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This book investigates how development institutions created and promoted marketized development financial instruments to increase the speed and scope of assistance by leveraging private financial markets for development objectives. To attract private investors, donor governments agreed to bear the risk in these new instruments in order to mobilize investment during times of political crisis. In particular, this book contends that Germany’s KfW played an outsized role in the development of these new financial instruments, particularly in microfinance banks and structured funds, as KfW’s unique institutional attributes and strong political support from the German government at critical junctures fostered financial innovation. Using over 70 interviews and a cache of newly released archival materials, this books documents how KfW and other development institutions created and promoted these marketized development financial instruments, and how they have become a pillar of modern development policy.
KfW has been assigned responsibility by the German government and several other donors for projects designed to reconstruct the financial landscapes of Southeast Europe. These activities are recognized as quite successful in building sustainable financial institutions that serve the small end of the market, with special emphasis on microenterprise and small business. The KfW-managed projects have contributed to the overall stability of financial sectors and to economic recovery and growth through employment creation and investment. This book reviews experience gained and analyses the reasons for the successes achieved, options for further improvement, and scope for replicability in other transition and developing economies. A particularly interesting feature is that relatively small amounts of public funds can catalyse financial markets in volatile environments.
A distinguished international group of central bankers, commercial bankers, entrepreneurs, academic advisors, policymakers, and representatives of development finance organizations and donor agencies, brought together by KfW, examines in this book the future of financial sector development in Southeast Europe. They explore ways to strengthen the banking sector in Southeast Europe, further promote SMEs, and improve access to financial services in the region. Experts and decision-makers assess the opportunities and challenges presented by the EU accession process and Basel II, and offer candid insight into the expanding role of the private sector in developing the financial landscape. The perspectives presented in this book will prompt discussion and intellectual exchange that will serve as a new starting point for further successful cooperative initiatives.
Microfinance has experienced dynamic development. Today, microfinance providers reach close to 100 million clients worldwide and are growing fast. New partnerships expand the impact of microfinance even further. Three types of partnerships are examined in this book, each consisting of a thematic pillar. Pillar I focuses on equity investments in microfinance, especially the possibilities for engaging private investors through structured microfinance investment funds. Rating agencies are involved in providing more transparency in this emerging fund industry. Pillar II focuses on collaboration among microfinance providers, governments, private investors and technology companies which help microfinance institutions to integrate new technologies into their business models, reducing cost and increasing outreach to clients. Pillar III covers micropensions, microinsurance and the role of securitisation for the future of microfinance.
Broad-based and inclusive financial systems significantly raise growth, alleviate poverty, and expand economic opportunity. Households, small enterprises, and the rural poor often have difficulty obtaining financial services for a multitude of reasons, including transaction costs, perceived risk, inadequate infrastructure, and information barriers. Yet many financial institutions are now making profitable inroads into underserved markets through formal banking, investment in equities, venture capital, postal banks, and microfinance. Access to Finance addresses the challenges of making financial systems more inclusive, emulating successful ventures in new markets, and utilizing technologies and government policies to support the expansion of financial access. The contributors examine many dimensions of financial access, including: • Measuring financial access • Understanding the impact of expanded access • Examining alternative institutional models • Exploring new technologies and information infrastructure • Evaluating government policies toward outreach.
The New Microfinance Handbook provides a detailed overview of client financial service needs, the various providers and financial products and services that meet those needs, and the supporting functions that allow the financial market system to provide better, more appropriate financial services to the poor sustainably.
The bringing down of the Berlin Wall is one of the most vivid images and historic events of the late twentieth century. The reunification of Germany has transformed the face of Europe. In one stunning year, two separate states with clashing ideologies, hostile armies, competing economies, and incompatible social systems merged into one. The speed and extent of the reunification was so great that many people are still trying to understand the events. Initial elation has given way to the realities and problems posed in reuniting two such different systems. The Rush to German Unity presents a clear historical reconstruction of the confusing events. It focuses on the dramatic experiences of the ...
Vivid, succinct, and highly accessible, Heinrich Winkler's magisterial history of modern Germany offers the history of a nation and its people through two turbulent centuries. It is the story of a country that, while always culturally identified with the West, long resisted the political trajectories of its neighbours. This second and final volume begins at the point of the collapse of the first German democracy, and ends with the joining of East and West Germany in the reunification of 1990. Winkler offers a brilliant synthesis of complex events and illuminates them with fresh insights. He analyses the decisions that shaped the country's triumphs and catastrophes, interweaving high politics with telling vignettes about the German people and their own self-perception. The two volumes of Germany: The Long Road West, exploring the history of the German lands from the final days of the Holy Roman Empire to the very first of a reunified state in the late twentieth century, will be welcomed by scholars, students, and anyone wishing to understand a most complex and contradictory past.
Vivid, succinct, and highly accessible, Heinrich Winkler's magisterial history of modern Germany offers the history of a nation and its people through two turbulent centuries. It is the story of a country that, while always culturally identified with the West, long resisted the political trajectories of its neighbors. This first volume (of two) begins with the origins and consequences of the medieval myth of the "Reich," which was to experience a fateful renaissance in the twentieth century, and ends with the collapse of the first German democracy. Winkler offers a brilliant synthesis of complex events and illuminates them with fresh insights. He analyses the decisions that shaped the country's triumphs and catastrophes, interweaving high politics with telling vignettes about the German people and their own self-perception. With a second volume that takes the story up to reunification in 1990, Germany: The Long Road West will be welcomed by scholars, students, and anyone wishing to understand this most complex and contradictory of countries.
History and collective memories influence a nation, its culture, and institutions; hence, its domestic politics and foreign policy. That is the case in the Intermarium, the land between the Baltic and Black Seas in Eastern Europe. The area is the last unabashed rampart of Western Civilization in the East, and a point of convergence of disparate cultures. Marek Jan Chodakiewicz focuses on the Intermarium for several reasons. Most importantly because, as the inheritor of the freedom and rights stemming from the legacy of the Polish-Lithuanian/Ruthenian Commonwealth, it is culturally and ideologically compatible with American national interests. It is also a gateway to both East and West. Since...