Solidarity finance through community development banks as a strategy for reshaping local economies: lessons from Banco Palmas

The purpose of this paper is to reflect on the possibilities and challenges of Community Development Banks (CDBs) as an innovative method of socioeconomic management of microcredit for poor populations. To this end, we will discuss the case of Banco Palmas in Conjunto Palmeiras in the city of Fortaleza, in the northeastern state of Ceará, as an empirical case study. The analyses presented here are based on information obtained from Banco Palmas between late 2011 and early 2012. In addition, previous studies by other researchers on the bank and other studies on CDBs were important. The primary data collected at Banco Palmas came from documents made available by the bank, such as reports and mappings. The analyses describe some of the characteristics of the granting of microcredit and allow one to situate it in the universe of microfinance and solidarity finance. They also show the significant growth of local consumption, mostly through the use of the Palmas social currency. The Banco Palmas experience, aside from influencing national public policies of solidarity finance, initiated a CDBs network that encourages the replication of these experiences throughout the country.

Bridging the Faraoni and Selli oceanic anoxic events: late Hauterivian to early Aptian dysaerobic to anaerobic phases in the Tethys

A detailed geochemical analysis was performed on the upper part of the Maiolica Formation in the Breggia (southern Switzerland) and Capriolo sections (northern Italy). The analysed sediments consist of well-bedded, partly siliceous, pelagic carbonate, which lodges numerous thin, dark and organic-rich layers. Stable-isotope, phosphorus, organic-carbon and a suite of redox-sensitive trace-element contents (RSTE: Mo, U, Co, V and As) were measured. The RSTE pattern and C-org:P-tot ratios indicate that most organic-rich layers were deposited under dysaerobic rather than anaerobic conditions and that latter conditions were likely restricted to short intervals in the latest Hauterivian, the early Barremian and the pre-Selli early Aptian. Correlations are both possible with organic-rich intervals in central Italy (the Gorgo a Cerbara section) and the Boreal Lower Saxony Basin, as well as with the facies and drowning pattern in the Helvetic segment of the northern Tethyan carbonate platform. Our data and correlations suggest that the latest Hauterivian witnessed the progressive installation of dysaerobic conditions in the Tethys, which went along with the onset in sediment condensation, phosphogenesis and platform drowning on the northern Tethyan margin, and which culminated in the Faraoni anoxic episode. This episode is followed by further episodes of dysaerobic conditions in the Tethys and the Lower Saxony Basin, which became more frequent and progressively stronger in the late early Barremian. Platform drowning persisted and did not halt before the latest early Barremian. The late Barremian witnessed diminishing frequencies and intensities in dysaerobic conditions, which went along with the progressive installation of the Urgonian carbonate platform. Near the Barremian-Aptian boundary, the increasing density in dysaerobic episodes in the Tethyan and Lower Saxony Basins is paralleled by a change towards heterozoan carbonate production on the northern Tethyan shelf. The following return to more oxygenated conditions is correlated with the second phase of Urgonian platform growth and the period immediately preceding and corresponding to the Selli anoxic episode is characterised by renewed platform drowning and the change to heterozoan carbonate production. Changes towards more humid climate conditions were the likely cause for the repetitive installation of dys- to anaerobic conditions in the Tethyan and Boreal basins and the accompanying changes in the evolution of the carbonate platform towards heterozoan carbonate-producing ecosystems and platform drowning.

Consumer Satisfaction with Websites of Banks - The Moderating Effect of Consumer Technology Attractiveness

