FMG

This paper provides a novel efficiency rationale for progressive corporate taxation based on commitment problems in entrepreneurial finance. Poor...

We highlight the multiplier role of (public) safe assets by studying a model of a bank’s balance sheet. The bank optimally constructs a portfolio of...

How do copayments affect the benefits and costs of health insurance in low-income settings? We study this question in a field experiment in rural...

Skilled intermediaries can represent multiple investors, generating economies of scale in screening costs. However, locating competent intermediaries...