Microfinance Research Papers - Academia.edu (original) (raw)

Although a number of microfinance initiatives have improved financial inclusion in various regions of developing countries, the transferability of their foundations from one context to another is still a challenge. This study proposes an... more

Although a number of microfinance initiatives have improved financial inclusion in various regions of developing countries, the transferability of their foundations from one context to another is still a challenge. This study proposes an innovative process-based model targeting the initial stages of the transfer process that links three interconnected categories: local contextual conditions, transferring practices, and initial developmental consequences. The results were produced through a longitudinal study of the implementation of three community development banks on the periphery of Sao Paulo based on a highly successful Brazilian model known as Banco Palmas. In addition to the process-based model, our findings contribute to the microfinance and bottom of the pyramid (BOP) literatures, showing a cross-fertilization that has been insufficiently explored. Keywords bottom of the pyramid (BOP), community development bank, financial inclusion, microcredit, microfinance, process-based model, transferability

Microfinance institutions provide loans to low-income individuals. Their credit scoring systems, if they exist, are strictly financial. Although many institutions consider the social and environmental impact of their loans, they do not... more

Microfinance institutions provide loans to low-income individuals. Their credit scoring systems, if they exist, are strictly financial. Although many institutions consider the
social and environmental impact of their loans, they do not incorporate formal systems to estimate these social and environmental impacts. This paper proposes that their creditworthiness evaluations should be coherent with their social mission and, accordingly, should estimate the social and environmental impact of microcredit. Thus, a decision support system to facilitate microcredit granting is proposed using a multicriteria evaluation. The assessment of social impact is performed by calculating the Social Net Present Value. The system captures credit officers’ experience and addresses incomplete and intangible information. The model has been tested in a microfinance institution. The paper shows how a small institution can include social and environmental issues in its decision-making systems to evaluate credit applications. A gap in the preferences was found between members of the
board, who are socially driven, and managers and credit officers, who are financially drifted. This mission drift was corrected. The approach followed contributed to creating a culture of social and environmental assessment within the institution, especially among credit officers, thereby translating Microfinance institutions’ social mission into numbers.

Besides the enormous attention paid to transformational leadership construct for the last four decades, much of the literature does not adequately delve deeper into the respective dimensions of the construct, thus limiting the clarity of... more

Besides the enormous attention paid to transformational leadership construct for the last four decades, much of the literature does not adequately delve deeper into the respective dimensions of the construct, thus limiting the clarity of how the dimensions impact organizations. This paper reviews the extant conceptual, theoretical, and empirical literature on the idealized influence and inspirational motivation dimensions of transformational leadership style focusing on microfinance context. This paper presents a comprehensive and integrative theoretical framework for knowledge advancement in the field of leadership. The methodology used for the review integrates the desktop and critical analysis of 56 journal articles in these dimensions. The key databases used to extract the relevant literature were JSTOR, Emerald, Google Scholar, DOAJ, and Wiley Interscience, with 69.09% being articles published in 2017-2021. Aspects used to qualify articles for review consideration were transformational leadership, idealized influence, inspirational motivation, and leadership in microfinance or any combination. The emerging gaps in the theorization and conceptualization of idealized influence and inspirational motivation were identified, presenting a case for further research on the transformational leadership construct. The review establishes that the four "Is" of transformational leadership (Idealized influence, Inspirational motivation, Intellectual stimulation, and Individualized consideration) are ambiguously interrelated, presenting a challenge of incoherence in the conceptual models used by researchers to conduct empirical research. The study also seeks to fill the contextual gap on the scanty research done to date on the outcomes of idealized influence and inspirational motivation in microfinance context such as staff retention, organizational commitment, self-efficacy, and organizational performance. A comprehensive conceptual framework for guiding further research on the constructs is formulated, including supportive propositions that can be empirically tested.

