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Author:Sengupta, Rajdeep 

Journal Article
The microfinance revolution: an overview

The Nobel Prize committee awarded the 2006 Nobel Peace Prize to Muhammad Yunus and the Grameen Bank "for their efforts to create economic and social development from below." The microfinance revolution has come a long way since Yunus first provided financing to the poor in Bangladesh. The committee has recognized microfinance as "an important liberating force" and an "ever more important instrument in the struggle against poverty." Although several authors have provided comprehensive surveys of microfinance, our aim is somewhat more modest: This article is intended as a ...
Review , Volume 90 , Issue Jan , Pages 9-30

Journal Article
Changes in the mortgage market since the crisis

It appears that mortgage origination and securitization is currently ?in limbo?: Private securitization has all but disappeared and is being absorbed by government- sponsored enterprises
Economic Synopses

Journal Article
Global European banks and the financial crisis

This paper reviews some of the recent studies on international capital flows with a focus on the role of European global banks. It presents a revision to the commonly held ?global saving glut? view that East Asian economies (along with oil-rich nations) were the dominant suppliers of capital that fueled the asset price boom in many parts of the world in the early 2000s. It argues that the role of funding costs and a ?liberal? regulatory regime that allowed for an unprecedented expansion of the balance sheets of European banks was no less important. Finally, we describe the aftermath of the ...
Review , Issue Nov , Pages 457-480

Journal Article
What is subprime lending?

Monetary Trends , Issue Jun

Journal Article
Home equity and household income

During 1995-2007, home equity increased more than gross income for high-, low- and middle-income groups.
Economic Synopses

Journal Article
Mortgage originations: 2000-2006

Monetary Trends , Issue Aug

Working Paper
Market Integration and Bank Risk-Taking

Using a workhorse model of bank competition and risk-taking, we show that increased competition from market integration affects bank risk-taking in ways beyond a simple increase in the number of competitor banks. Research has shown that increased competition in the form of an increase in the number of competitor banks can reduce risk-taking—the bank-competitor effect. Market integration not only increases the number of banks, but also the number of potential customers (depositors and borrowers) available to each bank. Increases in the potential customer base induces banks to behave more ...
Research Working Paper , Paper RWP 20-21

Working Paper
Foreign entry and bank competition

Foreign entry and bank competition are modeled as the interaction between asymmetrically informed principals: the entrant uses collateral as a screening device to contest the incumbent's informational advantage. Both better information ex ante and stronger legal protection ex post are shown to facilitate the entry of low-cost outside competitors into credit markets. The entrant's success in gaining borrowers of higher quality by offering cheaper loans increases with its efficiency (cost) advantage. This paper accounts for evidence suggesting that foreign banks tend to lend more to large firms ...
Working Papers , Paper 2006-043

Journal Article
The LIBOR-OIS spread as a summary indicator

Monetary Trends , Issue Nov

Journal Article
Corporate response to distress: evidence from the Asian financial crisis

This paper provides a comprehensive examination of corporate responses to financial distress during an economy-wide crisis, specifically through the restructuring of assets (through asset sales, mergers, or liquidations) and/or liabilities. Using firm-level data from five countries hardest hit by the East Asian financial crisis of 1997-98, this study contrasts the effects of financial and corporate governance variables on restructuring choices. The study finds that, during a crisis, financial constraints and corporate governance each have a large effect on the restructuring choice.
Review , Volume 93 , Issue Mar , Pages 127-154

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