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Finance and Private Sector Working Papers (2014-present)

The Policy Research Working Papers disseminate findings of work in progress to encourage the exchange of ideas about development issues. These papers were produced by the staff and consultants of the Development Research Group. You can find more policy research working papers from the World Bank's institutional archives search here using the author's last name, title, or working paper number ("wpsxxxx").

2016 | 2015 | 2014 | Search all working papers

2017

SME Finance
Meghana Ayyagari, Asli Demirgüç-Kunt, and Vojislav Maksimovic 
World Bank Policy Research Working Paper 8241, November 2017

Learning the Impact of Financial Education When Take-Up Is Low
Gabriel Lara Ibarra, David McKenzie, and Claudia Ruiz Ortega
World Bank Policy Research Working Paper 8238, November 2017

Small Firm Death in Developing Countries
David McKenzie and Anna Luisa Paffhausn
World Bank Policy Research Working Paper 8236, November 2017

Information Disclosure and Demand Elasticity of Financial Products: Evidence from a Multi-Country Study
Xavier Giné, Cristina Martínez Cuellar, and Rafael Keenan Mazer
World Bank Policy Research Working Paper 8210, October 2017

Measuring the Effectiveness of Service Delivery: Delivery of Government Provided Goods and Services in India
Asli Demirguc-Kunt, Leora Klapper, and Neeraj Prasad
World Bank Policy Research Working Paper 8207, September 2017

Making It Easier to Apply for a Bank Account: A Study of the Indian Market
Asli Demirguc-Kunt, Leora Klapper, Saniya Ansar, and Aditya Jagati
World Bank Policy Research Working Paper 8205, September 2017

Pension Funds and the Impact of Switching Regulation on Long-term Investment
Alvaro Enrique Pedraza Morales, Olga Fuentes, Pamela Searle, and Fiona Stewart
Policy Research Working Paper 8143, July 2017

The Heterogeneous Growth Effects of the Business Environment: Firm-Level Evidence for a Global Sample of Cities
José-Daniel Reyes, Mark Roberts, and Lixin Colin Xu
Policy Research Working Paper 8114, June 2017

Do Individual Investors Ignore Transaction Costs?
Deniz Anginer, Snow Xue Han, and Celim Yildizhan 
Policy Research Working Paper 8098, June 2017

Status Goods: Experimental Evidence from Platinum Credit Cards
Leonardo Bursztyn, Bruno Ferman, Stefano Fiorin, Martin Kanz, and Gautam Rao
Policy Research Working Paper 8064, May 2017

Financial Inclusion and Inclusive Growth: A Review of Recent Empirical Evidence
Asli Demirguc-Kunt, Leora Klapper, and Dorothe Singer
Policy Research Working Paper 8040, April 2017

How Effective Are Active Labor Market Policies in Developing Countries? A Critical Review of Recent Evidence
David McKenzie, Nídia García, and José Gómez-González
Policy Research Working Paper 8011, March 2017

Do Foreign Investors Underperform? An Empirical Decomposition into Style and Flows
Alvaro Pedraza, Fredy Pulga, and Jose Vasquezz
Policy Research Working Paper 7998, March 2017

Financial Information in Colombia
Xavier Giné, Nídia García, and José Gómez-González
Policy Research Working Paper 7998, March 2017

Growing Markets through Business Training for Female Entrepreneurs: A Market-Level Randomized Experiment in Kenya
David McKenzie and Susana Puerto 
Policy Research Working Paper 7993, March 2017

Agent Banking in a Highly Under-Developed Financial Sector: Evidence from the Democratic Republic of Congo
Robert Cull, Xavier Gine, Sven Harten, and Anca Bogdana Rusu
Policy Research Working Paper 7984, February 2017

Foreign Banks and International Transmission of Monetary Policy: Evidence from the Syndicated Loan Marke
Asli Demirgüç-Kunt, Bálint L. Horváth, and Harry Huizinga
Policy Research Working Paper 7937, January 2017

Can Grants to Consortia Spur Innovation and Science-Industry Collaboration? Regression-Discontinuity Evidence from Poland
Miriam Bruhn and David McKenzie
Policy Research Working Paper 7934, January 2017 

2016


Labor Drops: Experimental Evidence on the Return to Additional Labor in Microenterprises

