We develop a closed-economy DSGE model of the Indian economy and estimate it by Bayesian Maximum Likelihood methods using Dynare. We build up in stages to a model with a number of features important for emerging economies in general and the Indian economy in particular: a large proportion of credit-constrained consumers, a financial accelerator facing domestic firms seeking to finance their inv...

The Forum of Federations is undertaking a study of the factors that affect the management of petroleum resources in federal systems, of which this draft paper is part. This paper is an informal document which publication is intended to provide reference material for the Conference on Oil and Gas in Federal Systems, organized by the World Bank, to further the dialogue on development and public f...

This study investigates the impacts of regional informal institutions and local governance arrangements on revenue growth both male- female-run firms in Vietnam. Utilizing institutional theory literature feminism, we argue that are responsive to different sets institutions. Analysing more than 1.1 million observations 11 years (2006–16), find benefit from collective action norms non-finance-rel...

UN-Habitat suggests that one in every three people in the world will live in “slums” within 30 years. This paper analyses innovations in shelter finance that may help to avoid this situation. The urban poor, both as individual households and in terms of their organized collective capacity, face two very serious constraints. The first is their income poverty and their limited ability to invest i...

This study investigates the impacts of local institutions, external finance, and their joint effects on firm investment in Vietnam. Investment decisions are classified into two categories: fixed asset non-fixed investment. Analysing a set 1.3 million firm-year observations businesses Vietnam (2006–2016), we find evidence that institutions (both formal informal) positively influence but negative...

Using a unique dataset which provides information on the financial structure of start-up companies in the Chinese manufacturing industry, this paper documents robust evidence that access to formal financing channels has beneficial effects on firm size, these effects being more marked as we move up the entry size distribution. By contrast we find negative relationships between informal finance a...

The risk of a reputation loss can provide an informal enforcement mechanism when contracts are incomplete. This paper provides evidence that reputation and formal incentives to monitor are substitutes in syndicated lending. Formal incentives in a loan syndicate are determined by the amount of funding the monitoring bank provides to a loan. Using within-firm estimators, we show that monitoring b...

Although the proportion of elderly people in African populations is much smaller than that in developed countries, the absolute numbers of older Africans are rapidly increasing. The huge majority of Africans live in poor economic circumstances and few countries are able to offer social assistance programs. The health and wellbeing of older persons largely depend on the integral existence of inf...