Thesis advisor: Thomas Chemmanur / My Ph.D. dissertation consists of three chapters focused on topics in entrepreneurial finance, financial intermediation, and FinTech. The first chapter analyzes the effects of bank competition on gender and racial gaps in entrepreneurship. By leveraging interstate bank deregulation from 1994 to 2021, I find that stronger bank competition increases the quantity and quality of banking services offered to minority borrowers. Developing a novel measure of discrimination using narrative information in the complaints filed with the Consumer Financial Protection Bureau, I demonstrate that bank competition reduces discrimination, alleviating the financial constraints of female and minority entrepreneurs. Stronger bank competition also reduces gender and racial gaps in firm performance and business equity accumulation, promoting wealth equality and fostering equitable economic growth.The second chapter draws on the context of the Consumer Financial Protection Bureau (CFPB) publicly disclosing consumer complaint narratives in 2015. Utilizing a difference-in-differences design, I find that, following disclosure, CFPB-supervised banks whose complaint narratives are disclosed are less prone to discriminate against minority borrowers in the mortgage lending market. This reduces racial disparities in interest rates, default rates, and rejection rates. The disclosure saves minority borrowers $102 million in interest payments and aids over 14,000 minority households in securing loans annually, thereby narrowing the racial gap in homeownership. Stakeholders including consumers, peer banks, and stock market investors facilitate the disclosure's effects on reducing discrimination. The third chapter, co-authored with Bibo Liu and Xuan Tian, studies how policy uncertainty affects household credit access. Using crowdfunding data from a major peer-to-peer (P2P) crowdfunding platform, Prosper.com, and a news-based policy uncertainty index developed by Baker, Bloom, and Davis (2016), we find that policy uncertainty negatively affects households’ access to small loans. Using an instrument variable based on partisan conflicts and a difference-in-differences analysis relying on plausibly exogenous variation in policy uncertainty generated by gubernatorial elections, we show that the relation is likely causal. Investors’ increased caution on deal selection and enhanced value of the “wait-and-see” option appear to be two plausible underlying channels through which policy uncertainty affects P2P crowdfunding. Further evidence suggests that policy uncertainty decreases households’ incentives to borrow at the aggregate level, and increases loan interest rates and default probabilities. / Thesis (PhD) — Boston College, 2024. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.

Ecuadorian farmers do not play the investment game (Berg 1995) the same with community farmers as they do with agricultural technicians. Women exhibit a preference for trust in agricultural technicians (vertical trust). Using experimental and survey data from 191 farmers we examine factors associated with 1) farmer trust in community farmers, 2) farmer trust in agricultural technicians, and 3) differences between levels of trust in agricultural technicians and community farmers. Then we explore how our measures of trust correlate with pesticide knowledge and purchase of pesticide safety equipment; in addition, we consider how our measures of trust correlate with accessing bank loans. Farmers who place more trust in community farmers score lower on our pesticide knowledge exam and they are less likely to adopt our pesticide safety equipment technology. We find that farmers who exhibit a preference for trusting agricultural technicians score higher on our pesticide knowledge exam; they are also more likely to report having accessed a bank loan. / Master of Science

Credit plays an important role in agricultural development and it is believed that expansion of credit programmes will have beneficial effects on agricultural production and incomes of small farmers. It is also a key to poverty alleviation, livelihood diversification, and increasing the business skills of small farmers. In the Philippines, small-scale and subsistence agriculture source their loans mostly from informal lenders, thus access to formal credit remains low. There is a need to examine further small farmers’ access to credit and investigate their preferences and perceptions regarding credit in order that their access can be improved and their needs through credit can be more effectively met. Determining the problems and the credit needs of small farmers are important considerations in designing appropriate credit systems for them. Accessibility of rural credit in the Philippines was examined, with the primary objective of exploring the use of and access to rural credit by small farmers. This research attempts to explore and understand the perceptions of small farmers toward rural credit, and to collect information in proposing an appropriate credit system for them. Two types of respondents were interviewed for the research; 45 individual farmers, and four key informants in New Corella, Davao del Norte. The research focused on how the farmers perceived the rural credit facilities, their preferences, their reasons for borrowing, and their problems in accessing credit. Qualitative data analysis was done for the information gathered. Access to credit by farmers was limited to the available credit services in the research area, thus farmers’ choices and preferences were not well served which led to borrowing from informal lenders. Credit restrictions such as commodity specific credit programmes, credit that requires collateral, and lengthy and complicated procedures restricted the farmers from accessing formal credit. It is recommended that accessibility to credit by small farmers could be improved by providing innovative financing schemes that address problems of farmers who lack collateral, and minimise long processing of documents and other requirements. In this way, farmers may be encouraged to better utilise formal credit and decrease their reliance on informal lenders, thus avoiding higher interest rates and thereby increasing their farm productivity and household incomes.

