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Enforcing Repayment in Lending without Collateral: An Empirical Survey on Group Lending Microfinance
ASM Rejaul Hassan Karim Bakshi
Pakistan Journal of Social Sciences , 2012,
Abstract: In this study, we are exploring factors affecting repayment in group lending microfinance. Theoretically, it is generally claimed that join liability obligation in group lending enforces repayment. Though our empirical survey find that joint liability creates peer pressure and peer monitoring and very often helps ensuring repayment, it is not free from weakness and is not necessary at all lending the poor. We see that dynamic loan incentive can ensure repayment even in absence of joint liability. We also find other factors that affect repayment. The study thus, shows that joint liability is neither necessary nor sufficient in enforcing repayment rather there are scores of innovations in group lending microfinance, like dynamic and progressive lending that help MFIs to boost up repayment.
Bank Lending in Project Finance: The New Regulatory Capital Framework
Enzo Scannella
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v5n1p218
Abstract: The paper aims to examine the new regulatory framework of project finance in the economics of banking firms. In particular, the paper investigates the uniqueness of the project finance, the significant importance of the project finance in bank activity, and the role of the new bank capital requirements to promote the innovative financial scheme. In the project finance business loans terms and characteristics are primarily based on the assets and quality of the project to be financed. It means that the usual bank rating models for lending business might not been implemented in the project finance lending. Quantitative estimates of credit risk could not be always possible in project finance lending. Consequently, the new regulatory capital requirements framework gives banks the option to implement a qualitative method – a supervisory slotting criteria approach – to evaluate credit risk in project finance lending business. The regulatory capital requirement recognizes project finance as specialized lending. The paper provides a summary of the treatment of the project finance in the New Basel Capital Accord. The paper is organized as follows. Section 1 provides a general description of project finance. Section 2 identifies the economic and financial uniqueness of project finance loans and credit risk assessment process. Section 3 delineates the impact of the new regulatory capital requirements framework on project finance lending. Final sections concludes.
Group Lending Model under Sequential Moves  [cached]
Mahito Okura,Wei Zhang
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n5p146
Abstract: We build a simple dynamic model to investigate the sequential group lending's ability to resolve the ex-ante moral hazard and under-monitoring problems among group members in comparison with simultaneous group lending. We found that the interest rates proposed by the lender are critical to the analytical results. If the interest rate is under certain parameter conditions, both the leader member and the follower member in sequential lending choose higher working effort levels even with the presence of lower peer monitoring in the second period. In this case, the arrangement of sequential lending is beneficial for mitigating the ex-ante moral hazard and under-monitoring problems. If the interest rate is higher than a level with certain parameter configurations, the leader member chooses higher working and monitoring effort levels, whereas the follower member chooses lower working and monitoring effort levels. We also found that the repayment rate in the sequential lending model is higher than that in the simultaneous lending model.
Outcomes of polio eradication activities in Uttar Pradesh, India: the Social Mobilization Network (SM Net) and Core Group Polio Project (CGPP)
William M Weiss, MH Rahman, Roma Solomon, Vibha Singh, Dora Ward
BMC Infectious Diseases , 2011, DOI: 10.1186/1471-2334-11-117
Abstract: We carried out a secondary data analysis of routine monitoring information collected by the SM Net and the Government of India. These data include information about vaccination outcomes in SM Net areas and non-SM Net areas within the districts where the CORE Group operates. Statistical analysis was used to compare, between SM Net and non-SM Net areas, vaccination outcomes considered sensitive to social mobilization efforts of the SM Net. We employed Generalized Estimating Equations (GEE) statistical method to account for Intra-cluster Correlation (ICC), and used 'Quasi-likelihood under the independence model criterion (QIC)' as the model selection method.Vaccination outcomes in SM Net areas were as high as or higher than in non-SM Net areas. There was considerable variation in vaccination outcomes between districts.While not conclusive, the results suggest that the social mobilization efforts of the SM Net and the CORE Group are helping to increase vaccination levels in high-risk areas of Uttar Pradesh. Vaccination outcomes in CORE Group areas were equal or higher than in non-CORE, non-SM Net areas. This occurred even though SM Net areas are those with more community resistance to polio vaccination and/or are have harder-to-reach populations than non-SM Net areas. Other likely explanations for the relatively good vaccination performance in SM Net areas are not apparent.There were an estimated 350,000 cases of wild poliovirus in 1988 [1]. In dramatic contrast, the total number of wild polio cases in all of 2009 has dropped to 1604; the global total number of 2010 wild polio cases is 618 as of 24 August 2010 [2]. Four countries are endemic for wild polio: Afghanistan, India, Nigeria and Pakistan [3]. As of 24 August 2010, there have been 30 reported cases of wild poliovirus in India compared to 236 during the same period in 2009 [2]. Almost all wild polio cases in India are from high-risk districts in western Uttar Pradesh and central Bihar [3]. The most recent primar
From No Collateral No Loan to No Collateral No Default : The Economics of Group Lending Microfinance
ASM Rejaul Hassan Karim Bakshi
The Social Sciences , 2013,
Abstract: In this study, we are exploring the economic mechanism that makes group lending microfinance working to extend loan to the poor without collateral while ensuring repayment. In group lending microfinance, MFIs are lending the poor without collateral and the borrowers who pledge no collateral repay loans whenever they are able to. The point is interesting from the fact that if the borrower defaults, she would have to loss almost nothing since, there is no collateral. The reality is, however, that MFIs extend loans without collateral and are rewarded with higher repayment rates. Having no-pledgeable assets by the poor neither prevents MFIs to extend loans nor does it leads borrowers to simply default. This study aims at exploring the economic mechanism through which group lending works. We see that joint liability group lending promotes peer monitoring, eliminates shirking in the group and ensures effort from the borrowers which in turn promotes repayment. We also, find that if loans are associated with dynamic or progressive lending, that is, if successful repayments are rewarded by a larger new loans, we do not need joint liability obligation to ensure repayment. Group lending microfinance with or without joint liability, we thus see, has certain mechanism that leads to assortative matching of borrowers, reduces effective interest rate, leads to peer monitoring and finally enforces repayment as long as borrowers are able to.
