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Informal Finance In Low-income Countries by Dale W Adams,Robert E. Hunter Pdf
Invisible to official statistics and operating outside the reach of governmental regulation, informal finance markets often prove more efficient and more fair than their formal counterparts. The authors of these studies emphasize the diversity and richness of informal credit markets.
Informal Finance in Low-Income Countries by Dale W Adams Pdf
Invisible to official statistics and operating outside the reach of governmental regulation, informal finance markets often prove more efficient and more fair than their formal counterparts. The authors of these studies emphasize the diversity and richness of informal credit markets.
Banks, Informal Money Lenders and Asymmetric Information by Patrick Avato Pdf
Seminar paper from the year 2005 in the subject Economics - Monetary theory and policy, grade: A= 1,0, Johns Hopkins University (School of Advanced International Studies (SAIS)), course: Theories and Models of Economic Development, 29 entries in the bibliography, language: English, abstract: Credit markets in developing countries differ substantially from their counterparts in OECD countries. Apart from the obvious differences in institutional development, technology and productivity which are both measures for and causes of underdevelopment, typ ical LDC credit markets have two main characteristics. Firstly, their financial systems are very small compared those in industrial economies. Secondly, developing countries are characterized by very big informal financial sectors that coexist with formal credit institutions. Interestingly, credit contracts differ highly between these two sectors and there seems to be only very limited inter-sector competition. The following paper ventures to explain the persistence of these peculiarities in rural credit markets1 using the model of asymmetric information in credit markets developed by Stiglitz and Weiss. By applying the model specifically to LDC credit markets I show that asymmetric information is among the major reasons for the underdevelopment of rural credit markets. Building on these findings I then explain how Microfinance Institutions (MFI) have lately been able to overcome some of the problems of imperfect information and strive in markets formerly dominated by informal money lenders. The first part of this paper provides an overview of the typical characteristics of credit markets in developing countries, concentrating on the limited size of LDC credit markets and on the apparent dichotomy between formal and informal finance sectors. Then, the importance of financial systems for economic development is briefly outlined in order to explain the relevance of the topic of this essay. The main part of the paper then pre
Banks, Informal Money Lenders and Asymmetric Information by Patrick Avato Pdf
Seminar paper from the year 2005 in the subject Economics - Monetary theory and policy, grade: A= 1,0, Johns Hopkins University (School of Advanced International Studies (SAIS)), course: Theories and Models of Economic Development, language: English, abstract: Credit markets in developing countries differ substantially from their counterparts in OECD countries. Apart from the obvious differences in institutional development, technology and productivity which are both measures for and causes of underdevelopment, typ ical LDC credit markets have two main characteristics. Firstly, their financial systems are very small compared those in industrial economies. Secondly, developing countries are characterized by very big informal financial sectors that coexist with formal credit institutions. Interestingly, credit contracts differ highly between these two sectors and there seems to be only very limited inter-sector competition. The following paper ventures to explain the persistence of these peculiarities in rural credit markets1 using the model of asymmetric information in credit markets developed by Stiglitz and Weiss. By applying the model specifically to LDC credit markets I show that asymmetric information is among the major reasons for the underdevelopment of rural credit markets. Building on these findings I then explain how Microfinance Institutions (MFI) have lately been able to overcome some of the problems of imperfect information and strive in markets formerly dominated by informal money lenders. The first part of this paper provides an overview of the typical characteristics of credit markets in developing countries, concentrating on the limited size of LDC credit markets and on the apparent dichotomy between formal and informal finance sectors. Then, the importance of financial systems for economic development is briefly outlined in order to explain the relevance of the topic of this essay. The main part of the paper then presents the model of asymmetric information in credit markets pioneered by Stiglitz/Weiss as a possible explanation for the causal origins of these characteristics. The last part shows how successful microfinance institutions may succeed in operating in rural credit markets by their ability to overcome problems of imperfect information.
Housing and Finance in Developing Countries by Kavita Datta,Gareth Jones Pdf
This book explores the linkages between formal and informal housing finance drawing upon the lessons of NGO and micro-finance practices. Both public and private formal finance institutions have experienced great difficulty in lending below a middle-income client group, and are often reluctant to lend for the purpose of housing at all. This failure of formal finance to filter down to low-income households, and in particular to women, has led various NGOs and community groups to create and adopt innovative finance programmes, such as informal savings banks and credit rotating schemes. The authors critically assess the impact of theses schemes, and evaluate links between gender, housing and finance.
Development Finance As Institution Building by Jan Pieter Krahnen Pdf
In this comparative study of programmes against poverty in developing countries, the authors argue that building sustainable, target group-oriented financial institutions is important and feasible, and that it is likely to have greater development impact than the channelling of external funds to poor target groups (small and micro-scale business, small farmers, and women). The analysis has far-reaching implications for development policy and will interest development specialists, policymakers, and scholars of development finance and international banking.
