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Money and Finance
How Important are credit constraints for small firm growth?
This project focusses on the role of financial constraints in determining the lack of transition of firms from the very small family firms (OAMEs) which are the predominant type of firms in the informal sector to the larger firms that employ non-family labour (DMEs and NDMEs).
Formally insuring the informally insured
Rainfall is critical for the livelihoods of millions of Indians – yet many have no formal insurance if the rains fail. This column looks at what happens when a new formal insurance policy based on the weather is offered at random to farmers and farm workers across several states in India.
Microfinance and predatory lending: The same old story?
Once hailed as a near-miraculous way of lending money to the poor, microfinance is now often seen as exploitation – and governments are stepping in. This column looks at another point in India’s history where lawmakers have intervened in lending practices: following the Deccan Riots between farmers and moneylenders in 1876. It argues that in hindsight this was an overreaction – and perhaps there is a lesson for today.
Financial Intermediation and Economic Growth in Bihar: A District-Level Analysis
The aim of the project was to assess the effectiveness of the banking sector's contribution to the overall development in Bihar. In a nutshell, the study tries to understand the efficiency of the banking sector in Bihar with regards to its ability to raise deposits and disburse funds to private sector in Bihar. The findings showed that there is a positive link between finance and development in agriculture sector in Bihar and therefore, easing government restrictions in the banking sector can aid the process of financial development in Bihar.
Role of Derivatives in India's Financial Development
The annals of financial history are littered with stories of corporations and financial institutions which collapsed when a deterioration in market conditions led to massive losses in the derivatives portfolio – occasionally, even in cases where the derivatives were being used to hedge existing exposures.
Note on Reserve Currencies
This project examines the likelihood that the current reserve currencies will retain their status in the near future, given the persistence in the composition of reserve holdings. However, due to paucity of complete data on the switchovers in lead reserve currencies, a great deal of uncertainty attends any forecasts. Hence, it is possible that new reserve currencies might appear with greater rapidity than anticipated.
Household Finance in India
How does mortgage regulation influence the structure and performance of housing finance? This project answers the question by analysing administrative data on over 1.2 million loans originated by an Indian mortgage provider, relating loan pricing and delinquency rates to the changing details of Indian mortgage regulation. This project finds evidence that regulation has important effects on rates and defaults.
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