Notre étude se propose de mesurer l'efficacité des institutions de microfinance (IMFs) en UEMOA, en utilisant la méthode DEA (Data Envelopment Analysis). C'est la première étude qui considère à la fois la fonction... more

Notre étude se propose de mesurer l'efficacité des institutions de microfinance (IMFs) en UEMOA, en utilisant la méthode DEA (Data Envelopment Analysis). C'est la première étude qui considère à la fois la fonction d'intermédiaire et d'outreach des IMFs. Nous trouvons une efficacité moyenne très faible de 50% en rendement d'échelle constant et de 63% en rendement d'échelle croissant. La baisse de l'efficacité sur la décennie 2000-2010, pour l'ensemble de la zone, s'explique par les difficultés rencontrées par le secteur de la microfinance qui ont conduit à la fermeture de nombreuses institutions, ou à une détérioration des indicateurs d'outreach dans les pays tels que la Côte d'Ivoire, le Sénégal et le Bénin. La bonne gestion financière et de portefeuille, les subventions ont un impact positif sur l'efficacité tandis que la taille et la formation ont un impact négatif.

A brief explanation of how the Business Correspondent model of Microfinance Delivery works.

The key aim of the research is to investigate the relation between the perceived changes in financing gap and employment growth by SMEs in the EU. The paper builds on and extends the analysis of SAFE survey data to focus on the question... more

The key aim of the research is to investigate the relation between the perceived changes in financing gap and employment growth by SMEs in the EU. The paper builds on and extends the analysis of SAFE survey data to focus on the question of employment creation which is at the core of the current economic policy debate in the EU. The study uses European firm-level data of micro, small and medium-sized firms employing less than 250 employees from the 11th wave of the EC/ECB Survey conducted in 28 countries of the European Union. We hypothesize that there is a negative relation between perceived constraint in access to finance and job creation, however, when controlling for firm turnover changes, this relationship becomes insignificant. To test the hypotheses, we construct a multinomial logistic regression model with the dependent variable being a self-reported direction of a change in the number of employees in the last 6 months. The main finding from the research is that changes in the financing gap do not appear to be a constraint for growth in employment but is strongly correlated with job destruction. Other factors are important for employment growth, such as turnover growth, availability of customers and skilled workers, and innovations. Access to finance is, therefore, important specifically for the stability of the employment. The novel aspect of our research is that it analysed the role of the perception of accessibility of external finance. While many papers studied the influence of the actual availability of financing or the actual constraints, our study points to the relationship between the opinion of the business owners and business growth. To an important degree business decisions are influenced by the perceptions of the business owners to receive financing which may or may not materialize in the reality. Creating access is a necessary condition but appears to be tempered by the perceptions of business owners. Correcting for misperceptions which lead to self-exclusion may contribute to reducing job destruction by small firms.

Peer-to-peer microfinance connects philanthropic citizens with poor entrepreneurs in the developing world, offering new ways to channel charitable contributions. Although the literature suggests that donors’ perceptions of effectiveness... more