CASTRO, Ilgo Alam. Avaliação de Processo do Programa do Fundo Constitucional de Financiamento do Nordeste para Micro e Pequenas Empresas (FNE-MPE) do Banco do Nordeste entre os anos de 2011 e 2014. 2015. 119f. – Dissertação (Mestrado) – Universidade Federal do Ceará, Programa de Pós-graduação em Avaliação de Políticas Públicas, Fortaleza (CE), 2015. / Submitted by Márcia Araújo (marcia_m_bezerra@yahoo.com.br) on 2016-04-25T16:53:41Z No. of bitstreams: 1 2015_dis_iacastro.pdf: 1475227 bytes, checksum: db72c622c6d2ab266683c730950cf9f6 (MD5) / Approved for entry into archive by Márcia Araújo (marcia_m_bezerra@yahoo.com.br) on 2016-04-26T16:51:15Z (GMT) No. of bitstreams: 1 2015_dis_iacastro.pdf: 1475227 bytes, checksum: db72c622c6d2ab266683c730950cf9f6 (MD5) / Made available in DSpace on 2016-04-26T16:51:15Z (GMT). No. of bitstreams: 1 2015_dis_iacastro.pdf: 1475227 bytes, checksum: db72c622c6d2ab266683c730950cf9f6 (MD5) Previous issue date: 2015 / This research aimed to develop a study on the evaluation (of process) of credit access public policy for micro and small enterprises (MPE’s,), specifically in relation to FNE Northeast Financing Constitutional Fund that is managed by Banco do Nordeste do Brasil S/A, with focus on micro and small companies (FNE-MPE program). The introductory part of this study presented the familiarity of the author with the subject, the specific focus of the evaluation, as well as the central research question. It was reserved a section to discuss about the importance of the subject as well as to justify it. In this part, the general and specific objectives of the research were highlighted. It was also written a specific section to discuss about FNE-MPE program as a public policy, as well as to present detailed analysis of its conditions (limits, financing terms, charges, guarantees, and procedures for credit). Thus, concepts, characteristics of public policies and the legal guidelines that guide the evaluated policy were presented. This paper also present concepts, history and characteristics of Brazilian MPEs, besides legal and institutional events that have marked the course of political actions for micro and small companies in Brazil, in conjunction with the events in the Banco do Nordeste related to the program. Finally, in the section devoted to research methodology, were listed ways of general and specific objectives of the research, as well as the main instruments used (documentary research, interviews, questionnaires, participant observation, among others), as well as some conclusions and findings of the research. / A presente pesquisa buscou desenvolver um estudo sobre a avaliação (de processo) da política pública de acesso a crédito por parte de micro e pequenas empresas (MPEs), mais especificamente em relação ao programa do Fundo Constitucional de Financiamento do Nordeste, operacionalizado pelo Banco do Nordeste do Brasil S/A, destinado às micro e pequenas empresas, o FNE-MPE. Na seção introdutória do presente trabalho foi apresentada a proximidade do autor com o tema, o recorte específico da avaliação, assim como a questão central da pesquisa. Foi reservada seção para tratar da importância e justificativa do tema abordado, na qual foram levantados os objetivos geral e específicos da pesquisa. Também foi elaborada seção específica para tratar do programa FNE-MPE enquanto política pública, assim como a análise detalhada de suas condições (limites, prazo de financiamento, encargos, garantias, procedimentos para o crédito). Deste modo, foram apresentados conceitos e características das políticas públicas e o arcabouço e diretrizes legais que norteiam a política avaliada. A pesquisa ainda tratou sobre os conceitos, histórico e características das MPEs brasileiras, além dos acontecimentos legais e institucionais que marcaram a trajetória das ações políticas voltadas às micro e pequenas empresas no Brasil, conjugados com os acontecimentos ocorridos no próprio Banco do Nordeste em relação ao programa avaliado. Por fim, na seção destinada à metodologia da pesquisa, foram elencados os caminhos trilhados na busca dos objetivos geral e específicos da pesquisa, assim como os principais instrumentos utilizados para o feito (pesquisa documental, entrevistas, aplicação de questionários, observação participante, dentre outras), assim como algumas constatações e “achados” sobre o tema da pesquisa avaliativa.

