio disclosure on hedge fund performance. Using a regression discontinuity design, I investigate the effect of the disclosure requirements that take effect when an investment company's assets exceed $100 million; when that occurs, a fund is required by the U.S. Securities and Exchange Commission to submit form 13F disclosing its portfolio holdings.
Read More
| 2011-WP-07 |
| Aging and Strategic Learning: The Impact of Spousal Incentives on Financial Literacy
Type: Working Papers
Topic: Financial Literacy
Author: Joanne W. Hsu
Date: April 2011
Description: In the U.S., women tend to have lower levels of financial literacy than men. This is consistent with a household division of labor in which men manage finances. However, women also tend to outlive their husbands, so they will eventually need to take over this task. Using a new survey of older couples, I find that women acquire additional financial literacy as they approach widowhood.
Read More
| 2011-WP-06 |
| Faith-Based Ethical Investing: The Case of Dow Jones Islamic Indexes
Type: Working Papers
Topic: Industry Performance and Regulation
Author: M. Kabir Hassan and Eric Girard
Date: April 2011
Description: This paper examines the performance of seven indexes chosen from the Dow Jones Islamic Market Index (DJIM) vis-à-vis their non-Islamic counterparts using a variety of measures such as Sharpe, Treynor, Jensen and Fama’s selectivity, net selectivity and diversification.
Read More
| 2011-WP-05 |
| Debt Holding and Burden by Family Structure in 1989-2007
Type: Working Papers
Topic: Financial Literacy
Author: Jing Jian Xiao and Rui Yao
Date: March 2011
Description: Financial deregulation starting in the 1980s provided families both economic opportunities and risks. Rapidly increased mortgage, credit card and other debts are out of control among many families, which arguably caused the recent great recession. The purpose of this study is to describe patterns and trends of debts held by American families through analyzing data from 1989-2007 Surveys of Consumer Finances.
Read More
| 2011-WP-04 |
| Credit Default Swaps and Sovereign Debt Markets
Type: Working Papers
Topic: Industry Performance and Regulation
Author: M. Kabir Hassan, Geoffrey M. Ngene and Jung Suk-Yu
Date: March 2011
Description: This study investigates the link between price discovery dynamics in sovereign credit default swaps (CDS) and bond markets and degree of financial integration of emerging markets.
Read More
| 2011-WP-03 |
| Determinants of Credit Default Swaps in International Markets
Type: Working Papers
Topic: Industry Performance and Regulation
Author: M. Kabir Hassan, Thiti S. Ngow and Jung Suk-Yu
Date: February 2011
Description: This paper reexamines the determinants of credit default swaps (CDS) spreads in the U.S., Europe, and Asia-Pacific markets with a new data set using linear regressions.
Read More
| 2011-WP-01 |
| Starting a New Chapter: The Role of Credit Counseling in Helping Debtors Recover from Bankruptcy
Type: Working Papers
Topic: Financial Literacy
Author: Angela C. Lyons, Shawn Howard and Eric Scherpf
Date: November 2010
Description: The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) includes two educational provisions which require debtors to complete an approved credit counseling course prior to filing for bankruptcy and a financial education course prior to the discharge. Recent debates have raised concerns about the counseling mandate and whether debtors are benefiting from the requirement...
Read More
| 2010-WP-06 |
| Financial Wellbeing and Some Problems in Assessing Its Link to Financial Education
Type: Working Papers
Topic: Financial Literacy
Author: John A. Tatom
Date: October 2010
Description: In 2009, the National Endowment for Financial Education initiated a project to study the “Implications of a Quarter Century Research in Personal Finance.” As part of that effort, one of the major themes chosen was to study the measurement and evaluation of participant outcomes. This paper is part of the investigation of measurement and evaluation...
Read More
| 2010-WP-03 |
| Reputation, Trust and the Logic of Group Lending
Type: Working Papers
Topic: Financial Literacy
Author: Joel M. Guttman
Date: September 2010
Description: This paper analyzes the interaction between the success of group lending institutions and the stock of social capital (modeled by the level of trust) in the community where the group lending programs are located.