The websites are becoming the firms’ first contact interface with their clients. Hence, understanding customers’ online attitudes and behaviors have been capturing increased research attention. The extant research has pointed customers’ satisfaction with the websites as the main reason for customers’ online behaviors. This research has used mostly variables related to the characteristics of the websites as the predictors of customers’ website satisfaction. However, recent research shows that groups of individuals displaying distinctive characteristics react differently to the same context. Therefore, behavior may be considerably different among groups of customers. In this study, we develop a conceptual model of the influence of individual characteristics on the traditional website quality – website satisfaction relationship. We propose a model based on the construct of consumer technology attractiveness (CTA) to represent the genuine positive propensity of individuals toward technology. We further test the moderating effect of this construct on the commonly used predictors of customer’s website satisfaction using Hierarchical Multiple Regression. The empirical study was based on websites of banks operating in Portuguese market. The commercial banking industry is one of the Portuguese industries that better uses the Internet to establish relationships with clients. Data were collected through an online website satisfaction survey, participated by the lecturers and postgraduate students from four Portuguese Universities and Polytechnic Institutes. Our final sample comprised 276 valid questionnaires. Our study permits to conclude that the most commonly used antecedents of website overall satisfaction are still relevant for analyzing consumer’s satisfaction with the banks websites. We also conclude that CTA has a significant moderating effect on almost all customers’ website satisfaction variables used in the study. This study contributes to highlight the theoretical importance and significant influence of consumers’ personal characteristics on their online behavior. Moreover, for the practitioners, a better understanding of these individual characteristics will assist them in developing customized websites that will meet customers’ expectations. O estudo dos comportamentos dos consumidores em ambientes online tem vindo a ter um crescente interesse, uma vez que os websites estão a transformar-se num importante ponto de contacto entre as empresas e os seus clientes. A satisfação dos clientes com os websites tem sido apontada pela Literatura como o principal condicionante dos comportamentos online dos consumidores. No entanto, a investigação científica tem conseguido provar que grupos de indivíduos com características distintas reagem de forma diferente quando submetidos a contextos idênticos, o que poderá levar a diferenças significativas no comportamento online de consumidores pertencentes a diferentes grupos. Neste estudo desenvolvemos um modelo conceptual que reflecte a influência de características individuais na relação entre a qualidade e a satisfação com os websites. Propomos um modelo assente na atractividade tecnológica do consumidor (CTA), que representa a propensão genuína que os indivíduos possuem em relação à tecnologia. Testamos o efeito moderador deste conceito sobre as variáveis mais utilizadas nos estudos sobre a satisfação dos consumidores com os websites, utilizando a Regressão Múltipla Hierárquica. O estudo empírico baseou-se nos websites dos bancos que operam no mercado português, uma vez que este sector é um dos que melhor utiliza a Internet na sua relação com os clientes. Os dados foram recolhidos através de um questionário sobre satisfação com os websites, colocado online e dirigido a docentes e estudantes de programas de pós-graduações, mestrados e doutoramentos de quatro universidades e instituto politécnico portugueses, tendo resultado numa amostra final de 276 questionários validados estatisticamente. Este estudo permitiu concluir que as variáveis que são mais utilizadas como antecedentes da satisfação dos consumidores com os websites, continuam a ser igualmente válidas para a análise dos websites dos bancos. Também concluímos que a CTA tem efeitos moderadores significativos na grande maioria das variáveis utilizadas neste estudo. Assim, conseguimos realçar a importância teórica das características pessoais dos consumidores no seu comportamento online. Para os gestores, uma melhor compreensão destas características individuais permitir-lhes-á desenvolver websites customizados que irão satisfazer as expectativas dos seus clientes.