THE INFLUENCE OF LENDING ACTIVITY OVER CONSUMER'S BEHAVIOR
Viorica Mirela STEFAN-DUICU,Adrian STEFAN-DUICU
Lex et Scientia , 2011,
Abstract: Lending activity involves an embedding of general principles which require the analysis of risks incorporated in banking operations, both from a consumer and bank perspective. Correlated with economic environment shifts, the consumer’s definition concentrates a series of individual and group necessities with a decisive role in a possible lending decision. As socio-economic issue, the consumer is oriented at lending when his income in order to buy goods or services is not satisfactory. This paper aims at presenting the consumer hypostasis resulted from lending activities, identifying its purposes and risks.
THE INFLUENCE OF LENDING ACTIVITY OVER CONSUMER'S BEHAVIOR
VIORICA MIRELA STEFAN-DUICU,DRIAN STEFAN-DUICU
Challenges of the Knowledge Society , 2011,
Abstract: Lending activity involves an embedding of general principles which require the analysis of risks incorporated in banking operations, both from a consumer and bank perspective. Correlated with economic environment shifts, the consumer’s definition concentrates a series of individual and group necessities with a decisive role in a possible lending decision. As socio-economic issue, the consumer is oriented at lending when his income in order to buy goods or services is not satisfactory.This paper aims at presenting the consumer hypostasis resulted from lending activities, identifying its purposes and risks.
Portfolio Optimization in the Financial Market with Correlated Returns under Constraints, Transaction Costs and Different Rates for Borrowing and Lending  [PDF]
Vladimir Dombrovskii,Tatyana Obedko
Quantitative Finance , 2014,
Abstract: In this work, we consider the optimal portfolio selection problem under hard constraints on trading amounts, transaction costs and different rates for borrowing and lending when the risky asset returns are serially correlated. No assumptions about the correlation structure between different time points or about the distribution of the asset returns are needed. The problem is stated as a dynamic tracking problem of a reference portfolio with desired return. Our approach is tested on a set of a real data from Russian Stock Exchange MICEX.
The ALPS project: open source software for strongly correlated systems  [PDF]
F. Alet,P. Dayal,A. Grzesik,A. Honecker,M. Koerner,A. Laeuchli,S. R. Manmana,I. P. McCulloch,F. Michel,R. M. Noack,G. Schmid,U. Schollwoeck,F. Stoeckli,S. Todo,S. Trebst,M. Troyer,P. Werner,S. Wessel,for the ALPS collaboration
Physics , 2004, DOI: 10.1143/JPSJS.74S.30
Abstract: We present the ALPS (Algorithms and Libraries for Physics Simulations) project, an international open source software project to develop libraries and application programs for the simulation of strongly correlated quantum lattice models such as quantum magnets, lattice bosons, and strongly correlated fermion systems. Development is centered on common XML and binary data formats, on libraries to simplify and speed up code development, and on full-featured simulation programs. The programs enable non-experts to start carrying out numerical simulations by providing basic implementations of the important algorithms for quantum lattice models: classical and quantum Monte Carlo (QMC) using non-local updates, extended ensemble simulations, exact and full diagonalization (ED), as well as the density matrix renormalization group (DMRG). The software is available from our web server at http://alps.comp-phys.org.
The Co-mentoring Project: Overview and Outcomes  [PDF]
Renée A. Zucchero
InSight : A Journal of Scholarly Teaching , 2008,
Abstract: The Co-mentoring Project matched developmental psychology students with older adult volunteers for an intergenerational learning experience. Students conducted a biopsychosocial life review to increase understanding of older adult development and the continuity in lifespan development. Each student developed a summary paper containing the older adult’s life history, a developmental analysis, and personal reflection. A project description, including the scholarship of teaching and learning, and an overview of its outcomes are presented. The project goal was accomplished; students positively evaluated learning outcomes and displayed a significant increase in knowledge about older adults and aging. Implications for college instructors are discussed.
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