Read More
| 2010-WP-02 |
| The Increasing Default Risk of U.S. Treasuries Securities Due to the Financial Crisis
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Srinivas Nippani and Stanley D. Smith
Date: April 2010
Description: We examine the impact of the current financial crisis on long-term U.S. Treasury yields by testing the impact of a series of events from December 2007 to March 2009 on the spread between 10-year United States Dollar (USD) London Interbank Offered Rate (LIBOR) swap and 10-year U.S. Treasury (constant maturity) rates to measure risk associated with Treasuries.
Read More
| 2010-WP-01 |
| U.S. Monetary Policy and Stock Prices: Should the Fed Attempt to Control Stock Prices?
Type: Working Papers
Topic: Industry Performance and Regulation
Author: John A. Tatom
Date: December 2009
Description: This article rejects the linkages in proposals that the Federal Reserve Bank (Fed) target equity prices. The real federal funds rate (RFF) and stock prices (SP) are uncorrelated; causality tests show a positive effect of SP on RFF and a negative effect of SP on RFF...
Read More
| 2009-WP-14 |
| Efficiency Analysis of Microfinance Institutions in Developing Countries
Type: Working Papers
Topic: Industry Performance and Regulation
Author: M. Kabir Hassan and Benito Sanchez
Date: October 2009
Description: This paper investigates technical and scales efficiencies of microfinance institutions (MFI) in three regions: Latin America countries, Middle East and North Africa (MENA) countries, and South Asia countries, and compares efficiencies across regions and across type of MFIs...
Read More
| 2009-WP-12 |
| A Tool for Getting By or Getting Ahead? Consumers’ Views on Prepaid Cards
Type: Working Papers
Topic: Financial Literacy
Author: Jennifer Romich, Sarah Gordon and Eric Waithaka
Date: October 2009
Description: This paper summarizes lessons from interviews of 22 consumers who use prepaid cards (PPCs), an emerging product in the market space between institution-based transaction accounts and non-account services like check-cashing and money orders. A majority of interviewees used PPCs as their primary non-cash transaction tool...
Read More
| 2009-WP-09 |
| The Risks of Off-Balance Sheet Derivatives in U.S. Commercial Banks
Type: Working Papers
Topic: Industry Performance and Regulation
Author: M. Kabir Hassan and Ahmad Khasawneh
Date: October 2009
Description: This study employs both contingent and non-contingent claim models to test for the existence of market discipline hypothesis for derivative contracts in U.S. banking industry...
Read More
| 2009-WP-11 |
| The Determinants of Derivatives Activities in U.S. Commercial Banks
Type: Working Papers
Topic: Industry Performance and Regulation
Author: M. Kabir Hassan and Ahmad Khasawneh
Date: September 2009
Description: This paper aims to test the extent to which the tax regulatory and market discipline hypotheses determine derivative activities of U.S. commercial banks for the period starting 1992 through 2008. We employ Mansfield’s (1961) logistic diffusion model...
Read More
| 2009-WP-10 |
| Does Financial Education Affect Soldiers’ Behavior?
Type: Working Papers
Topic: Financial Literacy
Author: Catherine Bell, Daniel Gorin, and Jeanne M. Hogarth
Date: August 2009
Description: Financial education does seem to have an effect on specific financial management behaviors. Simple bivariate analyses revealed several behavior impacts. With more robust mulitvariate analysis, soldiers taking the financial education program were more likely...
Read More
| 2009-WP-08 |
| Performance of Debt Free Firms
Type: Working Papers
Topic: Economic Development
Author: Tarek Zaher
Date: May 2009
Description: This paper compares the performance of portfolios of debt free firms to comparable portfolios of leveraged firms. The results of the study indicate...
Read More
| 2009-WP-04 |
| Measuring the Efficiency of Financial Inputs for Entrepreneurship
Type: Working Papers
Topic: Economic Development
Author: Lakshmi Balasubramanyan
Date: April 2009
Description: This study employs data on small businesses from the Office of Advocacy for the U.S. Small Business Administration along with the FDIC Call Report data for U.S. commercial banks. We examine the efficiency...
