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We implemented a randomized field experiment in Malawi examining borrower responses to being fingerprinted when applying for loans. This intervention improved the lender’s ability to implement dynam...
Comment on Economics of the Primary Dealer Credit Facility.
In many countries, taxes on businesses are less progressive than labor income taxes. This paper provides a justification for this pattern based on adverse selection that entrepreneurs face in credit m...
For comments and suggestions, we thank Olivier Blanchard, Markus Brunnermeier, John Campbell, Martin Feldstein, and participants at the NBER Asset Pricing and Monetary Policy Pre-Conference in Novem...
This paper provides evidence that credit constraints are an important determinant of international trade flows. I exploit shocks to the availability of external finance and examine the i...
We study the collapse of international trade flows during the global financial crisis using detailed data on monthly US imports. We show that credit conditions were an important channel t...
A growing literature on trade and finance has established that credit constraints are an important determinant of global trade patterns. This paper surveys the recent theoretical and empirical dev...
How does uncertainty and credit constraints affect the cyclical composition of investment and thereby volatility and growth? This paper addresses this question within a model where firms engag...
Global value chains (GVCs) allow firms to produce and export final goods, or to perform only intermediate stages of production by processing imported inputs for re-exporting. We examine how financ...
This paper provides firm-level evidence that credit constraints restrict international trade flows and affect the sectoral pattern of multinational activity. Using detailed customs data from China, ...
Financial market imperfections severely restrict international trade áows because exporters require external capital. This paper identiÖes and quantiÖes the three mechanisms through which ...
We study the adoption of automated credit scoring at a large auto finance company and the changes it enabled in lending practices. Credit scoring appears to have increased profits by rou...
Traditional conventions of accounting and actuarial science distort the valuation of capital risk in corporations with pension plans because under these conventions, pension assets and liabilities are...
We use loan-level data to study how the organizational structure of banks impacts small business lending. We find that decentralized banks-where branch managers have greater autonomy over lending deci...
This report presents the findings of the first-ever national survey of school superintendents on U.S. competitiveness and the role of business in improving education outcomes in the U.S., including sp...

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