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On Uniqueness of Time-Consistent Markov Policies for Quasi-Hyperbolic Consumers Under Uncertainty
Balbus, Lukasz - 2016
We give a set of sufficient conditions for uniqueness of a time-consistent Markov stationary consumption policy for a quasi-hyperbolic household under uncertainty. To the best of our knowledge, this uniqueness result is the first presented in the literature for general settings, i.e. under...
Persistent link: https://www.econbiz.de/10012979316
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A personal touch : text messaging for loan repayment
Karlan, Dean; Morten, Melanie; Zinman, Jonathan - 2012
borrowers and bank employees can be harnessed to help overcome market failures. -- microcredit ; microfinance ; randomized …
Persistent link: https://www.econbiz.de/10009534143
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The exposure of microfinance institutions to financial risk
Gietzen, Thomas - 2015
This study examines the exposure of microfinance institutions to liquidity, interest rate and foreign exchange (FX … the largest microfinance institutions worldwide. The data suggests that microfinance institutions in the sample, on …
Persistent link: https://www.econbiz.de/10011344326
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Investment in Microfinance Equity : Risk, Return, and Diversification Benefits
Briere, Marie - 2018
This paper is the first to draw a global picture of worldwide microfinance equity by taking full advantage of daily … quoted prices. We revisit previous findings showing that investors should consider microfinance as a self-standing sector …. Our results are threefold: 1) Microfinance has become less risky and more closely correlated with the financial sector, 2 …
Persistent link: https://www.econbiz.de/10012940516
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Microcredit Contracts, Risk Diversifi cation and Loan Take-Up
Attanasio, Orazio - 2016
We study theoretically and empirically the demand for micro-credit under different liability arrangements and risk environments. A simple theoretical model shows that the demand for joint-liability loans can exceed that for individual-liability loans when risk-averse borrowers value their...
Persistent link: https://www.econbiz.de/10012991650
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The exposure of microfinance institutions to financial risk
Gietzen, Thomas - In: Review of development finance 7 (2017) 2, pp. 120-133
This study examines the exposure of microfinance institutions to liquidity-, interest rate and foreign exchange (FX …) risk. Using manually collected data from microfinance institutions' financial reporting, I find that the microfinance …
Persistent link: https://www.econbiz.de/10011779562
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Why Do Poor People Co-Hold Debt and Liquid Savings?
Laureti, Carolina - 2017
I examine the use of flexible savings-and-loan accounts offered by SafeSave, a microfinance institution serving poor …
Persistent link: https://www.econbiz.de/10014136621
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Subsidy Uncertainty and Microfinance Mission Drift
Armendariz, Beatriz; D'Espallier, Bert; Hudon, Marek; … - 2013
We demonstrate that subsidy uncertainty in microfinance can lead to mission drift and defeat poverty alleviation … efforts. Our model shows that microfinance institutions, fearing that subsidies may dry up, have no alternative but to build …
Persistent link: https://www.econbiz.de/10014187786
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Aggregate risk and efficiency of mutual funds
Kucinskas, Simas - 2015
I analyze welfare properties of mutual funds in the Diamond-Dybvig model with two sources of aggregate risk: undiversifiable interest rate risk and shocks to aggregate liquidity demand. Mutual funds are inefficient when the economy faces undiversifiable interest rate risk. However, if only...
Persistent link: https://www.econbiz.de/10011339154
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Anomalies In Intertemporal Choice?
Gerber, Anke; Rohde, Kirsten I.M. - 2007
This paper argues that observations of non-stationary choice behavior need not necessarily imply specific properties of the individual’s discount function. As we show, the observed “anomalies” in intertemporal choice can alternatively be explained by an individual’s perception of the...
Persistent link: https://www.econbiz.de/10005162996