Read More
| 2009-WP-03 |
| Business Incubator Financing and Financial Services in Chile
Type: Working Papers
Topic: Economic Development
Author: Aruna Chandra and Magda Narczewska
Date: April 2009
Description: Business incubation in Chile is still in its nascent stages, with approximately 20-25 incubators supported primarily by a coalition of government and universities. Chilean business incubators tend to capitalize...
Read More
| 2009-WP-02 |
| Bank Crises and Investor Confidence
Type: Working Papers
Topic: Financial Literacy
Author: Una Okonkwo Osili and Anna Paulson
Date: February 2009
Description: In addition to their direct effects, episodes of financial instability may decrease investor confidence. Measuring the impact of a crisis on investor confidence is complicated by the fact...
Read More
| 2009-WP-01 |
| Imbalances in China and U.S. Capital Flows
Type: Working Papers
Topic: Industry Performance and Regulation
Author: John A. Tatom
Date: November 2008
Description: China’s major imbalances include trade and capital account surpluses and a large annual build-up of international reserves. China has a capital account surplus reinforcing the accumulation of foreign exchange reserves, mainly U.S. dollar-denominated assets. Usually, a sustainable fixed...
Read More
| 2008-WP-14 |
| Financial Literacy: An Essential Tool for Informed Consumer Choice?
Type: Working Papers
Topic: Financial Literacy
Author: Annamaria Lusardi
Date: October 2008
Description: Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper...
Read More
| 2008-WP-13 |
| Ethical Failures in Regulating and Supervising the Pursuit of Safety Net Subsidies
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Edward J. Kane
Date: September 2008
Description: This paper traces the financial institution crisis of 2007-2008 to a breakdown in the incentives of regulators, supervisors, managers, and investors to perform adequate due diligence on securitized investments. Investors allowed their trust...
Read More
| 2008-WP-12 |
| Return Spread and Liquidity on Chinese ADRs
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Malay Dey and Chaoyan Wang
Date: July 2008
Description: Authors Malay Dey and Chaoyan Wang empirically investigate the role of host (U.S.) and home (Hong Kong) (HK) security market returns as common determinants...
Read More
| 2008-WP-09 |
| Pension Systems Generosity in North Africa
Type: Working Papers
Topic: Financial Literacy
Author: Mehdi Ben Braham
Date: June 2008
Description: Pension systems in North Africa are facing a certain number of difficulties. We present in this paper the pension system’s characteristics...
Read More
| 2008-WP-06 |
| What Can We Learn about Financial Access from U.S. Immigrants?
Type: Working Papers
Topic: Financial Literacy
Author: Una Okonkwo Osili and Anna Paulson
Date: May 2008
Description: We find that wealthier and more educated immigrants are more likely to make use of basic banking services and other formal financial services. Holding these (and other) factors constant,...
Read More
| 2008-WP-05 |
| Why Are Bank Failures Special? Lessons from U.S. Financial History
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Ronnie J. Phillips
Date: April 2008
Description: In the U.S., corporate bankruptcies generally go through the court system for resolution, whereas bank failures are resolved by bank regulatory agencies. The goal of corporate bankruptcy is...
Read More
| 2008-WP-04 |
| On the Incidence of Deposit Taxes
Type: Working Papers
Topic: Industry Performance and Regulation
Author: Tarek Zaher and Dale K. Osborne
Date: April 2008
Description: The incidence of deposit taxes has been connected to interesting questions in the theory of financial intermediation. Some researchers have found evidence supporting the notion...
Read More
| 2008-WP-03 |
| The Subsistence Constraint and Endogenous Risk Aversion
Type: Working Papers
Topic: Financial Literacy
Author: Joel M. Guttman
Date: February 2008
Description: This paper contributes to the literature on endogenous preferences by showing that, when income is close to the minimum required for subsistence, individuals rationally will behave...
Read More
| 2008-WP-01 |
| Is Tax Policy Retarding Growth in Morocco?
Type: Working Papers
Topic: Economic Development
Author: John A. Tatom
Date: November 2007
Description: Morocco has a distinguished reputation for opening the economy, privatization and for increasing the role of the private sector in economic development. The nation has also had well known success in achieving a high degree of price stability...
