Financial Landscapes Reconstructed最新文献

{"title":"Finance in Context: Exploring Diverse Exchange Conditions","authors":"B. Crow, F. Bouman, O. Hospes","doi":"10.4324/9780429038891-16","DOIUrl":"https://doi.org/10.4324/9780429038891-16","url":null,"abstract":"","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133644283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Moneylending and Modern Times: Informal Credit in Thailand","authors":"D. Steinwand, F. Bouman, O. Hospes","doi":"10.4324/9780429038891-17","DOIUrl":"https://doi.org/10.4324/9780429038891-17","url":null,"abstract":"The recent literature on rural finance emphasizes the important role played by various informal lenders. In Thailand, however, their share of total loans has declined from about 90 percent to 30-50 percent between 1965 and 1991, according to official figures (Thisyamondol et al. 1965; Siamwalla et al. 1990; Onchan 1992). This decline is largely explained by the rapid expansion of the loan portfolio of the BAAC, the Thai Bank for Agriculture and Agricultural Cooperatives (Quinones and Encarnacion 1988). Researchers expect a further decline in the market share of informal lenders in the course of economic development. Their future role is seen “as a complement to formal finance”, operating in “specific niches” of comparative advantage (Asian Development Bank 1990). According to ADB only the remote, backward areas will probably remain a stronghold of informal lenders, where they serve the credit needs of the poorer segments of society. Their proximity to their clients reduces transaction costs in the predominantly unsecured credit-business. This chapter reports on a survey of the financial landscape in a Thai village located only 70 kilometers east of Bangkok (see also Steinwand 1991). Research was conducted from January to June 1990. The village is situated in the Bangkok-Chonburi area, which is by no means a backward, remote area, but rather characterized by tremendous economic growth. Its future is seen by Thai officials as “one long megalopolis, interlinked with certain breaks of rural areas, but basically... one long urban, industrial, recreational zone” (Bangkok Post 8.2.1990). The chapter will illustrate the variety of borrowing and lending patterns against the background of specific economic activities. It will focus on the changes in these patterns which have resulted from the rapid economic growth in that region and suggest that the scope of responses of informal financial activities to “modern times”, at least in the medium term, is wider than commonly assumed. They raise doubts about the results of the nation-wide surveys of recent years and the figures on the decline of informal finance market share.","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125198946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"From Cheap Credit to Easy Money: How to Undermine Rural Finance and Development","authors":"H. D. Seibel, F. Bouman, O. Hospes","doi":"10.4324/9780429038891-2","DOIUrl":"https://doi.org/10.4324/9780429038891-2","url":null,"abstract":"Four development decades have passed since the early 1950s. During that period we have become masters in the art of underdevelopment: at the levels of experts, institutions, governments and donors. Underdevelopment in large parts of the world has been expertly prepared, government-made and donorsupported. Of course, there are exceptional cases of successful development. Yet by treating them as such, there is little to be learned from them. We are now rich in experience and hope to have learned from it – like the proverbial banker who invariably gains from making a loan: either in monetary terms, when the loan is paid back, or in experience, when it is not.","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131423047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Lending to Micro Enterprises Through NGOs in the Philippines","authors":"P. Ghate, F. Bouman, O. Hospes","doi":"10.4324/9780429038891-8","DOIUrl":"https://doi.org/10.4324/9780429038891-8","url":null,"abstract":"This chapter deals with NGO programs of lending to micro enterprises in the Philippines. It contains four sections: a brief background on the programs themselves, the premises underlying them, questions of sustainability, and some research priorities. The programs discussed represent a major attempt underway in the Philippines to reconstruct the nature of the financial landscapes by using NGOs and “peoples organizations” as intermediaries to make a major dent on poverty by lending to micro enterprises. The term micro-enterprise program refers to the promotion of small self-employment activities through the provision of credit, training and other inputs. Two types of approaches will be briefly described in this chapter: the first approach is to concentrate on qualitative change of a limited number of enterprises, offering them a rather comprehensive range of services. The second approach, that refers to so-called “minimalist programs”, is directed at expansion of a large number of enterprises through the provision of a minimum of services. NGOs and peoples organizations such as cooperatives and credit unions are usually regarded as semiformal. Although regulated in certain aspects they retain the essential informality of the informal sector. Thus the programs discussed in this paper can be viewed as an attempt to develop and use the semi-formal sector to fill a void left not only by the formal, but also by the informal sector, which practices its own form of credit rationing. To the extent the informal sector does lend to micro enterprises, these programs can also be viewed as an attempt to improve the terms of such lending, by providing stronger competition to the informal sector. There is a long history of NGO involvement in livelihood programs in the Philippines, based originally on grant assistance from bilateral donors, international NGOs, and even the private corporate sector (through the Philippine Business for Social Progress.) However, in the 1980s government agencies also became increasingly involved through direct lending to beneficiaries. The most salient of the earlier government programs was the KKK launched in 1981. It fell into some