Does Microfinance Reduce Rural Poverty? Evidence Based on Household Panel Data from Northern Ethiopia
in American Journal of Agricultural Economics
January 2011; p ublished online January 2011 .
Journal Article. Subjects: Welfare and Poverty; Single Equation Models; Single Variables; Banking; Economic Development. 7425 words.
Evidence on the long-term impacts of microfinance credit is scarce. We use a unique four-round panel dataset on farm households in northern Ethiopia that had access to microfinance,...
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Does Systemic Risk in the Financial Sector Predict Future Economic Downturns?
in The Review of Financial Studies
October 2012; p ublished online September 2012 .
Journal Article. Subjects: Economics; Banking; Econometric and Statistical Methods and Methodology: General; Single Equation Models; Single Variables. 16037 words.
We derive a measure of aggregate systemic risk, designated CATFIN, that complements bank-specific systemic risk measures by forecasting macroeconomic downturns six months into the future...
Financial Innovations and Their Implications for Monetary Policy in Kenya
in Journal of African Economies
January 2015; p ublished online December 2014 .
Journal Article. Subjects: Banking; Single Equation Models; Single Variables; Monetary Policy, Central Banking, and the Supply of Money and Credit; Money and Interest Rates. 9393 words.
This study investigates the effect of financial innovation on monetary policy in Kenya during the period 1998–2013; that is, whether the waves of financial innovation that have occurred...
Financial Network Systemic Risk Contributions
in Review of Finance
March 2015; p ublished online March 2014 .
Journal Article. Subjects: Economics; Financial Regulation; Corporate Governance; Corporate Regulation; Single Equation Models; Single Variables; Econometric Modelling; Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling. 15742 words.
We propose the realized systemic risk beta as a measure of financial companies’ contribution to systemic risk, given network interdependence between firms’ tail risk exposures. Conditional...
Medium- and Long-Term Participation in Microcredit: An Evaluation Using a New Panel Dataset from Bangladesh
in American Journal of Agricultural Economics
April 2011; p ublished online April 2011 .
Journal Article. Subjects: Agricultural, Environmental, and Natural Resource Economics; Banking; Single Equation Models; Single Variables; Economic Development. 11843 words.
The objective of this paper is to estimate the impact of medium- and long-term participation in microcredit programs. It utilizes a new, and large, panel dataset collected from treatment...
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Time Variation in Mutual Fund Style Exposures
in Review of Finance
December 2007; p ublished online October 2007 .
Journal Article. Subjects: Single Equation Models; Single Variables; Econometric Modelling; Economics; Financial Institutions and Services. 11378 words.
Despite the wide acceptance of return-based style analysis, the method has several limitations. One important drawback is the assumption that style exposures are time-invariant. We apply...
Volatility and the natural resource curse
in Oxford Economic Papers
October 2009; p ublished online July 2009 .
Journal Article. Subjects: Economic Development; Econometric and Statistical Methods and Methodology: General; Financial Institutions and Services; Economic Growth and Aggregate Productivity; Non-renewable Resources and Conservation; Single Equation Models; Single Variables; Macroeconomic Aspects of International Trade and Finance. 10908 words.
We provide cross-country evidence that rejects the traditional interpretation of the natural resource curse. First, growth depends negatively on volatility of unanticipated output growth...
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