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This paper describes the equilibrium of a discrete-time exchange economy in which consumers with arbitrary subjective discount factors and quasi-homothetic period utility functions follow linear Markov consumption and portfolio strategies. Explicit expressions are given for state prices and...
Persistent link: https://www.econbiz.de/10005662071
Group liability is often portrayed as the key innovation that led to the explosion of the microcredit movement, which started with the Grameen Bank in the 1970s and continues on today with hundreds of institutions around the world. Group lending claims to improve repayment rates and lower...
Persistent link: https://www.econbiz.de/10005656151
development goals. Microfinance in particular has often been argued, but not without controversy, to be a tool for empowering …
Persistent link: https://www.econbiz.de/10005792103
Motivated by recent controversies surrounding the role of commercial lenders in microfinance, we analyze borrower …
Persistent link: https://www.econbiz.de/10011083818
of a particular microfinance institution (Spandana) while the remainder were not, although other MFIs were free to enter …. We found no changes in any of the development outcomes that are often believed to be affected by microfinance, including …
Persistent link: https://www.econbiz.de/10011084414
We examine how participation in a microfinance program diffuses through social networks. We collected detailed … demographic and social network data in 43 villages in South India before microfinance was introduced in those villages and then … first informed about the program, "the injection points". Microfinance participation is higher when the injection points …
Persistent link: https://www.econbiz.de/10011084550
Morocco starting in 2006 by Al Amana, the country’s largest microfinance institution. Al Amana was the only MFI operating in …
Persistent link: https://www.econbiz.de/10011084580
This paper employs cohort technique and Consumer Expenditure Survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups. Using these profiles, we estimate a structural model of optimal...
Persistent link: https://www.econbiz.de/10005504201
We study the effects of a conditional cash transfers program on school enrollment and performance in Mexico. We provide a theoretical framework for analyzing the dynamic educational process including the endogeneity and uncertainty of performance at school (passing grades) and the effect of a...
Persistent link: https://www.econbiz.de/10005504259
We develop and estimate a model of dynamic interactions where commitment is limited and contracts are incomplete to explain the patterns of income and consumption growth in village economies of less developed countries. Households can insure through both formal contracts and informal agreements,...
Persistent link: https://www.econbiz.de/10005504414