Lina M. Cardona
Institute for Fiscal Studies
7 Ridgmount Street
London WC1E 7AE
Institutional Affiliation: Institute for Fiscal Studies
Information about this author at RePEc
NBER Working Papers and Publications
|June 2019||Freeing Financial Education via Tablets: Experimental Evidence from Colombia|
with Orazio Attanasio, Matthew Bird, Pablo Lavado: w25929
Financial knowledge is critical for making sound decisions that foster financial health and protect consumers from predation. A widely-used tool for building this capability is financial education. Yet evidence suggests that conventional approaches which teach concepts in classroom-style settings are ineffective and expensive at scale, especially for lower-income users. More recent findings indicate that customizing financial education to the needs, interests, and location of participants may increase impact, though doing so in a cost-effective and scalable way remains challenging. This randomized evaluation of a tablet-based financial education program with mostly female recipients of a conditional cash transfer (CCT) program in Colombia offers evidence for how to design and scale an effe...
|February 2017||Funding Liquidity without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt|
with Felipe Restrepo, Philip E. Strahan: w23179
In 2011, Colombia instituted a tax on repayment of bank loans, thereby increasing the cost of short-term bank credit more than long-term credit. Firms responded by cutting their short-term loans for liquidity management purposes and increasing their use of cash and trade credit. In industries where trade credit is more accessible (based on U.S. Compustat firms), we find substitution into accounts payable and little effect on cash and investment. Where trade credit is less available, firms increase cash and cut investment. Thus, trade credit offers a substitute source of liquidity that can insulate some firms from bank liquidity shocks.