Read More
| 2007-WP-27 |
| Structural Pension Reform: The Chilean Experience
Type: Working Papers
Topic: Financial literacy
Author: Mehdi Ben Braham
Date: October 2007
Description: Chile was the first country to introduce structural pension reform based upon a funded pillar. Implemented in 1981, Chilean pension...
Read More
| 2007-WP-20 |
| Understanding Immigrant-Native Differences in Financial Market Participation
Type: Working Papers
Topic: Financial literacy
Author: Una Okonkwo Osili and Anna Paulson
Date: August 2007
Description: The goal of this paper is to investigate access to financial services and prospects for the wealth assimilation of immigrants by studying the financial market behavior of U.S. immigrants, compared to the native-born. Compared to similar natives, immigrants are less likely to own a wide range of financial assets...
Read More
| 2007-WP-19 |
| For Better or Worse: Financial Decision-Making Behavior of Married Couples
Type: Working Papers
Topic: Financial literacy
Author: Angela Lyons, Urvi Neelakantan, Ana Fava, and Erik Scherpf
Date: April 2007
Description: This study constructs a theoretical model of household bargaining to explain the financial decision-making behavior of married couples. We empirically test our model using data from the 2000 Health ...
Read More
| 2007-WP-14 |
| Why Have Interest Rates Been So Low?
Type: Working Papers
Topic: Industry performance and regulation
Author: John A. Tatom
Date: April 2007
Description: This paper looks at interest rate developments in the US and argues that long-term real interest rates are at lows not seen in the past 50 years. It explores competing hypotheses that there is a ...
Read More
| 2007-WP-13 |
| Repayment Performance in Microcredit Programs: Theory and Evidence
Type: Working Papers
Topic: Financial services and economic development
Author: Joel M. Guttman
Date: March 2007
Description: This paper revisits the conventional wisdom on the determinants of the success of microcredit programs. The paper first develops a simple moral hazard model of borrowing in a group lending context, ...
Read More
| 2007-WP-11 |
| Financial Development and Economic Growth: New Evidence from Panel Data
Type: Working Papers
Topic: Financial services and economic development
Author: M. Kabir Hassan and Jung-Suk Yu
Date: March 2007
Description: This study provides new evidence on the role of financial development in accounting for economic growth. To derive feasible policy implications, we estimate not only unbalanced panel regressions ...
Read More
| 2007-WP-10 |
| An Analysis of Financial Preparation for Retirement
Type: Working Papers
Topic: Financial literacy
Author: M. Kabir Hassan and Dr. Shari Lawrence
Date: March 2007
Description: In this study, we analyze financial preparation for retirement. Specifically, probit analysis was conducted using data from the Survey of Consumer Finances to compare and contrast variables ...
Read More
| 2007-WP-08 |
| Is Inequality Growing as American Workers Fall Behind?
Type: Working Papers
Topic: Industry performance and regulation
Author: John A. Tatom
Date: February 2007
Description: A popular and highly politicized theme today is that US workers are falling behind as their real wages fall and income gets redistributed to the rich. This article looks at some reasons that income inequality could rise, and then explores...
Read More
| 2007-WP-07 |
| China in Transition: Performance and Prospect
Type: Working Papers
Topic: Financial services and economic development
Author: Yuan Yuan Xing
Date: January 2007
Description: China’s transition produces both positive and negative social and economic results. Changes of the growth...
Read More
| 2007-WP-05 |
| Are Banks and Stock Markets Complements or Substitutes?
Type: Working Papers
Topic: Industry performance and regulation
Author: Malay K. Dey
Date: January 2007
Description: We examine the determinants of stock market and bank liquidity in an economy in a SUR framework in which stock market turnover and available bank credit denoting access to long and short term capital ...
Read More
| 2007-WP-04 |
| Saving and Social Security Wealth: A Case of Turkey
Type: Working Papers
Topic: Financial literacy
Author: H. Yigit Aydede
Date: January 2007
Description: This paper is the first attempt in the literature to investigate the effects of public social security on aggregate consumption in a time-series setting for a developing country, Turkey that has one ...
