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Banking the World
Experts report on the latest research on extending access to financial services to the 2.5 billion adults around the world who lack it. About 2.5 billion adults, just over half the world's adult population, lack bank accounts. If we are to realize the goal of extending banking and other financial services to this vast “unbanked” population, we need to consider not only such product innovations as microfinance and mobile banking but also issues of data accuracy, impact assessment, risk mitigation, technology adaptation, financial literacy, and local context. In Banking the World, experts take up these topics, reporting on new research that will guide both policy makers and scholars in a b...
Financial Performance and Outreach
Microfinance contracts have proven able to secure high rates of loan repayment in the face of limited liability and information asymmetries, but high repayment rates have not translated easily into profits for most microbanks. Profitability, though, is at the heart of the promise that microfinance can deliver poverty reduction while not relying on ongoing subsidy. The authors examine why this promise remains unmet for most institutions. Using a data set with unusually high quality financial information on 124 institutions in 49 countries, they explore the patterns of profitability, loan repayment, and cost reduction. The authors find that institutional design and orientation matter substantially. Lenders that do not use group-based methods to overcome incentive problems experience weaker portfolio quality and lower profit rates when interest rates are raised substantially. For these individual-based lenders, one key to achieving profitability is investing more heavily in staff costs-a finding consistent with the economics of information but contrary to the conventional wisdom that profitability is largely a function of minimizing cost.
The Cold War and the United States Information Agency
This book provides an exhaustive account of America's public diplomacy during the Cold War.
Handbook of Microfinance, Financial Inclusion and Development
This timely Handbook collates a range of evidence from top scholars in the field to help readers understand who microfinance reaches, how it helps, and why clients come back. It offers updated views on important concepts that enable a broader framework for understanding poverty and the corresponding financial needs of poor households. Chapters cover recent findings on social impacts, the role of gender, fairness of interest rates, financial resilience in emergencies, and financial education, to provide a thorough coverage of key areas of the field. The Handbook focuses on delivery mechanisms for financial services including group liability lending, agent banking, and digital finance, as well...
Replenishing the Earth
Why are we speaking English? Replenishing the Earth gives a new answer to that question, uncovering a 'settler revolution' that took place from the early nineteenth century that led to the explosive settlement of the American West and its forgotten twin, the British West, comprising the settler dominions of Canada, Australia, New Zealand, and South Africa. Between 1780 and 1930 the number of English-speakers rocketed from 12 million in 1780 to 200 million, and their wealth and power grew to match. Their secret was not racial, or cultural, or institutional superiority but a resonant intersection of historical changes, including the sudden rise of mass transfer across oceans and mountains, a r...
Natural Experiments of History
In eight case studies by leading scholars in history, archaeology, business, economics, geography, and political science, the authors showcase the “natural experiment” or “comparative method”—well-known in any science concerned with the past—on the discipline of human history. That means, according to the editors, “comparing, preferably quantitatively and aided by statistical analyses, different systems that are similar in many respects, but that differ with respect to the factors whose influence one wishes to study.” The case studies in the book support two overall conclusions about the study of human history: First, historical comparisons have the potential for yielding insights that cannot be extracted from a single case study alone. Second, insofar as is possible, when one proposes a conclusion, one may be able to strengthen one’s conclusion by gathering quantitative evidence (or at least ranking one’s outcomes from big to small), and then by testing the conclusion’s validity statistically.
Internal Improvement
When the people of British North America threw off their colonial bonds, they sought more than freedom from bad government: most of the founding generation also desired the freedom to create and enjoy good, popular, responsive government. This book traces the central issue on which early Americans pinned their hopes for positive government action--internal improvement. The nation's early republican governments undertook a wide range of internal improvement projects meant to assure Americans' security, prosperity, and enlightenment--from the building of roads, canals, and bridges to the establishment of universities and libraries. But competitive struggles eventually undermined the interstate and interregional cooperation required, and the public soured on the internal improvement movement. Jacksonian politicians seized this opportunity to promote a more libertarian political philosophy in place of activist, positive republicanism. By the 1850s, the United States had turned toward a laissez-faire system of policy that, ironically, guaranteed more freedom for capitalists and entrepreneurs than ever envisioned in the founders' revolutionary republicanism.
Handbook of Finance and Development
This Handbook provides a comprehensive overview of the relationship between financial and real sector development. The different chapters, written by leading contributors in the field, survey research on the importance of financial development for economic growth, the causes and consequences of financial fragility, the historic development of financial systems in several major economies and regions of the world, and the regulatory and supervisory underpinnings of financial sector development.
World Bank Lending and Financial Sector Development
"Using a new database of World Bank loans to support financial sector development, the authors investigate whether countries that received such loans experienced more rapid growth on standard indicators of financial development than countries that did not. They account for self-selection with treatment effects regressions, and also use propensity score matching techniques. The authors' results indicate that borrowing countries had significantly more rapid growth in M2/GDP than non-borrowers, and swifter reductions in interest rate spreads and cash holdings (as a share of M2). Borrowers also had higher private credit growth rates than non-borrowers in treatment effects regressions, but not in standard panel regressions with fixed country effects. On the whole, however, the results indicate significant advantages for borrowers over non-borrowers in terms of financial development."--Cover verso.
