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Essays on Finance and Development
Başlık:
Essays on Finance and Development
Yazar:
Faraz, Naseem, author.
ISBN:
9780438024632
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (133 pages)
Genel Not:
Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.
Advisors: Marc Rockmore Committee members: David Cuberes; Wayne Gray.
Özet:
This dissertation is a collection of three empirical essays on "Finance and Development"
Chapter 1 (with Marc Rockmore) examines how political cycles influence the lending policies of state-owned owned banks. Existing studies on the effects of election cycles in public credit focus almost exclusively on the provision of public credit and do not consider the potential impact on the default rate of this credit to firms. Using microdata on the universe of formal corporate loans in Pakistan, we examine and compare both aspects of election cycles effects. While we find a large increase in the provision of credit by public banks compared to private banks in the same geographical location, our results suggest that it is only a fraction of the losses from the increased default rates arising from the election cycle. Findings suggest that earlier estimates substantially underestimate the size of the election cycle. We address several competing explanations for the election cycle and provide evidence for its political origins.
Chapter 2 inspects the effects of government-owned banks on the efficiency of credit allocation to firms and examine whether social objective, political influence or agency problem explain the differences in lending behavior. In contrast to prior literature, we examine both margins of efficiency to assess the differences in lending behavior: (i) (ex-ante) compare the price charged (interest rate) and amount borrowed by the same set of firms that borrow from both public and privately-owned banks in the same quarter, and (ii) (ex-post performance) the default rate of loans. Results suggest that government banks charge one-third lower interest rate and have one-tenth higher default rates by the same firm. Our identification strategy exploits variation within the same firm that allows us to rule out several identification concerns including firm-level demand shocks and adverse selection of firms. We present explicit evidence on the alternative predictions that the differences in loan outcomes are less supported by government banks preferences for high social return projects, but it is strongly affected by political consideration and local political strength.
Chapter 3 (with Marc Rockmore) provides empirical evidence on the early life income shocks that originate from the adverse rainfall (drought) and its impact on the child malnutrition. Uganda is one of the drought-stricken countries in the Sub-Saharan African region, and also suffers from the severe malnutrition in children under five years of age. Using nationally representative National Panel Survey data of Uganda, and the deviation in seasonal rainfall, we study the impact of exposure to drought on the child physical health outcomes. We examine the impact of exposure to drought both in-utero and the first year of life. Results suggest that exposure to rainfall deficit in utero has significant effects on lower height-for-age and on the higher probability of being stunted while it does not show impact on the probability of being underweight. The drought experienced in birth year does not show the nutritional status of children. The probability of being stunted and underweight varies by rural, gender, and by the income groups. The sensitivity of analysis suggests that the selective migration does not drive our results.
Notlar:
School code: 0048
Tüzel Kişi Ek Girişi:
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Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(681343.1) | 681343-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
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