Read More
| 2007-WP-03 |
| What's in a Score? Differences in Consumers' Credit Knowledge Using OLS and Quantile Regressions
Type: Working Papers
Topic: Financial literacy
Author: Angela Lyons, Mitchell Rachlis and Erik Scherpf
Date: January 2007
Description: Credit literacy depends, in part, on understanding credit report information and scores. The US Government Accountability Office (GAO) conducted a study in 2004 to assess consumers’ knowledge of their credit report and credit score, and the dispute resolution process. This study uses the GAO data...
Read More
| 2007-WP-01 |
| Depositor Discipline and Bank Risk-Taking Behavior
Type: Working Papers
Topic: Industry performance and regulation
Author: M. Kabir Hassan and M. Ershad Hussain
Date: November 2006
Description: This paper examines whether the risk-taking behavior of commercial banks in five countries of South-East Asia changed after the Asian Crises of 1997. The paper utilizes the framework created by ...
Read More
| 2006-WP-13 |
| Basel II and Bank Credit Risk: Evidence from the Emerging Markets
Type: Working Papers
Topic: Industry performance and regulation
Author: M. Kabir Hassan and M. Ershad Hussain
Date: October 2006
Description: Existing literature has focused attention on the impact of Basel I and similar capital requirement regulations on developed countries where such regulations were found to be effective in increasing ...
Read More
| 2006-WP-10 |
| Assortative Matching, Adverse Selection, and Group Lending
Type: Working Papers
Topic: Financial services and economic development
Author: Joel M. Guttman
Date: September 2006
Description: Revised in November 2006
This note reconsiders a theoretical result asserted to explain the success of group lending programs in LDCs. It has been claimed that if groups are allowed to form themselves, risky and safe ...
Read More
| 2006-WP-07 |
| Strategic Pricing of Payday Loans: Evidence from Colorado, 2000-2005
Type: Working Papers
Topic: Financial literacy
Author: Robert DeYoung and Ronnie J. Phillips
Date: August 2006
Description: We examine the pricing patterns of payday lenders in Colorado between 2000 and 2005, using Tobit estimation techniques to account for legislated price ceilings, and a Heckman correction procedure to ...
Read More
| 2006-WP-05 |
| Moral Hazard and Repayment Performance Under Group Lending
Type: Working Papers
Topic: Financial services and economic development
Author: Joel M. Guttman
Date: July 2006
Description: This paper develops a model of the strategic interaction of borrowers in the framework of group lending, in an environment characterized by moral hazard. Unlike previous papers, monitoring by one ...
Read More
| 2006-WP-03 |
| Repayment Performance in Group Lending Programs: A Survey
Type: Working Papers
Topic: Financial services and economic development
Author: Joel M. Guttman
Date: April 2006
Description: This paper surveys the theoretical and empirical literature on group lending programs in developing countries, with a focus on the determinants of repayment performance.
Read More
| 2006-WP-01 |
| Banking and Economic Development in Morocco
Type: Working Papers
Topic: Industry performance and regulation
Author: John A. Tatom
Date: November 2005
Description: In Morocco, as elsewhere, banking is the principal financial sector it has the potential to contribute the most or to most severely retard economic development. But the banking industry’s potential ...
Read More
| 2005-WP-03 |
| Is Your Bubble About to Burst?
Type: Working Papers
Topic: Industry performance and regulation
Author: John A. Tatom
Date: October 2005
Description: House prices have risen quite sharply since 2000. Coming on the heels of a stock market crash, many analysts have raised the specter of collapse in house prices and have conjured up dire consequences ...
Read More
| 2005-WP-02 |
| Deficits and the Economy: All Deficits Are Not Created Equal
Type: Working Papers
Topic: Industry performance and regulation
Author: John A. Tatom
Date: June 2005
Description: Recent academic and popular discussions of budget deficits rely upon a simplistic and, in large part, false conception of their effects. The recent literature ignores the fact that deficit effects ...
Read More
| 2005-WP-01 |
|
|
|