In India, shadow banks do not compete with traditional banks through a single mechanism – fintech lenders use superior data technology to reach underserved borrowers in unsecured markets, while non-fintech shadow banks exploit lighter regulatory cons...

In India, a guaranteed income programme acted as insurance rather than a substitute for credit, reducing downside risk for small farmers and increasing their willingness to borrow – unlocking large credit-financed gains in investment, productivity, a...

In India, expanding deposit insurance coverage improved depositor welfare by reducing risk and encouraging a shift towards safer assets.

Politicians who share power impose checks and balances on each other, improving local governance and leading to better economic outcomes.