Finance

Microfinance Beyond Group Lending

Microfinance Beyond Group Lending
with Beatriz Armendariz de Aghion. The Economics of Transition 8 (2) 2000: 401-420.

Morduch, J.
01/01/2000

Studies the mechanisms that allows microfinance programs to successfully penetrate new segments of credit markets. Repayment rates from low-income borrowers; Microfinance in transition economies; Non-refinancing threats; Features of microfinance credit contracts.

Perceived Family and Peer Transactions and Self-Esteem Among Urban Early Adolescents

Perceived Family and Peer Transactions and Self-Esteem Among Urban Early Adolescents
Journal of Early Adolescence, 20(1), 68-92,

Roberts, A., Seidman, E., Pedersen, S., Chesir-Teran, D., Allen, L., Aber, J.L., Duran, V. & Hsueh, J.
01/01/2000

This research extends previous work that identified groups of youth characterized by profiles of perceived family and peer transactions. Predictions derived from self-enhancement and self-consistency theories concerning how such transactions might relate to self-esteem in a diverse sample of early adolescents (N = 635) were investigated. Both theories indicate independent contributions of family and peer transactions to self-esteem. The theories differ, however, with regard to implications for how the two microsystems might interrelate in their linkages with self-esteem, with self-enhancement theory implying a moderational model and self-consistency theory a mediational model. As predicted, family and peer profiles each made independent contributions to the prediction of self-esteem. Consistent with self-consistency theory, the relations of family transactions to self-esteem were mediated in part by their associations with peer transactions, with particularly strong linkages evident between qualitatively similar profiles of family and peer experiences. Support for a moderational model, however, was not found.

The Internet Backbone and the American Metropolis

The Internet Backbone and the American Metropolis
Information Society, Jan-March, Vol. 16 Issue 1, p35-47, 13p.

Moss, M. L. & Townsend, A.
01/01/2000

Despite the rapid growth of advanced telecommunications services, there is a lack of knowledge about the geographic diffusion of these new technologies. The Internet presents an important challenge to communications researchers, as it threatens to redefine the production and delivery of vital services including finance, retailing, and education. This article seeks to address the gap in the current literature by analyzing the development of Internet backbone networks in the United States between 1997 and 1999. We focus upon the intermetropolitan links that have provided transcontinental data transport services since the demise of the federally subsidized networks deployed in the 1970s and 1980s. We find that a select group of seven highly interconnected metropolitan areas consistently dominated the geography of national data networks, despite massive investment in this infrastructure over the study period. Furthermore, while prosperous and internationally oriented American cities lead the nation in adopting and deploying Internet technologies, interior regions and economically distressed cities have failed to keep up. As information-based industries and services account for an increasing share of economic activity, this evidence suggests that the Internet may aggravate the economic disparities among regions, rather than level them. Although the capacity of the backbone system has slowly diffused throughout the metropolitan system, the geographic structure of interconnecting links has changed little. Finally, the continued persistence of the metropolis as the center for telecommunications networks illustrates the need for a more sophisticated understanding of the interaction between societies and technological innovations.

The Microfinance Schism

The Microfinance Schism
World Development, 28 (4), April 2000, 617 - 629.

Morduch, J.
01/01/2000

Presents a study on win-win proposition, a principle of good banking, by leading microfinance advocates which can alleviate poverty through microfinance institution. Logic of the win-win proposition; Advantages of financial sustainability; Limits of the proposition.

The Microfinance Promise

The Microfinance Promise
Journal of Economic Literature, Dec 1999, Vol. 37 Issue 4, p1569, 46p.

Morduch, J.
12/01/1999

The article presents information about a set of financial institutions in underdeveloped countries which are striving to alleviate poverty by providing financial services to low-income households. These institutions, united under the banner of microfinance, share a commitment to serving clients that have been exclude from the formal banking sector. Almost all of the borrowers do so to finance self-employment activities, and many start by taking loans as small as $75, repaid over several months or a year. Only a few programs require borrowers to put up collateral, enabling would-be entrepreneurs with few assets to escape positions as poorly paid wage laborers or farmers. The programs point to innovations like "group-lending" contracts and new attitudes about subsidies as keys to their success. Group-lending contracts effectively make a borrower's neighbors co-signers to loans, mitigating problems created by informational asymmetries between lender and borrower. Neighbours now have incentives to monitor each other and to exclude risky borrowers from participation, promoting repayment even in the absence of collateral requirements.

Are Stocks Overtaking Real Estate in Household Portfolios?

Are Stocks Overtaking Real Estate in Household Portfolios?
Current Issues in Economics and Finance 5(5), April 1999, pages 1-6.

Sewin Chan, Henry Schneider & Joseph Tracy
04/01/1999

The rapid growth of the stock market since 1990 has encouraged the view that corporate equity holdings are becoming the primary asset for a broad spectrum of American households. A closer look at the evidence, however, reveals that real estate continues to eclipse stocks as a share of most households’ portfolios.

Household Asset Portfolios and the Reform of the Housing Finance Market

Household Asset Portfolios and the Reform of the Housing Finance Market
TIAA-CREF Research Dialogues 59, Feb, pages 1-12.

Andrew Caplin, Sewin Chan, Charles Freeman & Joseph Tracy
02/01/1999

When individuals or families make retirement planning decisions, including asset allocation choices, it is important for them to consider how all of the assets they own fit together to form an overall portfolio of house-hold wealth. Surprisingly often, one of the most important household assets is left out of retirement planning discussions completely: the family home.

This issue of Research Dialogue examines in detail the central role that residential housing plays in household asset portfolios in the United States. Currently, families don't have much choice regarding the amount of wealth they must "allocate" to their home: either they own their residence or they do not. This stark choice generally leaves homeowners overexposed to significant financial risks that most would prefer not to take. The authors of this article describe financial innovations that, if developed and adopted, would provide families far greater choice regarding how much to invest in a home. The authors show that this greater flexibility could lead to as much as 20% greater wealth at retirement through better diversification of the wealth that homeowners currently must hold in the form of housing.

 

Between the Market and State: Can Informal Insurance Patch the Safety Net?

Between the Market and State: Can Informal Insurance Patch the Safety Net?
World Bank Research Observer, 14 (2), August 1999, 187 - 207.

Morduch, J.
01/01/1999

Examines use of informal insurance arrangements in households of low-income countries. Relationship between household consumption and income; Ways in dealing economic hardships; Systems of reciprocal transfers; Role of public policy in reducing economic vulnerability; Overview on microcredit, insurance and employment guarantee schemes.

Cost Accounting for Health Care Organizations: Concepts and Applications

Cost Accounting for Health Care Organizations: Concepts and Applications
2nd Edition, Aspen Publishers, Inc., Rockville, MD.

Finkler, S.A. & Ward, D.M.
01/01/1999

Cost Accounting for Health Care Organizations: Concepts and Applications and Essentials of Cost Accounting for Health Care Organizations (companion book) provide a thorough coverage of cost accounting from a health care perspective. They cover all of the basic tools of cost accounting common to all industries, and use health care examples. Cost Accounting for Health Care Organizations: Concepts and Applications and Essentials of Cost Accounting for Health Care Organizations focus on costing issues and concepts peculiar to the health care field. The tools covered are all practical, although they are not all commonly used. Some approaches, such as learning curves, are commonly used in other industries but not in health care. It is our hope that readers of these books will see the value of some of these less frequently used techniques and adopt them for use in their organizations.

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