returns to bilingualism. We find positive effects for the largest immigrant community in Germany, the Turkish population …, while other language groups do not seem to benefit from retaining their heritage language. Individuals with a Turkish … demand due to the wide dissemination of the Turkish-speaking population in Germany and ethnic social networks that are open …

Microfinance is typically associated with joint liability of group members. However, a large part of microfinance … contracts. Moreover, we show that microfinance institutions offer group loans when the loan size is rather large, refinancing … costs are high, and competition between microfinance institutions is low. Otherwise, individual loans are offered …