Peer-to-peer microfinance connects philanthropic citizens with poor entrepreneurs in the developing world, offering new ways to channel charitable contributions. Although the literature suggests that donors’ perceptions of effectiveness affect charitable giving, very little is known about what types of projects individuals perceive as more effective. Using data from Kiva.org, this article presents evidence on the relative popularity of competing development projects. We present estimates of the impact of publicly visible project characteristics on funding speed. Assuming that Kiva lenders are motivated by poverty alleviation, the results shed light on individual philanthropists’ perception of project effectiveness. Knowing this can help practitioners design fundraising strategies more effectively, especially for projects that are inherently less popular. Le microcrédit pair-à-pair (P2P) connecte les citoyens philanthropes aux entrepreneurs pauvres dans le monde en voie de développement, proposant ainsi des manières nouvelles pour acheminer les dons caritatifs. Bien que les publications suggèrent que les perceptions par les donateurs concernant l’efficacité ont un impact sur les dons caritatifs, on en sait fort peu pour ce qui a trait aux types de projets perçus par les individus comme plus efficaces. Cet article, se basant sur des données issues du site Kiva.org, expose des éléments indicateurs de la popularité relative de projets de développement concurrents. Nous présentons des estimations de l’impact sur la rapidité du financement des caractéristiques d’un projet ayant une visibilité publique. Si l’on tient pour acquis que les prêteurs de Kiva ont pour motivation de réduire la pauvreté, les résultats apportent un éclairage sur la perception par les philanthropes de l’efficacité d’un projet. Cette connaissance est susceptible d’aider les intervenants à concevoir des stratégies de collecte de fonds plus efficaces, notamment pour des projets qui sont par nature moins populaires. Die Peer-to-Peer (P2P)-Mikrofinanzierung verbindet philanthrophische Bürger und mittellose Unternehmer in Entwicklungsländern und bietet neue Wege zur Einbringung wohltätiger Beiträge. Zwar lässt die Literatur darauf schließen, dass gemeinnützige Spenden davon abhängen, wie die Spender ihre Effektivität einschätzen, doch ist nur sehr wenig darüber bekannt, welche Projektarten einzelne Personen als effektiver betrachten. Mithilfe von Kiva.org erfassten Daten erbringt der vorliegende Beitrag den Nachweis über die relative Beliebtheit konkurrierender Entwicklungsprojekte. Wir schätzen den Einfluss öffentlich sichtbarer Projektmerkmale auf die Geschwindigkeit bei der Mittelbeschaffung ein. In der Annahme, dass Kiva-Geldgeber von einer angestrebten Armutsverminderung motivert werden, gaben die Ergebnisse Aufschluss über die Wahrnehmung individueller Philantropisten hinsichtlich der Projekteffektivität. Diese Kenntnis kann den Praktizierenden helfen, Strategien zur Mittelbeschaffung effektiver zu gestalten, insbesondere für Projekte, die von sich aus schon weniger beliebt sind. Las microfinanzas de igual a igual (P2P) conecta a los ciudadanos filantrópicos con los emprendedores pobres en el mundo en vías de desarrollo, ofreciendo nuevas formas de canalizar las aportaciones caritativas. Aunque el material publicado sugiere que las percepciones de los donantes sobre la efectividad afectan a las donaciones caritativas, se sabe muy poco sobre qué tipo de proyectos perciben los individuos como más efectivos. Utilizando datos de Kiva.org., este documento presenta pruebas sobre la relativa popularidad de proyectos de desarrollo que compiten. Presentamos estimaciones del impacto de las características de los proyectos visibles públicamente sobre la velocidad de financiación. Asumiendo que los prestamistas de Kiva están motivados por aliviar la pobreza, los resultados esclarecen la percepción de los filántropos individuales sobre la efectividad de los proyectos. Conocer esto puede ayudar a los profesionales a diseñar estrategias de recaudación de fondos de manera más efectiva, especialmente para proyectos que son inherentemente menos populares. 在发达国家,点对点(P2P)小额贷款是连接善心人士和贫困企业主的桥梁,是传递慈善捐款的新方法。有资料表明,捐赠人如何看待善款的使用效果,会影响他们捐赠的积极性,但对于捐款人认为哪些项目更富成效,我们所知甚少。本文利用 Kive.org 的资料,提出了相互竞争的发展项目较受欢迎的证据。我们估计了公开可见项目的自身特点对筹款速度的影响。假设 Kiva 的放款人是为了扶助贫困,则扶贫结果可以解释慈善人士对项目成效的看法。了解这一点有助于从业者设计出效果更佳的筹款策略,尤其是那些天生就不太受欢迎的项目。 ピアツーピア(P2P)マイクロファイナンスは、偽善的な貢献という新しい方法を提供して、慈善的な市民を開発途上国における貧しい企業家に結び付ける。文献では、援助資金供与者の有効的な認知が偽善活動の提供を決定づけるが、個人がどのようなプロジェクトを最も効果的であると認識しているかについてはほとんど知られていない。本論ではKiva.org(キヴァ)のデータを用いて、競合する開発計画に相対的に人気の高い論拠を提示する。資金調達の速度において公的に可視できるプロジェクトの特性が与える影響を予測して提示する。キヴァの金融業者が貧困救済に動機づけられていると仮定すると、結果として個々の慈善家がプロジェクトの有効性を認知していることが解明できる。これを知るとそれほど人気がないプロジェクトにおいても、実践者がより効果的に資金集めをする戦略策定に役立つといえる。 التمويل الأصغر النظير للنظير (P2P) يربط بين المواطنين المحسنين وأصحاب الأعمال الفقراء في العالم النامي، يقدم وسائل جديدة لتوجيه التبرعات الخيرية. على الرغم من أن الأدب يشير إلى أن تصورات المانحين يؤثر على فعالية العطاء الخيري، القليل جدا هو المعروف عن أنواع المشاريع التي يعتبرها الأفراد أكثر فعالية. بإستخدام بيانات من(Kiva.org)، فإن هذا البحث يقدم دليلاً على شعبية المشاريع الإنمائية المتنافسة. نقدم تقديرات لتأثير خصائص المشروع الظاهرةعلناً على سرعة التمويل.على إفتراض أن المقترضين من كيفا (Kiva) لهم دوافع التخفيف من حدة الفقر، النتائج تسلط الضوء على تصور الفرد المحسن لفعالية المشروع. معرفة هذا يمكن أن يساعد الممارسين أن يصمموا إستراتيجيات لجمع التبرعات على نحو أكثر فعالية، خصوصاً للمشاريع التي هي بطبيعتها أقل شعبية.