Drivers of Financial Access: the Role of Macroprudential Policies by Corinne Deléchat,Lama Kiyasseh,Ms.Margaux MacDonald,Rui Xu Pdf
This study analyzes the drivers of the use of formal vs. informal financial services in emerging and developing countries using the 2017 Global FINDEX data. In particular, we investigate whether individuals’ choice of financial services correlates with macro-financial and macro-structural policies and conditions, in addition to individual and country characteristics. We start our analysis on middle and low-income countries, and then zoom in on sub-Saharan Africa, currently the region that most relies on informal financial services, and which has the largest uptake of mobile banking. We find robust evidence of an association between macroprudential policies and individuals’ choice of financial access after controlling for personal and country-level characteristics. In particular, macroprudential policies aimed at controlling credit supply seem to be associated with greater resort to informal financial services compared with formal, bank-based access. This highlights the importance for central bankers and financial sector regulators to consider the potential spillovers of monetary policy and financial stability measures on financial inclusion.
Financial Landscapes Reconstructed by F. J. A. Bouman Pdf
The past few decades have seen special and changing emphasis in policy frameworks of rural financial intermediation in developing countries, varying from the distribution of cheap credit via specialized farm credit institutions, to the building of linkages between banks and savings groups, to attempts to use traders or NGOs as new conduits of lending. The destructive impact of cheap credit programs on rural financial markets has been the subject of two conferences organized by the Ohio State University in the USA in 1976 and 1981, in conjunction with the Agency for International Development and the World Bank. They resulted in a collection of readings edited by J.D. Von Pischke, Dale W Adams and Gordon Donald, Rural Financial Markets in Developing Countries (Baltimore: Johns Hopkins Press 1983), followed by Undermining Rural Development With Cheap Credit, edited by Dale W Adams, Douglas H. Graham and J.D. Von Pischke (Boulder: Westview Press 1984). Acknowledging the increasing interest of researchers and policymakers in the roles and uses of informal financial intermediaries, the Ohio State University subsequently organized a Seminar in Washington, D.C., in 1989 that produced Informal Finance in LowIncome Countries, edited by Dale W Adams and Delbert A. Fitchett (Boulder: Westview Press 1992).
The Global Findex Database 2017 by Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar Pdf
In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Finance in Lower Income Countries: An Empirical Exploration by Thierry Tressel,Enrica Detragiache,Poonam Gupta Pdf
This paper considers how a comprehensive set of factors relates to financial sector performance in low-income countries (LICs). It finds that corruption and inflation are associated with a shallower and less efficient financial system, while legal origin and characteristics of the supervisory and regulatory framework have no significant relationship with performance. Moreover, better contract enforcement and information about borrowers are associated with more private sector credit. Some results are surprising. Countries with more foreign bank penetration seem to have shallower and not necessarily more efficient financial sectors, while a larger presence of state-owned banks is correlated with more bank deposits and lower overhead costs, even after controlling for market size and concentration. Although these relationships are robust, more research is needed to ascertain the direction of causality and identify channels of transmission before deriving policy implications.
The Long Shadow of Informality by Franziska Ohnsorge,Shu Yu Pdf
A large percentage of workers and firms operate in the informal economy, outside the line of sight of governments in emerging market and developing economies. This may hold back the recovery in these economies from the deep recessions caused by the COVID-19 pandemic--unless governments adopt a broad set of policies to address the challenges of widespread informality. This study is the first comprehensive analysis of the extent of informality and its implications for a durable economic recovery and for long-term development. It finds that pervasive informality is associated with significantly weaker economic outcomes--including lower government resources to combat recessions, lower per capita incomes, greater poverty, less financial development, and weaker investment and productivity.
A Bibliographical Survey of Rotating Savings and Credit Associations by Alaine Low Pdf
In many countries in Africa and Asia, rotating savings and credit associations underpin much of the economy. This survey covers the wide range of literature on these associations. Published with Centre for Cross-Cultural Research on Women.
Author : Alexander S. Preker,Guy Carrin Publisher : World Bank Publications Page : 476 pages File Size : 40,7 Mb Release : 2004 Category : Medical ISBN : 9780821355251
Health Financing for Poor People by Alexander S. Preker,Guy Carrin Pdf
One of the most urgent development challenges facing many low and middle income countries is the need for adequate financing systems to pay for health care provision to the estimated 1.3 billion impoverished people living in rural areas or working in the informal sector in urban areas. This publication considers ways of improving the financing of health care at low income levels, as part of a global strategy for increased investment in health and poverty reduction. Topics discussed include: global and regional trends in healthcare financing; strengths and weaknesses of community-based health financing, and experiences in Asia and Africa; country case studies using household survey analysis from Senegal, Rwanda, India and Thailand; deficit financing; and the impact of risk sharing on achieving health system goals.