Suresh de Mel, David McKenzie, and Christopher Woodruff
World Bank Policy Research Paper 7924, December 2016

When the Money Runs Out: Do Cash Transfers Have Sustained Effects on Human Capital Accumulation?
Sarah Baird, Craig McIntosh, and Berk Özler
World Bank Policy Research Working Paper 7901, December 2016

Can Enhancing the Benefits of Formalization Induce Informal Firms to Become Formal? Experimental Evidence from Benin
Najy Benhassine, David McKenzie, Victor Pouliquen, and Massimiliano Santini
World Bank Policy Research Working Paper 7900, November 2016

Social Capital, Finance, and Consumption: Evidence from a Representative Sample of Chinese Households
Robert Cull, Li Gan, Nan Gao, and Lixin Colin Xu
World Bank Policy Research Working Paper 7873, October 2016

The Long-Term Impact of International Migration on Economic Decision-Making: Evidence from a Migration Lottery and Lab-in-the-Field Experiments
John Gibson, David McKenzie, Halahingano Rohorua, and Steven Stillman 
World Bank Policy Research Working Paper 7848, October 2016

Are Labor Supply Decisions Consistent with Neoclassical Preferences? Evidence from Indian Boat Owners
Xavier Giné, Monica Martinez-Bravo, and Marian Vidal-Fernández
World Bank Policy Research Working Paper 7820, September 2016

Savings Defaults and Payment Delays for Cash Transfers: Field Experimental Evidence from Malawi
Lasse Brune, Xavier Giné, Jessica Goldberg, and Dean Yang
World Bank Policy Research Working Paper 7807, August 2016

The Microfinance Business Model: Enduring Subsidy and Modest Profit
Robert Cull, Asli Demirgüç-Kunt, and Jonathan Morduch 
World Bank Policy Research Working Paper 7786, August 2016

Pathways to Profits: Identifying Separate Channels of Small Firm Growth through Business Training
Stephen J. Anderson, Rajesh Chandy, and Bilal Zia
World Bank Policy Research Working Paper 7774, July 2016

Pirates of Somalia: Crime and Deterrence on the High Seas
Quy-Toan Do, Lin Ma, and Claudia Ruiz
World Bank Policy Research Working Paper 7757, July 2016

Financial (Dis-)Information: Evidence from a Multi-Country Audit Study
Xavier Giné and Rafael Keenan Mazer
World Bank Policy Research Working Paper 7750, July 2016

Markets, Contracts, and Uncertainty in a Groundwater Economy
Xavier Gine and Hanan G. Jacoby
World Bank Policy Research Working Paper 7694, June 2016

Saving for Old Age
Asli Demirgüç-Kunt, Leora Klapper, and Georgios A. Panos
World Bank Policy Research Working Paper 7693, June 2016

Informed Trading in Business Groups, Ownership Concentration, and Market Liquidity
Miguel Leaño and Alvaro Pedraza
World Bank Policy Research Working Paper 7688, May 2016

Commercialization and Mission Drift: Evidence from a Large Chinese Microfinance Institution
Xiangping Jia, Robert Cull, Pei Guo, and Tao Ma
World Bank Policy Research Working Paper 7680, May 2016

Can Business Owners Form Accurate Counterfactuals? Eliciting Treatment and Control Beliefs about Their Outcomes in the Alternative Treatment Status
David McKenzie
World Bank Policy Research Working Paper 7668, May 2016

Can Wage Subsidies Boost Employment in the Wake of an Economic Crisis? Evidence from Mexico
Miriam Bruhn
World Bank Policy Research Working Paper 7607, March 2016

Access to Finance and Job Growth: Firm-Level Evidence across Developing Countries
Meghana Ayyagari, Pedro Juarros, Maria Soledad Martinez Peria, and Sandeep Singh
World Bank Policy Research Working Paper 7604, March 2016

The Political Economy of Bank Lending: Evidence from an Emerging Market
Sumit Agarwal, Bernardo Morais, Claudia Ruiz, and Jian Zhang
World Bank Policy Research Working Paper 7577, February 2016

How Does Long-Term Finance Affect Economic Volatility?
Asli Demirgüç-Kunt, Bálint L. Horváth, and Harry Huizinga
World Bank Policy Research Working Paper 7535, January 2016  