This study provides insights into the sustainability of microfinance institutions (MFIs) in Africa with specific emphasis on documented measures of MFI sustainability, stylized facts surrounding the phenomenon, perspectives on the growth... more

This study provides insights into the sustainability of microfinance institutions (MFIs) in Africa with specific emphasis on documented measures of MFI sustainability, stylized facts surrounding the phenomenon, perspectives on the growth of MFIs, determinants of the growth of MFIs and the impact of MFIs.

This research aims to determine the impact of the microfinance loan program on the lives of Gambian. Concentrating on RFS loan program called women finance WF. This study is qualitative research using an interview, the research extract... more

This research aims to determine the impact of the microfinance loan program on the lives of Gambian. Concentrating on RFS loan program called women finance WF. This study is qualitative research using an interview, the research extract information from the 45 women loan clients and 5 Reliance Financial services loan officers. And to identify the ways to improve the program for sustainability. The research used interviews with both women and RFS Credit officers from RFS to obtained information. The study intends to assist RFS and other microfinance institutions in the Gambia to know the impact of the loan program and make recommendations for its sustainability by extracting problems from the clients and suggesting how to mitigate those problems for the sustainability the program. The research makes the following findings. The women finance program has empowered women in The Gambia. Many could start or expand their businesses, which is now benefitting them and their families, but some have not felt its impact. The main contributions of this study extend the literature of
microfinance in the Gambia; besides, the study hopes to assist RFS in taking relevant steps that can help improve the women finance loan programs.

The Grameen Bank of Bangladesh has been in the vanguard of the microfinance movement, showing the potential to alleviate poverty by providing credit to poor households. Part of this success has been built on subsidies. In 1996, for... more

The Grameen Bank of Bangladesh has been in the vanguard of the microfinance movement, showing the potential to alleviate poverty by providing credit to poor households. Part of this success has been built on subsidies. In 1996, for example, total subsidies evaluated at the economic opportunity cost of capital amounted to about US$26–30 million. The evidence helps to explain why institutions like Grameen have not just sprung up on their own as private commercial ventures, and it underscores the value of openly addressing the costs and benefits of subsidization. The paper also describes recent difficulties in maintaining high repayment rates.

"Cooperative Finance in Developing Economies contains papers from notable members of the academia from four continents - Africa, Asia, Europe and North America. Specifically, twenty nine authors from nine... more

"Cooperative Finance in Developing Economies contains papers from notable members of the academia from four continents - Africa, Asia, Europe and North America. Specifically, twenty nine authors from nine countries namely Canada, France, Germany, Italy, Nigeria, Senegal, Spain, United Kingdom and Vietnam contributed to this work. The book covers both the theoretical and empirical research in different areas of Cooperative and Microfinance arrangement which include but not limited to the following: Capital formation and loan administration, Corporate governance, Country comparison and analysis, Financial intermediation and social capital, Financial sustainability, Impact assessment and evaluation, Integration into formal financial system, Management and members – relationship and conflict, Micro and small scale enterprise development, Poverty reduction and economic development, Products and services delivery models, Regulation, policy and control, Risk management and insurance, as well as Women empowerment and gender issues. This book makes significant contributions to current research in cooperative finance. It is also an attempt to celebrate year 2012 as the International Year of the Cooperatives as declared by the United Nations. "

The Mutual insurance companies of Solidarity contribute enormously to the financial inclusion of the low-income people, and constitute an answer to the problem of financing of the agricultural activities in rural areas in RD Congo, more... more

The Mutual insurance companies of Solidarity contribute enormously to the financial inclusion of the low-income people, and constitute an answer to the problem of financing of the agricultural activities in rural areas in RD Congo, more exactly in the territory of Mahagi. However, although the agriculture shows financial needs which the informal microfinance is incapable to satisfy, in particular the investments in heavy agricultural equipments which require consequent loans, the Mutual insurance companies of solidarity are an answer adapted in the context of absence of financing in favour of the countrymen and the urban poor people, especially that the institutions of microfinance are in their majority installed in urban areas, and do not take care of farmers, because of the risk which present the actors in this sector. The actors of the informal microfinance (MUSO) develop tools, approaches and innovative networks, which return this socially responsible microfinance.

