An empirical analysis on the efficiency of the microfinance investment market

This paper empirically analyzes the market efficiency of microfinance investment funds. For the empirical analysis, we use an index of the microfinance investment funds and apply two kinds of variance ratio tests to examine whether or not this index follows a random walk. We use the entire sample period from December 2003 to June 2010 as well as two sub-samples which divide the entire period before and after January 2007. The empirical evidence demonstrates that the index does not follow a random walk, suggesting that the market of the microfinance investment funds is not efficient. This result is not affected by changes in either empirical techniques or sample periods.

Financial permeation as a role of microfinance : has microfinance actually been helpful to the poor?

This article is distinct in its application of the logit transformation to the poverty ratio for the purpose of empirically examining whether the financial sector helps improve standards of living for low-income people. We propose the term financial permeation to describe how financial networks expand to spread money among the poor. We measure financial permeation by three indicators related to microfinance institutions (MFIs) and then examine its effect on poverty reduction at the macro level using panel data for 90 developing countries from 1995 to 2008. We find that financial permeation has a statistically significant and robust effect on decreasing the poverty ratio.

Market discipline by depositors : impact of deposit insurance on the Indonesian banking sector

This paper investigates market discipline by depositors in the Indonesian banking sector. Does depositor discipline fulfill its role in Indonesia? Does deposit insurance affect depositor behavior thereby imposing discipline on banks? These questions are empirically examined using panel data on Indonesian commercial banks from 1998 to 2009. In Indonesia deposit insurance was introduced in 2005. Depositor discipline is examined by two measures: change in the amount of deposits and interest rate. The empirical results show that depositors pay attention to bank soundness and riskiness and select banks based on the bank's condition with particular attention paid to equity ratio. It is found that depositors impose discipline on banks, but it varies according to regulatory and economic circumstances.

Seasonal migration and micro-credit in the lean period : evidence from northwest Bangladesh

This paper investigates the relationship between access to micro-credit and temporary seasonal migration, an issue which is largely ignored in the standard rural-urban migration literature. Seasonal migration due to agricultural downturns is a common phenomenon in developing countries. Using primary data from a cross-sectional household survey from the northwest part of Bangladesh, this study quantifies the factors that influence such migration decisions. Among other results, we find that network effects play a significant role in influencing the migration decision, with the presence of kinsmen at the place of destination having considerable impact. Seasonal migration is a natural choice for individual suffering periodic hardship; however the strict weekly loan repayment rules of Micro-credit Institutes can have an adverse effect on this process, reducing the ability of borrowers to react to a shock. Our result suggests that poor individuals prefer the option of not accessing the micro-credit and opt for temporal seasonal migration during the lean period. The results have numerous potential policy implications, including the design of typical micro-credit schemes.

Impact of foreign capital entry in the Indonesian banking sector

After the Asian financial crisis of 1997/98, the Indonesian banking sector experienced significant changes. Ownership structure of banking sector is substantially-changed. Currently, ownership of major commercial banks is dominated by foreign capital through acquisition. This paper examines whether foreign ownership changes a bank���s lending behavior and performance. Foreign banks tend to lend mainly to large firms; this paper examines whether the credit to small and medium-sized enterprises (SMEs) is affected by foreign capital entry into the Indonesian banking sector. Empirical results show that banks owned by foreign capital tend to decrease SME credit.

Impact of seasonality-adjusted flexible microcredit on repayment and food consumption : experimental evidence from rural Bangladesh

The mismatch between credit repayments and income seasonality poses a challenge for microfinance institutions (MFIs) working in developing countries. For instance, in northern Bangladesh, income and consumption downfalls during the lean season after the transplanting of major paddy crops are a serious threat to a household's economy. Poor landless agricultural wage laborers suffer the most owing to this seasonality as they face difficulties in smoothing their consumption. However, in designing microcredit products, MFIs do not usually provide flexibility or seasonal adjustment during the lean season. This is mainly because MFIs are afraid that such flexibility might break the repayment discipline of borrowers, resulting in higher default rates. We thus conducted a randomized controlled trial in 2011-12 in northern Bangladesh to empirically test whether seasonality-adjusted flexible microcredit leads to an increase in repayment problems for MFIs as well as whether it can increase and stabilize consumption of borrower households. Our results suggest no statistically discernible difference among the treatment arms in case of default, overdue amount, or repayment frequency. On the other hand, we find no positive impact of repayment flexibility on immediate food consumption during the period of seasonality, except for in-kind full moratorium treatment group. After a year of initial intervention, however, we see positive changes in food intake during the lean season. Thus, our preliminary results are in favor of seasonality-adjusted flexible microcredit.