Conservation of oceanic island floras: Present and future global challenges

Currentthreatstotheplanet’sbiodiversityareunprecedented,andtheyparticularlyimperilinsular floras.Inthisinvestigation,weusethethreatfactorsidentifiedbytheMillenniumEcosystem Assessmentasthemaindriversofbiodiversitylossonislandstodefineandrank13current,continuing threatstotheplantdiversityofninefocalarchipelagoswherevolcanicorigin(orintheSeychellesa prolongedisolationafteracontinentalorigin)hasproducedahighdegreeofendemicityandfragilityin the faceofhabitatalteration.Wealsoconductaglobalendangermentassessmentbasedonthe numbersofinsularendemicplantsintheendangered(EN)andcriticallyendangered(CR)IUCN categoriesfor53islandgroupswithanestimated9951endemicplantspecies,providinga representativesampleoftheworld’sinsularsystemsandtheirfloristicrichness.Ouranalysesindicate that isolationdoesnotsignificantlyinfluenceendangerment,butplantendemicsfromverysmall islandsaremoreoftencriticallyendangered.Weestimatethatbetween3500and6800oftheestimated 70,000 insularendemicplantspeciesworldwidemightbehighlythreatened(CR+EN)andbetweenca. 2000 and2800ofthemincriticaldangerofextinction(CR).Basedontheseanalyses,andona worldwideliteraturereviewofthebiologicalthreatfactorsconsidered,weidentifychallenging questionsforconservationresearch,asking(i)whatarethemosturgentprioritiesfortheconservation of insularspeciesandfloras,and(ii)withtheknowledgeandassetsavailable,howcanweimprovethe impactofconservationscienceandpracticeonthepreservationofislandbiodiversity?Ouranalysis indicatesthatthesynergisticactionofmanythreatfactorscaninducemajorecologicaldisturbances, leadingtomultipleextinctions.Wereviewweaknessesandstrengthsinconservationresearchand managementintheninefocalarchipelagos,andhighlighttheurgentneedforconservationscientiststo shareknowledgeandexpertise,identifyanddiscusscommonchallenges,andformulatemulti- disciplinaryconservationobjectivesforinsularplantendemicsworldwide.Toourknowledge,thisisthe mostup-to-dateandcomprehensivesurveyyettoreviewthethreatfactorstonativeplantsonoceanic islandsanddefinepriorityresearchquestions.

The oceanic base of slope record of the Permian-Triassic crisis: view from Tethys (Oman)

The Oman Mountains provide some of the best sections of Permian and Triassic sediments from ocean sea floor to base-of-slope environments related to the distal South Tethyan margin. The central part of the range exposes the Buday'ah section of oceanic sediments in the so-called "Hawasina allochtons". The locality of Wadi Maqam in the north-western part of the Oman Mountains is among places where the thick Permian-Triassic base-of-slope sediments is exposed (Baud et al., 2001). Overlying 400 m of middle Permian limestones and dolomites, the upper Permian sediments consist of 50 m of ≈ 10 cm thick beds of cherts and dolomites rich in sponge spicules. The top of the Permian units is well bioturbated lime mudstone-wackestone, devoid of cherts and dated as late Changhsingian (Krystyn in Richoz et al., 2005). The boundary yellow shales are overlain by very thinly bedded, laminated microbial platy lime mudstone with H. parvus. The dramatic loss of the burrowing infauna indicates the appearance of oxygen-poor water. These Induan sediments are about 25 m thick and show at the top the first calcirudites, commonly clast-supported (edge-wise conglomerates), and are characterized by tabular clasts representing the sub- in situ reworking of the laminated, platy calcilutite. The very thick Smithian overlying litho-unit (up to 900 m) marks the onset on the base-of-slope of a deep-marine basin in which carbonate submarine fan deposits developed This very thick unit consists essentially of platy limestones, calcarenites and calcirudites. It comprises mainly grey-beige calcilutite, laminated and flaggy, interbedded with sparse beds of fine-grained calcarenite in cm beds. Channelized beds of intraformational calcirudite are also part of this succession which constitutes the greater part of the outcrop available. During the Spathian to Anisian, the sedimentation changes to terrigenous mudstone and siltstone that ended with Ladinian radiolarites.

Banks and development: Jewish communities in the Italian Renaissance and current economic performance

Are differences in local banking development long-lasting? Do they affect long-term economic performance?I answer these questions by relying on an historical development that occurred in Italian cities during the 15thcentury. A sudden change in the Catholic doctrine had driven the Jews toward money lending. Cities thatwere hosting Jewish communities developed complex banking institutions for two reasons: first, the Jews werethe only people in Italy who were allowed to lend for a profit and, second, the Franciscan reaction to Jewishusury led to the creation of charity lending institutions, the Monti di Pietà, that have survived until today andhave become the basis of the Italian banking system. Using Jewish demography in 1500 as an instrument, Iprovide evidence of (1) an extraordinary persistence in the level of banking development across Italian cities (2)large effects of current local banking development on per-capita income. Additional firm-level analyses suggestthat well-functioning local banks exert large effects on aggregate productivity by reallocating resources towardmore efficient firms. I exploit the expulsion of the Jews from the Spanish territories in Italy in 1541 to arguethat my results are not driven by omitted institutional, cultural and geographical characteristics. In particular,I show that, in Central Italy, the difference in current income between cities that hosted Jewish communitiesand cities that did not exists only in those regions that were not Spanish territories in the 16th century.