In the present context of women’s socio-economic empowerment, Bangladesh has played a revolutionary role in microcredit movement and has proved that the poor women are creditworthy and they can even do better in repaying the debt. This... more

In the present context of women’s socio-economic empowerment, Bangladesh has played a revolutionary role in microcredit movement and has proved that the poor women are creditworthy and they can even do better in repaying the debt. This movement is no longer limited to only microcredit program; rather it includes more service-oriented in the frame of microfinance operation. Microcredit institutions in Bangladesh have dramatically increased the credit available to poor rural women since the mid-1980s. Moreover, Microfinance Institutions (MFIs) have become a dominant financial institution for the poor section of people, especially women who cannot access formal financial institutions in a large extent. Though poor women have access to microfinance, later it has been explored that due to various kind of patriarchal norms and other socio-economical constraints, women in most cases lose the control on proper utilization of debt. Even though, sometimes women’s decision-making power and the expansion of enterprise became shrink due to lack of control over the loan utilization process. This paper mainly focuses on how microfinance intervention in Bangladesh played a decisive role in women’s economic empowerment and to what extent government policy initiatives and institutional building approach assist in flourishing microfinance discourse more friendly for the most vulnerable poor women. Moreover, this paper also evaluates the most prominent two selected institutions named BRAC and Grameen Bank’s microfinance operation from a critical viewpoint and assess to what are the existing ambiguity in the arena of microfinance operation at the field level.

In recent years, millions of poor people worldwide have benefited from microfinance activities, such as microcredit, microsaving and microinsurance, making this range of financial services a key-tool for economic growth of many developing... more

In recent years, millions of poor people worldwide have benefited
from microfinance activities, such as microcredit, microsaving and
microinsurance, making this range of financial services a key-tool for economic
growth of many developing countries. At the same time, the concept of
Sustainable Development (SD) has taken on an increasing importance in the
debate on economic growth and the environment. After exploring the
relationship between microfinance and SD in developing areas, this study
supports the view that microfinance institutions should implement policies that
aim both at making compatible the loans they provide with the environment
and at encouraging the diffusion of environmental awareness across borrowers.

The first of the two essays in this dissertation uses primary data from Bangladesh to explore the role of microloan repayment frequency (weekly vs. bi-weekly, assigned randomly) on loan repayment performance of microfinance borrowers... more

The first of the two essays in this dissertation uses primary data from Bangladesh to explore the role of microloan repayment frequency (weekly vs. bi-weekly, assigned randomly) on loan repayment performance of microfinance borrowers after controlling for their inherently distinct time preferences. The findings show that the borrowers’ individual time preference is an important determinant of their repayment behavior. Specifically, the repayment performance of present-biased borrowers improves significantly when they happen to be assigned to the weekly repayment schedule instead of the bi-weekly schedule. Also, irrespective of time preference, borrowers are found to invest more in new businesses under a more flexible (i.e., bi-weekly) repayment schedule. Overall, our findings suggest that instead of a "one size fits all" approach, by offering loans with a weekly (bi-weekly) repayment schedule matched to the present-biased (time-consistent) borrowers, the MFIs might be able...

This paper to address the central issue on the main governance mechanisms for achieving the financial performance in the microfinance sector.Firstly it is attempted, to understand the different mechanisms of governance of microfinance... more

This paper to address the central issue on the main governance mechanisms for achieving the financial performance in the microfinance sector.Firstly it is attempted, to understand the different mechanisms of governance of microfinance institutions previously analyzed by the literature. Then, we will present our methodology and our fundamental assumptions. Finally we will try to locate and diagnose the main mechanisms which are expected to have a positive impact on the rate of reimbursement and that, in the specific case of Tunisia.