The asset/liability structure of the Philippine banks and non-bank financial institutions in 2000s : a preliminary study for financial access analyses

Based on the consolidated statements data of the universal/commercial banks (UKbank) and non-bank financial institutions with quasi-banking licenses, this paper presents a keen necessity of obtaining data in detail on both sides (assets and liabilities) of their financial conditions and further analyses. Those would bring more adequate assessments on the Philippine financial system, especially with regard to each financial subsector's financing/lending preferences and behavior. The paper also presents a possibility that the skewed locational and operational distribution exists in the non-UKbank financial subsectors. It suggests there may be a significant deviation from the authorities' (the BSP, SEC and others) intended/anticipated financial system in the banking/non-bank financial institutions' real operations.

How does contract design affect the uptake of microcredit among the ultra-poor? : experimental evidence from the river islands of Northern Bangladesh

Despite the professed claims of microcredit alleviating poverty, little is known about what kind of credit contract is suitable for extremely poor households, also called the ultra-poor. To fill this knowledge gap, we initiated a field experiment in the river islands of northern Bangladesh, where a substantial portion of dwellers could be categorized as ultra-poor due to cyclic floods. We randomly offered four types of loans to such dwellers: regular small cash loans with one-year maturity, large cash loans with three-year maturity both with and without a one-year grace period, and in-kind livestock loans with three-year maturity and a one-year grace period. We compared uptake rates as well as the determinants of uptake and found that the uptake rate is the lowest for the regular contract, followed by the in-kind contract. Contrary to prior belief, we also found that the microcredit demand by the ultra-poor is not necessarily small, and in particular the ultra-poor are significantly more likely to join a microcredit program than the moderately poor if a grace period with longer maturity is attached to a large amount of credit, irrespective of whether the credit is provided in cash or in kind. This paper provides evidence that a typical microcredit contract with one-year maturity and without a grace period is not attractive to the ultra-poor. Microfinance institutions may need to design better credit contracts to address the poor's needs.

Excess capital and bank behavior : evidence from Indonesia

The Indonesian banking sector has been restructured since Asian financial crisis and restored to soundness. The capital adequacy ratio (CAR) returned to a sound level; however, the average excess capital has become too high, while credit disbursement has remained low. This paper investigates the determinants of excess capital among Indonesian banks and its effects on credit growth during the 2000s. The results indicate that the determinants of excess capital vary widely depending on bank type. Return on equity (ROE) affects excess capital negatively among domestic banks, and the effect of non-performing loans is mixed, differing for various bank types. Excess capital affects credit growth positively, except among foreign banks.

