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This paper estimates the neutral interest rate in the Kyrgyz Republic using a range of methodologies. Results indicate that the real neutral rate is about 4 percent based on an average of models and 3.7 percent based on a Quarterly Projection Model. This is higher than in many emerging markets and is likely explained by higher public debt and an elevated risk premium, low creditor rights and contractual enforcement, and low domestic savings. The use of an estimate of the neutral interest rate provides useful guidance to monetary policy and enhances transparency and independence of the central bank. Our estimate provides a quantitative benchmark for the monetary policy stance in the context o...
Microfinance is a burgeoning area in economics. This volume provides a much-needed historical, political and economic dimension to current microfinance knowledge, and fills a huge gap in published literature.
The first feminist critique of the much-lauded microcredit process in Bangladesh.
A compilation of the primary texts--by Foucault, Arendt, Agamben, Badiou, and other theorists--that laid the ground for contemporary thinking about biopolitics, or the relations between life and politics.
Microcredit has been seen in recent decades as having great potential for aiding development in poor developing countries, with Bangladesh being one of the countries which has pioneered microcredit and implemented it most widely. This book, based on extensive original research, explores how microcredit works in practice, and assesses its effectiveness. It discusses how microcredit, usually channelled through women, is often passed to the men of the family, a practice disapproved of by some, but regarded as acceptable by borrowers who have a communal approach to debt, rather than viewing debt as something held by single individuals. The book demonstrates how the rules around microcredit are often seem as irksome by the borrowers, how lenders often charge high rates of interest and work primarily to preserve their institutions, thereby going against the spirit of the microcredit movement, and how borrowers often end up on a downward spiral, deeper and deeper in debt. Overall, the book argues that although microcredit does much good, it also has many drawbacks.
There are few areas of society today that remain outside the ambit of policy processes, and likewise policy making has progressively reached into the structure and fabric of everyday life. An instrument of modern government, policy and its processes provide an analytical window into systems of governance themselves, opening up ways to study power and the construction of regimes of truth. This volume argues that policies are not simply coercive, constraining or confined to static texts; rather, they are productive, continually contested and able to create new social and semantic spaces and new sets of relations. Anthropologists do not stand outside or above systems of governance but are themselves subject to the rhetoric and rationalities of policy. The analyses of policy worlds presented by the contributors to this volume open up new possibilities for understanding systems of knowledge and power and the positioning of academics within them.
Since its emergence in the 1970s, microfinance has risen to become one of the most high-profile policies to address poverty in developing and transition countries. It is beloved of rock stars, movie stars, royalty, high-profile politicians and ‘troubleshooting’ economists. In this provocative and controversial analysis, Milford Bateman reveals that microfinance doesn’t actually work. In fact, the case for it has been largely built on hype, on egregious half-truths and – latterly – on the Wall Street-style greed of those promoting and working in microfinance. Using a multitude of case studies, from India to Cambodia, Bolivia to Uganda, Serbia to Mexico, Bateman demonstrates that microfi nance actually constitutes a major barrier to sustainable economic and social development, and thus also to sustainable poverty reduction. As developing and transition countries attempt to repair the devastation wrought by the global financial crisis, Why Doesn’t Microfinance Work? argues forcefully that the role of microfinance in development policy urgently needs to be reconsidered.
Innovation for Sustainable Development Review of Kyrgyzstan contains the outcomes of a policy advisory exercise that drew on the experience accumulated by the UNECE in the identification of good practices and policy lessons in the area of knowledge-based development, with particular reference to the problems of countries with economies in transition. It provides a set of recommendations and policy options to stimulate innovation activity in the country, enhance its innovation capacity and improve the overall efficiency of the national innovation system.