Microfinance programs targeting poor women are considered a ‘prudent’ first step for international financial institutions seeking to rebuild post conflict economies. IFIs continue to visibly support microfinance despite evidence and... more

Microfinance programs targeting poor women are considered a ‘prudent’ first step for international financial institutions seeking to rebuild post conflict economies. IFIs continue to visibly support microfinance despite evidence and growing consensus that microfinance neither reduces poverty nor breaks the cycle of domestic violence. In the case of Timor-Leste, a feminist political economy approach reveals how microfinance engendered debt allows for the control, extraction, and accumulation of profits and resources by an elite class and exacerbates gender-based violence. Timorese elite classes have benefitted from microfinance during the Indonesian occupation and in today’s post-conflict regime. Extractive debt relations between elite classes and ordinary citizens are enabled by a gender order that is regulated by brideprice and characterized by gendered circuits of violence. Brideprice weds the exchange of women to the class system in which the (violent) control of women is paramount to retaining political power. Microfinance adds liquidity and high interest rates to the debt relations of brideprice helping to create the very conditions for poor women’s disempowerment in a fragile state. Thus, the success of microfinance is predicated on systems of gender inequality and gendered circuits of violence, debt, and the exchange of women

This article is a reflection on empirical data gathered in an ethnographic study of masculinity in a designated slum in urban Thiruvananthapuram, Kerala. This gestures towards possible new scholarly projects for those interested in... more

This article is a reflection on empirical data gathered in an ethnographic study of masculinity in a designated slum in urban Thiruvananthapuram, Kerala. This gestures towards possible new scholarly projects for those interested in gender, development, or otherwise critically analysing the well-being of those marginalised in Kerala. This paper seeks to draw attention to processes of gendering specifically located in a slum. I put into dialogue “Kerala-specific” cultural studies, with its emphasis on the state’s political history, and masculinities studies at the interface of a liberalising state. I used the Kudumbashree development programme as an entry point to discuss development in Kerala, the quotidian experiences
of men in the slum and greater questions of value and ethics, all entangled with ideals of masculinity.
Examining masculinity in Kulamnagar brings to light facets of development, while liberalisation
informs new practices of embodying masculinity.

Microfinance in India flows to the target group with the help of diverse institutions that involve banks, government agencies, and non-government organizations. The concept of microfinance was introduced in India especially for the... more

Microfinance in India flows to the target group with the help of diverse institutions that involve banks, government agencies, and non-government organizations. The concept of microfinance was introduced in India especially for the benefit of poor rural clients demanding credit to fulfil their needs. Self-Help Groups (SHGs) formed under microfinance programmes are self-sustaining and help nurture leadership qualities in women. The scheme of microfinance through SHGs empowers via promoting favourable conditions for women whereby they can have the opportunity to have a say in decision making and take other important decisions for the benefit of the group members. Women under SHGs are now proving themselves as transformational leaders by adding new dimensions to the personality of rural women. Having emerged as successful leaders, they have been transforming lives of many including their families. This study is based on a primary survey where support from secondary sources has also been taken. A schedule was used to collect primary information, nevertheless, secondary data have also been used to support and supplement the objectives and thus to get an insight into the status of disbursement of credit to SHGs through Bank-linkage programme in India. This study will not only help to analyse success of financial inclusion programmes like microfinance, but also to offer us an insight as to how deeply the programme has affected lives of rural people especially women in particular.

Commitment needed to maintain a balance between financial performance aspects of the operational aspects of social performance in microfinance institutions (MFI's). In this article the author conducted a literature study, by dividing the... more

Commitment needed to maintain a balance between financial performance aspects of the operational aspects of social performance in microfinance institutions (MFI's). In this article the author conducted a literature study, by dividing the discussion of three main parts, namely: the solutions to the phenomenon of ethics violations by MFI's; Shariah principles on Islamic MFI's in accordance with ethics violations solutions; challenges to the implementation of Reviews These solutions. Based on this, the authors found the similarities of the MFI's commitment to the principles of sharia platform to implement ethical MFI's operations. In this article the author suggests four main pillars of ethical commitment as an indicator that the MFI's / MFI's sharia, implementing operational aspects equally between financial performance and social performance.