 

2015

 

The Impact of the Global Financial Crisis on Firms’ Capital Structure
Asli Demirguc-Kunt, Maria Soledad Martinez-Peria, and Thierry Tressel 
Policy Research Working Paper 7522, December 2015

Development Economics as Taught in Developing Countries
David McKenzie and Anna Luisa Paffhausen 
World Bank Policy Research Working Paper 7521, December 2015

Finding a Path to Formalization in Benin: Early Results after the Introduction of the Entreprenant Legal Status
Najy Benhassine, David McKenzie, Victor Pouliquen, and Massimiliano Santini
World Bank Policy Research Working Paper 7510, December 2015

Psychometrics as a Tool to Improve Screening and Access to Credit
Irani Arráiz, Miriam Bruhn, and Rodolfo Stucchi 
Policy Research Working Paper 7506, December 2015

The Long-Term Impacts of International Migration: Evidence from a Lottery
John Gibson, David McKenzie, Halahingano Rohorua, and Steven Stillman 
World Bank Policy Research Working Paper 7495, November 2015

The Demand for, and Impact of, Youth Internships: Evidence from a Randomized Experiment in Yemen
David McKenzie, Nabila Assaf, and Ana Paula Cusolito
World Bank Policy Research Working Paper 7463, October 2015

The Additionality Impact of a Matching Grant Program for Small Firms: Experimental Evidence from Yemen
David McKenzie, Nabila Assaf, and Ana Paula Cusolito 
World Bank Policy Research Working Paper 7462, October 2015

Dual Credit Markets and Household Access to Finance: Evidence from a Representative Chinese Household Survey
Robert Cull, Li Gan, Nan Gao, and Lixin Colin Xu
World Bank Policy Research Working Paper 7454, October 2015

Determinants of Long-Term versus Short-Term Bank Credit in EU Countries
Haelim Park, Claudia Ruiz, and Thierry Tressel 
World Bank Policy Research Working Paper 7436, October 2015

Moral Incentives: Experimental Evidence from Repayments of an Islamic Credit Card
Leonardo Bursztyn, Stefano Fiorin, Daniel Gottlieb, and Martin Kanz 
World Bank Policy Research Working Paper 7420,September 2015

The ABCs of Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive Biases 
Fenella Carpena, Shawn Cole, Jeremy Shapiro, and Bilal Zia
World Bank Policy Research Working Paper 7413, September 2015 

Are Large Firms Born or Made? Evidence from Developing Countries
Meghana Ayyagari, Asli Demirguc-Kunt, and Vojislav Maksimovic
World Bank Policy Research Working Paper 7406, August 2015

Business Practices in Small Firms in Developing Countries
David McKenzie and Christopher Woodruff
World Bank Policy Research Working Paper 7405, August 2015

Identifying and Spurring High-Growth Entrepreneurship: Experimental Evidence from a Business Plan Competition
David McKenzie 
World Bank Policy Research Working Paper 7391, August 2015

Hayek, Local Information, and the Decentralization of State-Owned Enterprises in China
Zhangkai Huang, Lixing Li, Guangrong Ma, Lixin Colin Xu           
World Bank Policy Research Working Paper 7321, June 2015

Unbundling Institutions for External Finance: Worldwide Firm-Level Evidence
Steve Knack and Lixin Colin Xu 
World Bank Policy Research Working Paper 7287, June 2015

The Dark Side of Disclosure: Evidence of Government Expropriation from Worldwide Firms
Tingting Liu, Barkat Ullah, Zuobao Wei, and Lixin Colin Xu
Policy Research Working Paper 7254, May 2015

The Global Findex Database 2014: Measuring Financial Inclusion around the World
Asli Demirguc-Kunt, Leora Klapper, Dorothe Singer, Peter Van Oudheusden
World Bank Policy Research Working Paper 7255, April 2015

Asset Price Effects of Peer Benchmarking: Evidence from a Natural Experiment
Sushant Acharya and Alvaro Pedraza
World Bank Policy Research Working Paper 7239, April 2015

The International Bank Lending Channel of Monetary Policy Rates and Quantitative Easing: Credit Supply, Reach-for-Yield, and Real Effects
Bernardo Morais, José-Luis Peydró, Claudia Ruiz
World Bank Policy Research Working Paper 7216, March 2015

