Credit to S.D. Woodruff from Pratt and Company for $150.00

Credit to S.D. Woodruff from Pratt and Company for $150.00, Sept. 7, 1876.

Credit to S.D. Woodruff from Pratt and Company for $62.00

Credit to S.D. Woodruff from Pratt and Company for $62.00, Nov. 6, 1876.

Valuing Sovereign Default Risk - A Pricing Formula and its Empirical Results for the Mexican External Debt.

Rapport de recherche

Essais sur les frictions financières dans les modèles d'équilibre général dynamique

Cette thèse examine les effets des imperfections des marchés financiers sur la macroéconomie. Plus particulièrement, elle se penche sur les conséquences de la faillite dans les contrats financiers dans une perspective d'équilibre général dynamique. Le premier papier construit un modèle qui utilise l'avantage comparatif des banques dans la gestion des situations de détresse financière pour expliquer le choix des firmes entre les prêts bancaires et les prêts du marché financier. Le modèle réussit à expliquer pourquoi les firmes plus petites préfèrent le financement bancaire et pourquoi les prêts bancaires sont plus répandus en Europe. Le premier fait est expliqué par le lien négatif entre la valeur nette de l'entreprise et la probabilité de faire faillite. Le deuxième fait s'explique par le coût fixe d'émission de bons plus élevé en Europe. Le deuxième papier examine l'interaction entre les contraintes de financement affectant les ménages et les firmes. Une interaction positive pourrait amplifier et augmenter la persistance de l'effet d'un choc agrégé sur l'économie. Je construis un nouveau modèle qui contient des primes de financement externes pour les firmes et les ménages. Dans le modèle de base avec prix et salaires flexibles, j'obtiens une faible interaction négative entre les coûts de financement des firmes et des ménages. Le facteur clé qui explique ce résultat est l'effet du changement contre cyclique du coût de financement des ménages sur leur offre de travail et leur demande de prêts. Dans une période d'expansion, cet effet augmente les taux d'intérêt, réduit l'investissement et augmente le coût de financement des entreprises. Le troisième papier ajoute les contraintes de financement des banques dans un modèle macroéconomiques avec des prêts hypothécaires et des fluctuations dans les prix de l'immobilier. Les banques dans le modèle ne peuvent pas complètement diversifier leurs prêts, ce qui génère un lien entre les risques de faillite des ménages et des banques. Il y a deux effets contraires des cycles économiques qui affectent la prime de financement externe de la banque. Premièrement, il y a un lien positif entre le risque de faillite des banques et des emprunteurs qui contribue à rendre le coût de financement externe des banques contre cyclique. Deuxiément, le lissage de la consommation par les ménages rend la proportion de financement externe des banques pro cyclique, ce qui tend à rendre le coût de financement bancaire pro cyclique. En combinant ces deux effets, le modèle peut reproduire des profits bancaires et des ratios d'endettement bancaires pro cycliques comme dans les données, mais pour des chocs non-financiers les frictions de financement bancaire dans le modèle n'ont pas un effet quantitativement significatif sur les principales variables agrégées comme la consommation ou l'investissement.

A model of dynamic liquidity contracts

I study long-term financial contracts between lenders and borrowers in the absence of perfect enforceability and when both parties are credit constrained. Borrowers repeatedly have projects to undertake and need external financing. Lenders can commit to contractual agreements whereas borrowers can renege any period. I show that equilibrium contracts feature interesting dynamics: the economy exhibits efficient investment cycles; absence of perfect enforcement and shortage of capital skew the cycles toward states of liquidity drought; credit is rationed if either the lender has too little capital or if the borrower has too little collateral. This paper's technical contribution is its demonstration of the existence and characterization of financial contracts that are solutions to a non-convex dynamic programming problem.

Assessing the impact of the Canadian tax credit for public transit passes.

Rapport de recherche présenté à la Faculté des arts et des sciences en vue de l'obtention du grade de Maîtrise en sciences économiques.