Based on measurements of several indicators including the level of community participation, community empowerment, repayment rate was good, cross reporting good, and the application of penalties in accordance with the applicable rules,... more

ნაშრომში განხილულია მწვანე ეკონომიკის განვითარების კუთხით არსებული მდგომარეობა, ფინანსური სექტორის როლი და გავლენა კლიმატის ცვლილებასთან მიმართებაში და მისი პოტენციური შესაძლებლობები მცირე ლოკალური ენერგოეფექტური პროექტების... more

ნაშრომში განხილულია მწვანე ეკონომიკის განვითარების კუთხით არსებული მდგომარეობა, ფინანსური სექტორის როლი და გავლენა კლიმატის ცვლილებასთან მიმართებაში და მისი პოტენციური შესაძლებლობები მცირე ლოკალური ენერგოეფექტური პროექტების დაფინანსებაში. გაანალიზებულია საერთაშორისო და ადგილობრივი გამოცდილება.

This introductory chapter provides an overview of corporate finance. Included in this chapter are discussions of the types of business organizations, the objective of financial management and that of the corporation, and the decision... more

This introductory chapter provides an overview of corporate finance. Included in this chapter are discussions of the types of business organizations, the objective of financial management and that of the corporation, and the decision areas of the financial manager. Also discussed in Chapter 1 are the major elements of the financial decision making process, the interrelationship between finance and other functional areas of business, possible careers in finance, and professional finance affiliations.

This paper draws upon ethnographic work in the global microfinance industry as well as interviews with urban microfinance clients in southern India to subvert the gendered “microfinance myth” that supports the moral legitimacy of... more

This paper draws upon ethnographic work in the global microfinance industry as well as interviews with urban microfinance clients in southern India to subvert the gendered “microfinance myth” that supports the moral legitimacy of microfinance. I undermine the first part of the myth—that microfinance borrowers are “poor”—by examining the restrictive conditions under which the for-profit microfinance industry functions. These conditions make sure that microfinance institutions (MFIs) can only serve the relatively well-off who are living in slum areas of urban India, limiting or eliminating access for the poorest. The second part of the myth I undermine—that microfinance borrowers are entrepreneurial—draws from interviews with clients and MFI employees, as well as ethnographic observations of MFI home visits with potential borrowers, to argue that microfinance borrowers are rarely entrepreneurial. Finally, I address the myth that loans provide empowerment to women who are suffering under the weight of patriarchal cultures. I show that working class women served by the industry often work in close financial partnership with their husbands to enrich their livelihoods. By undermining these three myths with the nuanced accounts of working class livelihoods I encountered in fieldwork as well as the details of loan conditionalities and the everyday pressures of the industry, this paper aims to expose the moral and financial ambiguity of microfinance transactions, and insist upon more fine-grained, detailed accounts of gender and poverty in the global South.

Social innovations create social change or disruptions in society. These disruptions can be both positive and negative. Social perceptions on the benefits as well as the costs of change may influence society's reaction to the social... more

Social innovations create social change or disruptions in society. These disruptions can be both positive and negative. Social perceptions on the benefits as well as the costs of change may influence society's reaction to the social innovation. A change in social perception may trigger Black Swan events. These events are low probability but with high magnitude and cannot be anticipated. Such events may spell disasters for some social innovators. Their image may suddenly turn from positive to negative. How do inspirations social leaders deal with such Black Swan events? We have an example of such a Black Swan event in microfinance in Andhra Pradesh where an Ordonnance wiped out an industry, including players who had sought to keep a clean image. Vijay Mahajan, founder of Basix, provides a very personal, even emotional, response of how he is dealing with the aftermath of the change. When strong emotions come out, prose is not sufficient and he uses poetry.

In the decade since the 2008 global financial crisis, much of the debate has been over whom to blame: reckless speculative finance or irresponsible (often low-income) borrowers. This essay takes up this set of moral arguments about what... more

In the decade since the 2008 global financial crisis, much of the debate has been over whom to blame: reckless speculative finance or irresponsible (often low-income) borrowers. This essay takes up this set of moral arguments about what the poor can and should be able to afford by examining subprime logics at a global scale: subprime empire. Predatory lending in heartland America and development-oriented microcredit in places such as India and Paraguay appear not just to be geographically disparate but also to have different moral valences. After closer inspection, however, we argue that subprime lending and microfinance are two sides of the same coin. Our analysis of microfinance allows us to understand what is happening in the "in-between" as capital flows between financial investors and poor borrowers. By comparing financialization in India and Paraguay, we document and theorize the making of subprime empires that rely on actors within marginal financial sites to stabilize the evaluative frameworks and social interdependencies that make profits flow. We argue that the forms of financial capture and conversion in the "financial inbetween" reproduce imperial dynamics by naturalizing the limited expectations of economic subjects of the global south and erasing the violence inherent in these forms of economic redistribution that maintain those expectations as such.