Banks, liquidity crises and economic growth

How do the liquidity functions of banks affect investment and growth at different stages ofeconomic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. We show that middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, they eventually converge to a financially safe long run steady state. Finally, the model replicates the empirical fact of higher costs of banking crises for middle income economies.

Banks, government bonds, and default: what do the data say?

We use data from Bankscope to analyze the holdings of public bonds by over 18,000 banks located in 185 countries and the role of these bonds in 18 sovereign debt crises over the period 1998-2012. We find that: (i) banks hold a sizeable share of their assets in government bonds (about 9% on average), particularly in less financially developed countries; (ii) during sovereign crises, banks on average increase their bondholdings by 1% of their assets, but this increase is concentrated among larger and more profitable banks, and; (iii) the correlation between a bank's holdings of public bonds and its future loans is positive in normal times, but turns negative during defaults. A 10% increase in bank bond-holdings during default is associated with a 3.2% reduction in future loans, and bonds bought in normal times account for 75% of this effect. Our results are consistent with the view that there is a liquidity benefit for banks to hold public bonds in normal times, which is critical for understanding bank fragility during sovereign crises.

Multiple plume events in the genesis of the peri-Caribbean Cretaceous oceanic plateau province

The oceanic crust fragments exposed in central America, in north-western South America, and in the Caribbean islands have been considered to represent accreted remnants of the Caribbean-Colombian Oceanic Plateau (CCOP). On the basis of trace element and Nd, Sr, and Pb isotopic compositions we infer that cumulate rocks, basalts, and diabases from coastal Ecuador have a different source than the basalts from the Dominican Republic. The latter suite includes the 86 Ma basalts of the Duarte Complex which are light rare earth element (REE) -enriched and display (relative to normal mid-ocean ridge basalts, NMORB) moderate enrichments in large ion lithophile elements, together with high Nb, Ta, Pb, and low Th contents. Moreover, they exhibit a rather restricted range of Nd and Pb isotopic ratios consistent with their derivation from an ocean island-type mantle source, the composition of which includes the HIMU (high U-238/Pb-204) component characteristic of the Galapagos hotspot. In contrast, the 123 Ma Ecuadorian oceanic rocks have flat REE patterns and (relative to NMORB) are depleted in Zr, Hf, Th, and U. Moreover, they show a wide range of Nd and Pb isotopic ratios intermediate between those of ocean island basalts and NMORB. It is unlikely, on geochemical grounds, that the plume source of the Ecuadorian fragments was similar to that of the Galapagos. In addition, because of the NNE motion of the Farallon plate during the Early Cretaceous, the Ecuadorian oceanic plateau fragments could not have been derived from the Galapagos hotspot but were likely formed at a ridge-centered or near-ridge hotspot somewhere in the SE Pacific.

The contribution of the young Cretaceous Caribbean Oceanic Plateau to the genesis of late Cretaceous arc magmatism in the Cordillera Occidental of Ecuador