disrepute when it became overly politicized in the selection of beneficiaries and had a very low repayment rate. The Philippines has recently undertaken a major devolution of functions and resources to the local governments under the Local Government Code. However, the interests of the poor are expected to be better protected in future local-government implemented programs by the statutorily granted representation of NGO representatives on provincial and municipal governments (of unto 25 percent of the strength of their legislative bodies). Livelihood programs were revived under the Aquino administration as a major component of the antipoverty program and proliferated until as many as 154 programs, according to one count, were being run by nine line-agencies, some of them lending directly to borrowers. ","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133605436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Changing Financial Landscape in India: Macro-Level and Micro-Level Perspectives","authors":"J. H. Jones, F. Bouman, O. Hospes","doi":"10.4324/9780429038891-18","DOIUrl":"https://doi.org/10.4324/9780429038891-18","url":null,"abstract":"","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122837556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Barriers to Credit Access in Rural Sri Lanka","authors":"R. Zander, F. Bouman, O. Hospes","doi":"10.4324/9780429038891-12","DOIUrl":"https://doi.org/10.4324/9780429038891-12","url":null,"abstract":"A key problem in any comparative analysis of formal and informal finance is how to determine borrowers’ preference for specific savings and credit systems. Many policymakers -both supporters and opponents of cheap credit policies -assume that borrowers base their decisions on one particular loan component, that is, the interest rate. However, other costs of loan transactions might have a much more decisive impact on decisions of (potential) borrowers. The transaction cost analysis, attempting to identify all costs incurred by borrowers and lenders, has shown that interest rates are but one of a set of borrowers’ transaction costs. These costs usually include travelling costs to the credit institution, opportunity costs of labor for the time lost in lengthy application procedures, and expenses of updating or organizing legal documents used as collateral. For more than two decades, analysis of borrowers’ transaction costs has served as the analytical tool to investigate decisions of borrowers pro or contra informal and formal lenders. However, I feel that transaction costs cannot explain borrowers’ decisions comprehensively. These costs imply a ranking order by borrowers: the cheaper the credit source, the more likely they will try to get a loan from that source. Empirical evidence from my surveys in Sri Lanka suggests there is more at stake. This chapter introduces an alternative analytical framework based on these field surveys. The objective is to identify the existence and scale of entry barriers into formal and informal segments of financial markets.","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114877983","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Changing Financial Landscape: The Evolution of Finance Policy in Indonesia","authors":"R. Mcleod, F. Bouman, O. Hospes","doi":"10.4324/9780429038891-6","DOIUrl":"https://doi.org/10.4324/9780429038891-6","url":null,"abstract":"Both these views suffered from tunnel vision. Those who criticized informal finance either were not aware of, or simply chose to ignore, the wide variety of financing arrangements which characterized it -preferring instead to think in terms of the harsh moneylender stereotype. They complained about \"exorbitant\" interest rates, but failed to consider the actual costs of lending—the high transactions costs inherent in small-scale loans, the costs of additional services sometimes provided by lenders (including risk-sharing, in some cases), and the often high probability of default. Most important of all, they paid little attention to the fact that the ubiquity of informal finance was strong evidence of its value to those who used it. The inappropriateness of this stereotype has since clearly been demonstrated by numerous studies of informal finance (see, for example, Adams and Fitchett 1992). At the same time, those calling for the expansion of resources allocated to formal finance either did so with the intention of having it displace informal finance (in line with this antipathetic attitude), or else virtually ignored the existence of the latter. The second approach may be seen as having been influenced by empirical and theoretical work which had been done on the relationship between financial development and economic growth1, which focused largely if not entirely on the expansion of formal financial institutions and transactions without looking at informal finance at all -as though financial institutions were being set up where previously there had been a vacuum. On the contrary, however, informal finance presumably has been a feature of economic transactions ever since production began to evolve from pure subsistence, and it remains an important aspect of even the most advanced economies. The historical growth of the well developed formal financial sector observed in the now more advanced countries was a response to the progressive emergence of opportunities for doing things which informal finance could not do as well, most frequently as a result of the steadily increasing scale of business enterprise in general. Often it was a by-product of the supply of services other than financial intermediation. For example, formal commercial banking can trace its origins to informal systems within which well-reputed individuals (usually traders or merchants) would accept cash deposits from others for safekeeping, and could issue handwritten notes allowing their own suppliers and acquaintances to obtain cash or goods on credit from third parties. When the demand for such services became large enough, it became profitable to establish distinct enterprises -namely banks -specifically for these purposes. Likewise, modern day stock exchanges evolved from very modest beginnings, in the form of informal meetings between the owners of