In 1990’s microfinance is began to develop as an industry and in the 2000s is main objective is to satisfy the unmet demands on a much larger scale and to play a role in reducing poverty. Rural women in India is quite aware of the fact... more

In 1990’s microfinance is began to develop as an industry and in the 2000s is main objective is to satisfy the unmet demands on a much larger scale and to play a role in reducing poverty. Rural women in India is quite aware of the fact that they could either earn income or save household expenditure in one way or other. Rural women is quite interested to contribute to the household economy by sharing some of the household expenditures, to give better education to their children, for better health facilities, better living standards etc., The present study is aimed to study the demographic characteristics of rural women and to study the problems and challenges that rural women are facing. Data was collected from a sample of 450 by using structured questionnaire and data was analysed by using Garette ranking method. After analyzing the data, it was found that the problem of lack of awareness on government schemes is with a highest mean value of 4.2978 and the problem balancing of business and personal life is with the lowest value of 3.6044. It is suggested to conduct awareness and training programmes to rural women to realize dreams of becoming economically independent.

MFIs have struggled to link monetary assistance to savings and ultimately prosperity on a level comparable with Western expectations. Some solutions have offered more money, the forgiveness of debt in a general MFI jubilee, or a focus on... more

MFIs have struggled to link monetary assistance to savings and ultimately prosperity on a level comparable with Western expectations. Some solutions have offered more money, the forgiveness of debt in a general MFI jubilee, or a focus on more complex monetary schematics that require a greater degree of understanding and involvement than the recipient may feel comfortable exposing themselves towards. Viewing the exchange in terms of actual product, whether it is fertilizer, machinery, equipment, or basic implements of a trade offers the goal of a market economy without expecting an immediate liquid return as a consequence. Rather, a commodities-based focus would not have to necessarily neglect the idea of seeing a return on investment, but rather treat such a return as a happy consequence rather than an immediate result. In environments where monetary speculation and currency fluctuations can freeze and eviscerate economies in places such as Zimbabwe, Nigeria, Argentina, Lebanon, and to ever increasing degrees South Africa, China, and India, the grand solution may not be a focus exclusively devoted to liquidity, but rather the provision of stable commodities insulated from the fluctuations of rapidly developing markets, non-mature banking institutions, and governments who can artificially alter the local means of exchange – often at the expense of the poor.

In the context of neoliberal financialization, what is the role of debt in agrarian change? To address this question, I combine insights about debt from rural political ecology and development finance scholarship in order to analyze the... more

In the context of neoliberal financialization, what is the role of debt in agrarian change? To address this question, I combine insights about debt from rural political ecology and development finance scholarship in order to analyze the relationship between changing agroecological practices and household indebtedness in a Cambodian rice-farming village. In the past two decades, Cambodians have borrowed from commercial microfinance institutions at the highest rate per capita of any country in the world. With fewer Cambodians farming, and agricultural production increasingly commodified, researchers have begun to study how the fast growth of Cambodia's microfinance industry contributes to these changes. By building upon the concept of financial landscapes, which highlights the diversity of social and material relations of debt in rural economies, I argue that agrarian change in Cambodia is entangled with rising household debts used to fund both agricultural production and social reproduction. I describe how non-monetary debt obligations underpinned labor-intensive rice agricultural practices in the 1980s and early 1990s, but have since been replaced by monetary debt used to fund household basic needs and commodified agricultural production. To make my argument, I draw upon 20 months of ethnographic research within a farming village in Kampot Province. This article contributes to rural political ecology and development finance scholarship by exploring debt in its diverse material and social forms at a time of deepening financialization, and how these debt relations in turn shape the economic and agroecological contours of contemporary agrarian change.