A Study of Credit Guarantee Fund Trust for Micro and Small Enterprises with particular reference to Bank of Baroda in state of Kerala

While the quantum of advances from the public sector banks (PSBs) to the MSEs has increased over the years in absolute terms, from Rs.46, 045 crore in March 2000 to Rs.1, 85,208 crore in March 2009, the share of the 7credit to the MSE sector in the Net Bank Credit (NBC) has declined from 12.5 per cent to 10.9 per cent. Similarly, there has been a decline in the share of micro sector as a percentage of Net Bank Credit (NBC) from 7.8 per cent in March 2000 to 4.9% in March 2009. (TKA.Nair, 2010)9.The major reasons for low availability of bank finance to this sector are high risk perception of the banks in lending to MSEs and high transaction costs in processing of loan applications of MSEs. The problem is more serious for micro enterprises requiring small loans and the first generation entrepreneursThe thesis studies the divergence in guidelines by, CGTMSE, RBI & Bank of Baroda on collateral free lending and analyses the awareness of MSE about CGTMSE lending. The researcher tries to assess the problems faced by borrowers in availing advance under CGTMSE from Bank of Baroda, Kerala.

Impact of Agricultural Credit in the.Agricultural Development of Kuttanad

Introduction of agrarian reforms and introduction of new technology increased dependence on casual labourers. High labour absorption in the subsistence agriculture and increased price of input resulted in high cost of cultivation. Price of paddy did not rise correspondingly. As a result subsistence economy's future is bleak. The purpose of the _study is to examine these arguments and related issues with the help of empirical evidence from Kuttanad. The credit schemes are designed to help farmers to earn higher incomes by larger output brought either by an increase in area or by an improvement in yield rates or both. It is difficult to isolate the impact of agricultural credit on agricultural development. Because agricultural development is the combined effect of all inputs. The specific .criteria selected for analysing the impact of agricultural icredit are how increased supply of credit would bring changes ‘in capital formation, agrarian relations, informal lending and its cost and the changes in area, output, introduction of new technology, income, savings and employment of farm households.

“Documentary Credit Law : An Indian Perspective"

This is a study in international trade law. Documentary credits are the most common method of payment for goods in international trade. In India also these instruments are used both in national and international trade. The law governing these transactions remains haphazard. This study identifies the deficiencies in the regulatory framework for documentary credits in India. It primarily focuses on those areas which exhibits a lack of equality and justice in its operation. An attempt has also been made to identify the rights and duties of parties involved in the transaction. The reasons for the increase of fraudulent activities associated with the documents executed in the documentary credit transactions are also examined. How far the law in India is sufficient to ensure fair business practice in international trade financing is also examined. Methodology adopted for the study is analytical. The statutory provisions, rules and case laws under these provisions have been examined. An empirical study by personal interview with the bankers is also made to ascertain the practice of bankers in India.

Reforming Cooperative Credit Structure in India for Financial Inclusion

In the drive for financial inclusion in India, cooperative banks assume prime importance as they are much more accessible to the rural poor than commercial banks. While more accessible, cooperative banks' financial health is rather poor and, therefore, might not be able to serve the needy in a sustained manner. A committee led by Prof. Vaidyanathan has outlined a revival package for cooperatives. Besides suggesting an infusion of funds, it called for the adherence to certain stringent norms to ensure the financial viability. The recommendations provided in the committee’s report are under various stages of implementation in India. The book examines the progress of this reform drive in Bihar, a state in Eastern India. It discusses the background for appointing the committee and its recommendations and also presents the findings of a field study conducted in this regard. The findings inform further policy suggestions which are of general interest to the drive for financial inclusion also in other countries.

Smallholder farmers’ access to credit in the Amathole District Municipality, Eastern Cape Province, South Africa

Provision of credit has being identified as an important instrument for improving the welfare of smallholder farmers directly and for enhancing productive capacity through financing investment by the farmers in their human and physical capital. This study investigated the individual and household characteristics that influence credit market access in Amathole District Municipality, Eastern Cape Province, South Africa, using a cross sectional data from smallholder farmers’ household survey. The aim is to provide a better understanding of the households’ level socio-economic characteristics, not only because they influence household’s demand for credit but also due to the fact that potential lenders are most likely to base their assessment of borrowers’ creditworthiness on such characteristics. The results of the logistic regression suggest that credit market access was significantly influenced by variables such as gender, education, households’ income, value of assets, savings, dependency ratio, repayment capacity and social capital. Implications for rural credit delivery are discussed.