Max Bill: variaciones sobre la b��squeda de la belleza

Max Bill es un artista l��gico. Quince variaciones sobre el mismo tema 1938, podr��a ser el ep��tome de la l��gica de Bill: la obra como resultado de la aplicaci��n de leyes distintas sobre una estructura de orden. La gran diversidad formal de la obra de Max Bill ���entre sus dise��os de objetos, su tipograf��a, su pintura, su escultura o su arquitectura no parece haber l��neas formales evidentes- se debe a que, para ��l, cada tarea es diferente y depende de medios y leyes propios. Una diversidad que podr��a ser err��neamente interpretada como un tipo de eclecticismo. Su conferencia en el Werkbund suizo de 1948 ���belleza de la funci��n, belleza como funci��n���, se aleja del discurso funcionalista al proponer la belleza como una igual al resto de funciones. Cada obra ha de satisfacer la finalidad para la que ha sido construida y cumplir todas las funciones que en ella intervienen pero, adem��s, ha de ser bella. La particularidad de Bill estriba en que, reconoci��ndose a s�� mismo como un artista l��gico, incluye la belleza como una m��s de las funciones a cumplir por cualquier objeto. Su famoso aforismo en relaci��n a la configuraci��n del entorno, desde la cuchara a la ciudad, incluir��a la arquitectura en el ��mbito de los objetos que han de cumplir esta nueva funci��n. La b��squeda de la belleza ser�� una constante en su obra. No una belleza generalizable y determinada a priori, sino una belleza entendida como predicado singular, individualizada para cada tarea. De este modo, podemos analizar, alternativamente, la belleza l��gica de sus construcciones geom��tricas y la belleza simb��lica de sus monumentos; la belleza del espacio sin fin en las superficies de una sola cara y la belleza prefabricada en sus m��s austeras realizaciones; la belleza elemental de sus esculturas y la belleza corriente con que sus arquitecturas se integran en la ciudad. Podemos plantearnos la posibilidad de una belleza de la estructura y entender simult��neamente la belleza cruda de su obra maestra, los edificios de la Escuela de Ulm. La b��squeda de la belleza nos ayudar�� a entender que, en la obra de Bill, la raz��n intuitiva -como modo de conocimiento- toma mayor importancia de la que parece. La forma como suma de todas las funciones en unidad arm��nica, ser�� el resultado de un adecuado equilibrio entre raz��n l��gica y raz��n intuitiva. ABSTRACT Max Bill is a logical artist. We could consider ���Fitfteen variations on the same theme���, 1938, as the Bill���s logic epitome: the work as a result of the application of different tectonic laws on the order structure. The variety of the form in Bill���s work ���his designed objects, his typography, his painting, his sculpture, or his architecture do not seem to have, between them, a direct line connecting the form- is due to the fact that, for him, each task is different and it depends on the own means and tectonic laws. A kind of diversity that could be misinterpreted like certain type of eclecticism. His lecture at the Suisse Werkbund (1948) ���beauty from function and as function��� is far from the functionalist speech, when proposing beauty as an equal to the rest of functions. In his own words, each work has to satisfy the purpose it was built for and fulfill all functions, and furthermore it has to be beautiful. Seeing himself as a logical artist, Bill however introduces beauty as one more of the functions that any object has to fulfill. His famous aphorism related to the environment management, from the spoon to the city, would include architecture as one more of the objects that have to satisfy this new function. The pursuit of beauty is a constant in his work. It won���t be a general beauty determined in advance, but a singular predicate, individualized for each task. That way, we can analyze, alternatively, the logical beauty of his geometric constructions and the symbolical beauty of his monuments; the beauty of the endless space in the single-sided surfaces and the prefabricated beauty in his most stricts constructions; the elemental beauty of his sculptures and the ordinary beauty with which some of his architectures are integrated in the city. We can also try the possibility of a beauty from the structure and understand, at the same time, the raw beauty of his architectural masterpiece, the buildings of the Ulm School of Design. The pursuit of beauty in Bill���s work will help us to understand that intuitive reason, as a way of knowledge, takes more importance than it seems. Form, as the harmonious expression of the sum of all functions, will be the result of an appropriate balance between logical and intuitive reason.

Fuel poverty as a determinant in energy retrofitting actions

Fuel poverty can be defined as ���the inability to afford adequate warmth in the home" and it is the result of the combination of three items: low household income, housing lack of energy efficiency and high energy bills. Although it affects a growing number of households within the European Union only some countries have an official definition for it. In 2013, the European Parliament claimed the Commission and Estate Members to develop different policies in order to fight household energy vulnerability. The importance of tackling fuel poverty is based on the critical consequences it has for human health living below certain temperatures. In Spain some advances have been made in this field but main existing studies remain at the statistical level and do not deepen the understanding of the problem from the perspective of dwelling indoor habitability conditions. What is more, this concept is yet to be officially defined. This paper presents the evaluation of fuel poverty in a building block of social housing located in the centre of Zaragoza and how this issue determined the strategies implemented in the energy retrofitting intervention project. At a first step, fuel poverty was appraised through the exploration of indoor thermal conditions. The adaptive thermal comfort (UNE-EN 15251:2008) method was used to establish the appropriate indoor temperatures and consequently to determine what can be called 'comfort gap'. Results were collated and verified with energy bills collection and a survey work that gathered data from neighbours. All this permitted pointing out those households more in need. Results from the social analysis combined with the evaluation of the building thermal performance determined the intervention. The renovation project was aimed at the implementation of passive strategies that improve households thermal comfort in order to alleviate households fuel poverty situation. This research is part of the project NewSolutions4OldHousing (LIFE10 ENV/ES/439) cofounded by the European Commission under the LIFE+ Programme.