No description available.

Access to land is vital for providing our basic needs. According to earlier research, private landtitles are a prerequisite for secure land rights and are vital for enabling sustainable economicgrowth and poverty reduction. In Malawi, where a majority of the land is customary, newlaws have been enacted, but not yet implemented. The new laws allow registration ofcustomary land into private land, i.e. land titling. This bachelor thesis investigates the possibleeconomic effects of land titling in Malawi based on earlier research and on the views ofMalawian stakeholders. It was found that the World Bank states that land titling will lead toincreased investments and improved productivity; increased credits access with lowerinterest rate; increased liquidity on transaction markets; increased access to rental market;increased mobility; increased gender equality and decentralization of power. Even though thecultural practices in Malawi partly collide with the privatization of customary land, thestakeholders generally agree with the effects described by the World Bank. It is difficult topredict the effects of the new laws as it depends on various factors. However, land titling willsurely lead to increased tenure security, which inherently is valuable for the landowners. / Tillgång till mark är nödvändigt för att kunna tillgodose våra grundläggande behov. Säkradäganderätt i form av ett landägarbevis är grundläggande för att möjliggöra ekonomisk tillväxtoch fattigdomsbekämpning. I Malawi är endast en minoritet av marken registrerad. Denstörsta andelen mark nyttjas gemensamt av bybor. På initiativ av Världsbanken har Malawiskamyndigheter tagit fram nya land lagar som ännu inte implementeras. De nya lagarnamöjliggör att genom registrering omvandla den mark som nyttjas till byborna till privategendom. Denna studie undersöker vilka ekonomiska effekter som härrör frånlandregistrering i Malawi baserat på tidigare forskning och lokala intressenters kunskap ocherfarenheter. Enligt Världsbanken leder landregistrering i utvecklingsländer till ökadeinvesteringar och ökad produktivitet, ökad kreditgivning med lägre ränta, ökad likviditet påtransaktionsmarknaden, växande hyresmarknad, ökad rörlighet, ökad jämställdhet ochdecentralisering av makt. Trots att de kulturella sedvanorna i Malawi till viss del motverkas avprivatisering av mark, stämmer intressenternas uppfattning överens med de effekter somVärldsbanken beskriver. Det går inte att med säkerhet avgöra vilka ekonomiska effekter somlandregistreringen kommer att resultera i, eftersom att de beror på flera okända faktorer.Landregisteringen kommer dock att säkra äganderätten, vilket i sig är värdefullt för de somnyttjar marken.