What Determines Entrepreneurial Outcomes in Emerging Markets? The Role of Initial Conditions
Meghana Ayyagari, Asli Demirguc-Kunt, Vojislav Maksimovic
World Bank Policy Research Working Paper 7207, March 2015

Debiasing on a Roll: Changing Gambling Behavior through Experiential Learning
Martin Abel, Shawn Cole, Bilal Zia
World Bank Policy Research Working Paper 7195, February 2015

The Internet as a General-Purpose Technology: Firm-Level Evidence from around the World 
George R.G. Clarke, Christine Zhenwei Qiang, and Lixin Colin Xu
World Bank Policy Research Working Paper 7192, February 2015

R&D Returns, Spillovers, and Firm Incentives: Evidence from China
Chorching Goh, Wei Li, Lixin Colin Xu
World Bank Policy Research Working Paper 7191, February 2015

Love, Money, and Old Age Support: Does Parental Matchmaking Matter?
Fali Huang, Ginger Zhe Jin, and Lixin Colin Xu
World Bank Policy Research Working Paper 7188, February 2015

Short-Term Impacts of Formalization Assistance and a Bank Information Session on Business Registration and Access to Finance in Malawi
Francisco Campos, Markus Goldstein, David McKenzie
World Bank Policy Research Working Paper 7183, February 2015

 

2014 

 

The Economic Effects of a Borrower Bailout: Evidence from an Emerging Market
Xavier Giné and Martin Kanz
World Bank Policy Research Working Paper 7109, November 2014

The Effects of Financial Development on Foreign Direct Investment
Rodolphe Desbordes and Shang-Jin Wei
World Bank Policy Research Working Paper 7065, October 2014

Radio Frequency (Un)Identification: Results from a Proof-of-Concept Trial of the Use of RFID Technology to Measure Microenterprise Turnover in Sri Lanka
Suresh de Mel, Dammika Herath, David McKenzie, Yuvraj Pathak
World Bank Policy Research Working Paper 7064, October 2014

Credit Conditions and Foreign Direct Investment During the Global Financial Crisis
Rodolphe Desbordes and Shang-Jin Wei
World Bank Policy Research Working Paper 7063, October 2014

Evidence on Policies to Increase the Development Impacts of International Migration
David McKenzie and Dean Yang
World Bank Policy Research Working Paper 7057, October 2014

Water Quality, Brawn, and Education: The Rural Drinking Water Program in China
Lixin Colin Xu and Jing Zhang
World Bank Policy Research Working Paper 7054, October 2014

Foreign Bank Subsidiaries' Default Risk During the Global Crisis: What Factors Help Insulate Affiliates from Their Parents?
Deniz Anginer, Eugenio Cerutti, and María Soledad Martínez Pería
World Bank Policy Research Working Paper 7053, October 2014

Evidence on Policies to Increase the Development Impacts of International Migration
David McKenzie and Dean Yang
World Bank KNOWMAD Working Paper 2, October 2014

Macroinsurance for Microenterprises: A Randomized Experiment in Post-Revolution Egypt
Matthew Groh and David McKenzie
World Bank Policy Research Working Paper 7048, September 2014

Estimating the Long-Run Impact of Microcredit Programs on Household Income and Net Worth
Tiemen Woutersen and Shahidur R. Khandker
World Bank Policy Research Working Paper 7040, September 2014

Interactions Among Donors’ Aid Allocations: Evidence from an Exogenous World Bank Income Threshold
Stephen Knack, Lixin Colin Xu, and Ben Zou
World Bank Policy Research Working Paper 7039, September 2014

Dynamics of Demand for Rainfall Index Insurance: Evidence from a Commercial Product in India
Daniel Stein
World Bank Policy Research Working Paper 7035, September 2014

Testing the Importance of Search Frictions, Matching, and Reservation Prestige Through Randomized Experiments in Jordan
Matthew Groh, David McKenzie, Nour Shammout , Tara Vishwanath
World Bank Policy Research Working Paper 7030, September 2014

Benchmarking the Financial Performance, Growth, and Outreach of Greenfield Microfinance Institutions in Sub-Saharan Africa
Robert Cull, Sven Harten, Ippei Nishida, Greta Bull
World Bank Policy Research Working Paper 7029, September 2014