The eastern part of the Cordillera Occidental of Ecuador comprises thick buoyant oceanic plateaus associated with island-arc tholeiites and subduction-related calc-alkaline series, accreted to the Ecuadorian Continental Margin from Late Cretaceous to Eocene times. One of these plateau sequences, the Guaranda Oceanic Plateau is considered as remnant of the Caribbean-Colombian Oceanic Province (CCOP) accreted to the Ecuadorian Margin in the Maastrichtien. Samples studied in this paper were taken from four cross-sections through two arc-sequences in the northern part of the Cordillera Occidental of Ecuador, dated as (Rio Cala) or ascribed to (Macuchi) the Late Cretaceous and one arc-like sequence in the Chogon-Colonche Cordillera (Las Orquideas). These three island-arcs can clearly be identified and rest conformably on the CCOP. In all four localities, basalts with abundant large clinopyroxene phenocrysts can be found, mimicking a picritic or ankaramitic facies. This mineralogical particularity, although not uncommon in island arc lavas, hints at a contribution of the CCOP in the genesis of these island arc rocks. The complete petrological and geochemical study of these rocks reveals that some have a primitive island-arc nature (MgO values range from 6 to 11 wt.%). Studied samples display marked Nb, Ta and Ti negative anomalies relative to the adjacent elements in the spidergrams characteristic of subductionrelated magmatism. These rocks are LREE-enriched and their clinopyroxenes show a tholeiitic affinity (FeO(1)-TiO(2) enrichment and CaO depletion from core to rim within a single crystal). The four sampled cross-sections through the island-arc sequences display homogeneous initial Nd, and Pb isotope ratios that suggest a unique mantellic source for these rocks resulting from the mixing of three components: an East-Pacific MORB end-member, an enriched pelagic sediment component, and a HIMU component carried by the CCOP. Indeed, the ankaramite and Mg-basalt sequences that form part of the Caribbean-Colombian Oceanic Plateau are radiogenically enriched in (206)Pb/(204)Pb and (207)Pb/(204)Pb and contain a HIMU component similar to that observed in the Gorgona basalts and Galapagos lavas. The subduction zone that generated the Late Cretaceous arcs occurred far from the continental margin, in an oceanic environment. This implies that no terrigenous detrital sediments interacted with the source at this period. Thus, the enriched component can only result from the melting of subducted pelagic sediments. We have thus defined the East-Pacific MORB, enriched (cherts, pelagic sediments) and HIMU components in an attempt to constrain and model the genesis of the studied island-arc magmatism, using a compilation of carefully selected isotopic data from literature according to rock age and paleogeographic location at the time of arc edification. Tripolar mixing models reveal that proportions of 12-15 wt.% of the HIMU component, 7-15 wt.% of the pelagic sediment end-member and 70-75 wt.% of an East-pacific MORB end-member are needed to explain the measured isotope ratios. These surprisingly high proportions of the HIMU/CCOP component could be explained by the young age of the oceanic plateau (5-15 Ma) during the Late Cretaceous arc emplacement. The CCOP, basement of these arc sequences, was probably still hot and easily assimilated at the island-arc lava source. (C) 2008 Elsevier Ltd. All rights reserved,

Petrography and geochemistry of accreted oceanic fragments below the Western Cordillera of Ecuador

The Western Cordillera of Ecuador consists of Cretaceous crustal fragments of oceanic plateaux and superimposed insular arcs, which were accreted to the northwestern South American margin during the Late Cretaceous and Paleocene. Slices of high-grade metabasites, ultramafic rocks, gabbros and basalts, unmetamorphosed radiolarian cherts and scarce garnet-bearing metasediments were randomly exhumed along Miocene to Recent transcurrent faults crosscutting the Western Cordillera. The basalts show geochemical characteristics of oceanic plateau basalts (flat REE patterns, La/Nb = 0.85). The gabbros differ from the basalts in having lower REE levels, positive Eu anomalies, and negative Nb and Ta anomalies; they are interpreted as resulting from arc magmatism. The amphibolites and banded amphibolites have major and trace element chemistry similar to that of oceanic plateau basalts (flat REE patterns, La/Nb = 0.86) or to cumulate gabbros. The granulite shares with oceanic plateaus similar trace element chemistry (flat REE patterns, La/Nb < 1) and epsilon(Ndi) values (+7.6). Continent-derived metasediments are depleted in heavy REE (La/Y = 4.8) and have a negative Eu anomaly. Foliated Iherzolites, melagabbronorites and pyroxenites consist of serpentinized olivine + cpx + opx +/- Ca-plagioclase. Lherzolites, melagabbronorites and pyroxenites are LREE depleted with positive Eu anomalies, while the harzburgite displays a U-shaped REE pattern. The trace element abundances of the ultramafic rocks are very low (0.1 to 1 times the chonctritic and primitive mantle values). The ultramafic rocks represent fragments of depleted mantle, deformed cpx-rich cumulate, and continental lithospheric mantle or mantle contaminated by subduction-fluid. Except the scarce quartz-rich metasediments, all these rocks likely represent remnants of accreted oceanic crustal fragments and associated depleted mantle. Since these samples were randomly sampled at depth by the fault, we propose that the Western Cordillera and its crustal root are mainly of oceanic nature.