This dissertation is in three distinct chapters, although not entirely independent. The various chapters present empirical evidence in economic growth and development using data at the country, firm, and household-community levels. Over the years, the United Nations Sustainable Development Goals have given rise to copious theoretical and empirical research. This thesis moves in line with these studies. Specifically, contributing to the subject of ensuring access to affordable, reliable, sustainable, and modern energy for all (SDG 7), provision of full and productive employment and sustained economic growth (SDG 8), availability of financial services and markets (SDG 9), and building sustained development and inclusive institutions (SDG 16). The thesis uses data from various sources at different levels--country, firm, and household--to test important growth and development issues that are considered gray areas that require extensive research. The first chapter is dedicated to investigating the relationship between economic institutions and growth. While the importance of institutions in fostering economic growth and development has not been disputed, there is now a developing literature on the nonlinearity between growth and institutions. This paper examines the existence of nonlinearities between economic institutions and growth and, particularly, the presence of threshold effects for a sample of advanced and developing countries. Using political institutions to instrument economic institutions in a dynamic panel threshold model, the results reveal the existence of institutional-threshold effects in a first difference generalized method of moments (FD-GMM) approach. Specifically, for economic institutions to affect growth, they must on average develop to at least 6 and 8 (out of a score of 10) for developing and advanced economies, respectively. Both the short-run and long-run effects of economic institutions on growth are positive and only significant for developing countries. The results show the primacy of sub-indices of economic institutions such as freedom to trade internationally, legal structures, and property rights for economic growth. Next, I narrow things down to the firm level. The second chapter of this thesis is devoted to searching for transmission channels from finance to firms' productivity and growth in the developing countries context. There is a consensus among economists that financial development fosters economic growth. Among other things, the productivity effect of access to finance by firms is considered one of the important channels through which finance affects growth. This paper empirically investigates the relevance of this channel using firm-level data from the World Bank Enterprise Survey for several developing countries from 2002 to 2020. The results indicate that access to finance is generally limited, although larger firms have better access to finance irrespective of their age. Holding all other factors constant, improved access to finance significantly increases the productivity of young and small-sized firms while reducing their growth in employment. Also, compared to matured and medium-sized but financially constrained firms, the results show that enhanced access to finance significantly boosts the employment growth of old (but small) firms. Lastly, the results show different sources of financing (external, formal, and informal) have varied effects on firms’ growth and productivity. From the results, a long-term growth policy package recommended should therefore include special financing schemes that improve access to finance for young and small firms. In the third chapter, I study the labor supply and welfare benefits of electrification. The share of a country’s population with access to electricity is a good indicator of its growth and development since it has important labor and welfare implications. This paper estimates the causal effect of access to electricity on development outcomes such as employment, wages, and hours of work, as well as the reallocation of labor across the agriculture and non-agricultural sectors in Ghana. First, I demonstrate that topography matters in grid expansion, especially in rural Ghana, using the three most recent waves of the Ghana Living Standard Survey (rounds 5, 6, and 7). I do this by using the slope of the land as an instrumental variable IV. Second, the IV estimates show no significant improvement in general employment and wages, whilst inducing shifts in employment from agriculture to the non-agriculture sectors because of electricity. Also, hours of work increase, especially for those in the non-agriculture sector. An important mechanism through which electrification affects labor and welfare outcomes in Ghana is the increase in underground economic activities.

L’art. 62 del d.l. n. 1 del 2012, che riecheggia lo schema della Legge n. 192 del 1998, ma nello specifico settore agroalimentare, prevede non solo regole di forma, che hanno un obiettivo di protezione della parte debole del rapporto (neoformalismo contrattuale), ma anche regole di contenuto e di comportamento, che intendono prevenire la formazione di contratti iniqui. Lo scopo di questo studio non è soltanto quello di offrire un inquadramento sistematico ad una legislazione che, peraltro, si inserisce in un contesto sempre più frammentato, ma anche quello di analizzare i vari strumenti previsti e di valutare la loro capacità nel perseguimento dello scopo prefissato dalla legislazione, anche attraverso l'applicazione della disciplina generale prevista all'interno del codice civile, alla quale oggi, più che mai, si sente il bisogno di ridare spazio. Il lavoro si dipana lungo quattro capitoli, attraverso un percorso che inizia con l’analisi delle relazioni tra contratto e mercato, tramite un’indagine sistematica sulla nuova disciplina dei contratti, prosegue con l’approfondimento della disciplina dell’articolo 62, per poi analizzare gli strumenti introdotti in relazione all’impatto sull’efficienza del mercato, ed in particolare sul settore agroalimentare, in termini di food safety, food security e accesso al credito. / Article 62 of the d.l. n. 1 of 2012, which echoes the scheme of Law no. 192 of 1998, but in the agri-food sector, provides not only rules of form, which have the objective of protecting the weak part of the relationship (neoformalism), but also rules of content and behavior, which intend to prevent the formation of unfair contracts. The aim of this study is not only to offer a systematic framework for legislation that, moreover, is part of an increasingly fragmented context in italian legislation, but also to analyze the various instruments and to assess their ability to achieve the intended purpose, also through the application of the general principal of civil code which today, more than ever, feels the need to be applied. The work unfolds along four chapters, through a process that begins with the analysis of the relationship between contract and market, through a systematic survey on this new discipline of contracts, continues with the examination of the discipline of Article 62, and then analyze the tools introduced and their impact on the efficiency of the market, and in particular on the agri-food sector, in terms of food safety, food security and access to credit.

