CFSP Joins with Milton Friedman Institute, Bridges Finance and Development

May 22, 2009

On May 20-21, 2009 the Consortium on Financial Systems and Poverty joined with the Milton Friedman Institute to host a workshop bridging topics of finance and development.

To study household financial decision making and the effect of legal institutions on the behavior of entrepreneurs, this conference brought together leading economists from two important subfields in economics: development and finance. The conference investigated the impact of financial opportunities and constraints on individuals and firms in order to better understand the microeconomic underpinnings of economic development and the consequent policy implications.

The conference took place at the Federal Reserve Bank of Chicago and included work from various CFSP Researchers:

"The Dynamics of Reforms: Productivity Growth and Capital Flows" with Francisco Buera (UCLA) and Yongseok Shin (Washington University at St. Louis)

"Risk and Return in Village Economies" with Krislert Samphantharak (University of California, San Diego) and Robert M. Townsend (MIT)

"Measuring Marginal Returns in Microenterprises, Experimentally" with Chris Woodruff (University of California, San Diego), Suresh de Mel (University of Peradeniya), and David McKenzie (World Bank)

Other presentations included:

"Entrepreneurs, Legal Institutions, and Firm Dynamics" Anne Villamil (University of Illinois, Urbana-Champaign), Neus Herranz (University of Illinois, Urbana-Champaign), and Stefan Krasa (University of Illinois, Urbana-Champaign)

"Credit Rationing, Macro Volatility, and Industrial Evolution in Developing Countries" James Tybout (Pennsylvania State University), Eric Bond (Vanderbilt University) and Hâle Utar (University of Colorado, Boulder)

"Information Disclosure, Cognitive Biases and Payday Borrowing" Adair Morse (University of Chicago) and Marianne Bertrand (University of Chicago)

Additional photos can be found here, courtesy of the Milton Friedman Institute at the University of Chicago.