作者：Ghatak, M
作者单位：University of Chicago
摘要：We look at an economic environment where borrowers have some information about the nature of each other's projects that lenders do not. We show that joint-liability lending contracts, similar to those used by credit cooperatives and group-lending schemes, will induce endogenous peer selection in the formation of groups In a way that the instrument of joint liability can be used as a screening device to exploit this local information. This can improve welfare and repayment rates if standard scr...
作者：Demetriades, PO; Mamuneas, TP
作者单位：University of Leicester; University of Cyprus
摘要：This paper utilises an intertemporal optimisation framework to study the effects of public infrastructure capital on output supply and input demands in 12 OECD countries. We find that in all 12 countries: (i) public capital has positive long-run effects on both output supply and input demands (ii) its mean short-run rates of return are fairly low, while the corresponding long-run rates are much higher but declining over time. These findings underscore important under-investment, gaps in infras...