Income, energy expenditure and housing in Madrid: retrofitting policy implications

Fuel poverty can be defined as ���the inability to afford adequate warmth in the home��� and it is the result of the combination of three factors: low household income, lack of energy efficiency and high energy bills. Within this context, the present research is aimed at characterizing, for the first time, the housing stock of fuel-poor households in the Autonomous Region of Madrid. Fuel poverty incidence was established and households were divided into six different groups according to their relative position regarding fuel and monetary poverty. The housing stock of each group is characterized and those households most in need are identified. These results enable energy retrofitting priorities to be established, focusing on the needs of the different household groups and accounting for their housing stock characteristics. This allows Spanish energy retrofitting policies to be assessed for their capability of tackling fuel poverty and makes it possible to suggest some improvements.

Impact of automatic meetering infrastructure on multiutility business models

In the last decade energy utility sector has undergone major changes in terms of liberalization, increased competition, efforts in improving energy efficiency, and in new technological solution such as smart meter and grid operations. There are new information technology solutions (e.g. Advanced Metering Infrastructure /AMI ) on the horizon that will not only introduce new technical and organizational concepts, but have a very strong potential to radically change modus operandi of utility companies. Coordinated, multi-utility programs can help accelerate the development and market success of new high-efficiency technologies. These programs provide opportunities for researchers to develop new high-efficiency equipment for manufacturers to sell this new equipment with utility help, for utilities to increase the amount of energy they save from incentive programs, and for consumers to benefit from lower utility bills and a cleaner environment (as energy is reduced, pollutants produced at power plants decline).

Energy rehabilitation of social housing for rent, as demonstrator in the LIFE 'New4Old' Project

The main goal of the cofounded by the European Commission LIFE Project, New4Old (LIFE10 ENV/ES/439), is to define the most appropriate method and the best available practice in social housing rehabilitation with energy and environmental sustainability criteria, as well as to apply innovative technologies in the fight against climate change through an efficient use of resources and energy. The institutions involved in the Project are the Technological Centre AITEMIN, Madrid Polytechnic University (UPM), Portugal Technological Centre for Ceramics and Glass (CTCV) and the Zaragoza City Housing Society (SMZV). The demonstrator project consists in the energy rehabilitation of a rental social housing building located in Zaragoza?s historic quarter, according to the conclusions and strategies developed for the LIFE project. In actions taken in households of this nature passive design strategies are essential due to the limited income of owners, who often cannot afford energy bills. Therefore, the proposed actions will help improve the building?s passive performance and reach a higher thermal comfort, without increasing the economic cost linked to energy consumption.

1.6 School of Law, Lincoln University

Another dilemma also had to be dealt with; Lloyd Gaines was determined to attend law school, not just anywhere but at the University of Missouri. Shortly after the Supreme Court decision, Lloyd Gaines left his civil service job in Michigan and returned home to St. Louis, arriving on New Year���s Eve, 1938. In the meantime, to pay his bills, he took a job as a filling station attendant. On January 9, 1939, Gaines spoke to the St. Louis chapter of the NAACP. He told them he stood ���ready, willing, and able to enroll at MU.��� Gaines later quit his gas station job. He explained to his family that the station owner substituted inferior gas and that he could not, in good conscience, continue to work there. In the meantime, the state Supreme Court sent the Gaines case back to Boone County to determine whether the new law school at Lincoln would comply with the US Supreme Court���s requirement of ���substantial equality.���