We studied the localization of blood flow control in skeletal muscle by shortterm microocclusions (30-60 seconds) of capillaries and arterioles of the pectoralis muscle in anesthetized frogs (Rana pipiens). The muscle was surgically exposed to permit transillumination and measurement of red cell velocity in the microvessels, but innervation and blood supply were kept intact. About one-third of ...

While prior papers have examined the impact of state exemption and garnishment laws on the average household, this paper is the first to examine their heterogeneous impact. In my theoretical model, households choose between three options: repayment, bankruptcy, and informal bankruptcy (non-repayment without the benefit of the formal bankruptcy process). The model makes two predictions about the...

This paper presents a conceptual framework for explaining credit union (CU) loan delinquency and profitability in developing countries, together with empirical estimation for a unique sample of Latin American CUs. Delinquency and profitability were found to be responsive to the incentives that CUs create for their borrowers to repay loans. These incentives include loan and deposit rates, the us...

How do borrowers respond to improvements in a lender’s ability to punish defaulters? We implemented a randomized field experiment in Malawi examining the impact of fingerprinting of borrowers, which improves the lender’s ability to withhold future loans from individuals who have previously defaulted while rewarding good borrowers with increased loan sizes. Study participants were smallholder fa...

Despite the rapid expansion of microfinance services in the past several decades, the low use of formal credit exhibited by poor households, the high dropout rates experienced by many microfinance institutions, and the prevalence of dual credit markets, even in the most saturated markets, suggest that microcredit may fail to meet the needs of many poor households. This paper examines the import...

We draw a distinction between the concepts of purchase affordability (whether a household is able to borrow enough funds to purchase a house) and repayment affordability (the burden imposed on a household of repaying the mortgage). We operationalize this distinction in the context of a new methodology for constructing affordability measures that draws on the value-at-risk concept and takes acco...

The mechanism of reactive hyperemia remains unknown. We hypothesized that reactive hyperemia was related to the opening of ATP-sensitive potassium channels during coronary occlusion. The resulting hyperpolarization of the smooth muscle cell plasma membrane might reduce calcium influx through voltage-dependent calcium channels and result in relaxation of smooth muscle tone and vasodilation. In e...

We develop a model of repeated microcredit lending to study how group size affects optimal group-lending contracts with joint liability. In the setting being studied, a benevolent lender provides microcredit to a group of borrowers to invest in projects. The outcome of each risky project is not observable by the lender; therefore, if some of the borrowers default on their loan repayments, the l...

Main duties: Underwriting and processing loan applications; collecting and analyzing information which reflects the credit worthiness of applicant; monitoring loan repayment activities; completing the monthly various financial reports for both loan department and CB.