nÃo hà / A presente pesquisa buscou desenvolver um estudo sobre a avaliaÃÃo (de processo) da polÃtica pÃblica de acesso a crÃdito por parte de micro e pequenas empresas (MPEs), mais especificamente em relaÃÃo ao programa do Fundo Constitucional de Financiamento do Nordeste, operacionalizado pelo Banco do Nordeste do Brasil S/A, destinado Ãs micro e pequenas empresas, o FNE-MPE. Na seÃÃo introdutÃria do presente trabalho foi apresentada a proximidade do autor com o tema, o recorte especÃfico da avaliaÃÃo, assim como a questÃo central da pesquisa. Foi reservada seÃÃo para tratar da importÃncia e justificativa do tema abordado, na qual foram levantados os objetivos geral e especÃficos da pesquisa. TambÃm foi elaborada seÃÃo especÃfica para tratar do programa FNE-MPE enquanto polÃtica pÃblica, assim como a anÃlise detalhada de suas condiÃÃes (limites, prazo de financiamento, encargos, garantias, procedimentos para o crÃdito). Deste modo, foram apresentados conceitos e caracterÃsticas das polÃticas pÃblicas e o arcabouÃo e diretrizes legais que norteiam a polÃtica avaliada. A pesquisa ainda tratou sobre os conceitos, histÃrico e caracterÃsticas das MPEs brasileiras, alÃm dos acontecimentos legais e institucionais que marcaram a trajetÃria das aÃÃes polÃticas voltadas Ãs micro e pequenas empresas no Brasil, conjugados com os acontecimentos ocorridos no prÃprio Banco do Nordeste em relaÃÃo ao programa avaliado. Por fim, na seÃÃo destinada à metodologia da pesquisa, foram elencados os caminhos trilhados na busca dos objetivos geral e especÃficos da pesquisa, assim como os principais instrumentos utilizados para o feito (pesquisa documental, entrevistas, aplicaÃÃo de questionÃrios, observaÃÃo participante, dentre outras), assim como algumas constataÃÃes e âachadosâ sobre o tema da pesquisa avaliativa / This research aimed to develop a study on the evaluation (of process) of credit access public policy for micro and small enterprises (MPEâs,), specifically in relation to FNE Northeast Financing Constitutional Fund that is managed by Banco do Nordeste do Brasil S/A, with focus on micro and small companies (FNE-MPE program). The introductory part of this study presented the familiarity of the author with the subject, the specific focus of the evaluation, as well as the central research question. It was reserved a section to discuss about the importance of the subject as well as to justify it. In this part, the general and specific objectives of the research were highlighted. It was also written a specific section to discuss about FNE-MPE program as a public policy, as well as to present detailed analysis of its conditions (limits, financing terms, charges, guarantees, and procedures for credit). Thus, concepts, characteristics of public policies and the legal guidelines that guide the evaluated policy were presented. This paper also present concepts, history and characteristics of Brazilian MPEs, besides legal and institutional events that have marked the course of political actions for micro and small companies in Brazil, in conjunction with the events in the Banco do Nordeste related to the program. Finally, in the section devoted to research methodology, were listed ways of general and specific objectives of the research, as well as the main instruments used (documentary research, interviews, questionnaires, participant observation, among others), as well as some conclusions and findings of the research.