SME Finance in Africa
Thorsten Beck and Robert Cull, World Bank Policy Research Working Paper 7018, September 2014

The African Financial Development and Financial Inclusion Gaps
Franklin Allen, Elena Carletti, Robert Cull, Jun “Qj” Qian, Lemma Senbet, and Patricio Valenzuela
World Bank Policy Research Working Paper 7019, September 2014

Corporate Governance and Bank Insolvency Risk: International Evidence
Deniz Anginer, Asli Demirguc-Kunt, Harry Huizinga, and Kebin Ma
World Bank Policy Research Working Paper 7017, September 2014

The Impact of Credit Information Sharing Reforms on Firm Financing
Maria Soledad Martinez Peria and Sandeep Singh
World Bank Policy Research Working Paper 7013, August 2014

Small Business Tax Policy, Informality, and Tax Evasion – Evidence from Georgia
Miriam Bruhn and Jan Loeprick
World Bank Policy Research Working Paper 7010, August 2014

Does Local Financial Development Matter for Firm Lifecycle in India?
Meghana Ayyagari, Asli Demirguc-Kunt, and Vojislav Maksimovic
World Bank Policy Research Working Paper 7008, August 2014

Strategic Information Revelation and Capital Allocation
Alvaro Pedraza Morales
World Bank Policy Research Working Paper 6995, July 2014

Strategic Interactions and Portfolio Choice in Money Management: Evidence from Colombian Pension Funds
Alvaro Pedraza Morales
World Bank Policy Research Working Paper 6994, July 2014

International Remittances and Financial Inclusion in Sub-Saharan Africa
Gemechu Ayana Aga and Maria Soledad Martinez Peria
World Bank Policy Research Working Paper 6991, July 2014

Money or Ideas? A Field Experiment on Constraints to Entrepreneurship in Rural Pakistan
Xavier Giné and Ghazala Mansuri
World Bank Policy Research Working Paper 6959, June 2014

Bank Capital and Systemic Stability 
Deniz Anginer and Asli Demirguc-Kunt
World Bank Policy Research Working Paper 6948, June 2014

Deposit Insurance Database
Asli Demirgüç-Kunt, Edward Kane. and Luc Laeven
World Bank Policy Research Working Paper 6934, June 2014

Financial (Dis-)Information: Evidence from an Audit Study in Mexico
Xavier Giné, Cristina Martínez Cuellar, and Rafael Keenan Mazer
World Bank Policy Research Working Paper 6902, June 2014

The Effect of Aid on Growth: Evidence from a Quasi-Experiment
Sebastian Galiani, Stephen Knack, Lixin Colin Xu, and Ben Zou
World Bank Policy Research Working Paper 6865, May 2014

Why Don’t Remittances Appear to Affect Growth?
Michael A. Clemens and David McKenzie
World Bank Policy Research Working Paper 6856, May 2014

Do Poverty Traps Exist?
Aart Kraay and David McKenzie
World Bank Policy Research Working Paper 6835, April 2014

Dynamic Effects of Microcredit in Bangladesh
Shahidur R. Khandker and Hussain A. Samad
World Bank Policy Research Working Paper 6821, March 2014

The Impact of Vocational Training for the Unemployed: Experimental Evidence from Turkey
Sarojini Hirshleifer, David McKenzie, Rita Almeida, Cristobal Ridao-Cano
World Bank Policy Research Working Paper 6807, March 2014

Informal Firms and Financial Inclusion: Status and Determinants
Subika Farazi, World Bank Policy Research Working Paper 6778, February 2014

New Firm Registration and the Business Cycle
Leora Klapper, Inessa Love, and Douglas Randall
World Bank Policy Research Working Paper 6775, February 2014

International Interventions to Build Social Capital Evidence from a Field Experiment in Sudan
Alexandra Avdeenko and Michael J. Gilligan
World Bank Policy Research Working Paper 6772, February 2014

Development through Seasonal Worker Programs: The Case of New Zealand's RSE Program
John Gibson and David McKenzie
World Bank Policy Research Working Paper 6762, January 2014

Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature
Margaret Miller, Julia Reichelstein, Christian Salas, and Bilal Zia
World Bank Policy Research Working Paper 6745, January 2014

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Last updated: 2017-11-13




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