shares in various enterprises who from time to time were desirous of changing the composition of their portfolios. Insurance compan","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133635404","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Performance of Banks in Rural Financial Markets","authors":"H. Moll","doi":"10.4324/9780429038891-5","DOIUrl":"https://doi.org/10.4324/9780429038891-5","url":null,"abstract":"In the 1960s and 1970s national policymakers charged many rural banks with the provision of cheap credit to small farmers, small fishermen, or broadly speaking, rural households with small-scale enterprises. The performance of these institutions and the programs, projects and schemes they supported, however, remained below expectations. A new thinking about rural finance and its role in development, based on the concept of the Rural Financial Market (RFM), clearly demonstrated the shortcomings of the cheap credit policy. It enabled a more balanced understanding of the roles of rural banks, informal intermediaries and their (potential) clients in the supply of and demand for financial services (Adams 1983; Donald 1976; Von Pischke 1981). The new thinking also resulted in a growing recognition that governments should refrain from direct participation in banking and concentrate on policies that establish and maintain confidence in financial institutions. Such a new role of government in finance is a pre-condition for the provision of sustainable financial services by banks. Of course, this is not the only issue. Various studies have explored other factors that strongly affect the provision of rural banking services (Binswanger and Rozenzweig 1986; Schmidt and Kropp 1987; Von Pischke 1991). This paper focuses on the costs of financial intermediation and its relation to the scale of operation. The calculation and monitoring of costs is of central importance when rural banks2 pursue the socially desirable objective of providing financial services to new clients. Emphasis on reaching new clients without due attention to costs, and the control of costs in particular, leads invariably to operating losses which sooner or later result in a reduction or termination of services provided. From a long-term perspective, the objective to reach new clients should thus necessarily be linked with attention to costs, or in broader terms: with the objective to operate on a financially viable basis. Rural banks trying to achieve these two objectives simultaneously are faced with a host of questions regarding the demand for various types of financial services by their new clients, and their own organizational, operational and financial capabilities to meet this demand. Answering these questions requires analysis, followed by experiments to explore the feasibility of new organizational approaches and new methods of operation. The discussion of lending costs should therefore be part of evaluation of existing banking services and of planned experiments to widen to scope of services.","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132631576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Trade Arrangements and Interlinked Credit in the Philippines","authors":"M. Hendriks, F. Bouman, O. Hospes","doi":"10.4324/9780429038891-13","DOIUrl":"https://doi.org/10.4324/9780429038891-13","url":null,"abstract":"Land reforms and the Green Revolution with its capital-intensive agricultural technology have increased the importance of informal lenders in many low-income countries, including traders of food products, input dealers, rich farmer-lenders, rice millers and store owners. As a result, informal financial intermediaries have received growing attention from researchers and policymakers, particularly in the Philippines (Agabin et al. 1989; Lamberte and Lim 1987; TBAC 1989). However, in spite of the growing number of (predominantly economic) studies, evaluations of the role of the new financiers still lack detailed, empirical data on their methods of working, their relationships with borrowers, and the different socio-economic and cultural contexts in which they operate. This chapter wants to contribute to a better understanding of these methods, relationships and contexts. For this purpose, I describe credit relations in the production and marketing of vegetables in the central Philippines, taking into account their diversity and contexts. My analysis provides insights into the interdependency of lenders and borrowers, the interweaving of trade and credit transactions, and the cultural and economic backgrounds of the combined strategy of spreading of risks and profit-seeking. It highlights personalized relations of exchange in vegetable marketing, called suki, and the flexible ways in which vegetable traders make use of these relations. Socio-economic factors, the normative environment, specific features of commodities and power conflicts affect opportunities and constraints in the vegetable market, and consequently, suki as a normative construct of individual traders and farmers, has different meanings. High risks are common to credit extension in the production and marketing of agricultural products in the Philippines. While neither the commercial banks nor the Philippines’ cooperative sector have proved wellequipped for lending to small farmers, the need for production capital has increased considerably due to the introduction of new HYV technology. With the failure of government programs and the withdrawal of landlords from the credit sphere, the informal finance circuit has extended and diversified since the mid 1970s. Traders and processors of farm produce, dealers in farm inputs, and rich farmers, offer production loans, together with a host of local middlemen in the credit chain from village to city and back, replacing patron-client relations with landlords (Sacay et al. 1985; TBAC 1981). Peasant agriculture faces further risks and uncertainty because of climatic factors, seasonality of production, changes in consumer preferences, and dependency in land use relations. Trade in agricultural products is similarly risky, and costs of transportation, storage, processing and information are high. Earlier studies show that informal lenders reduce risks and costs by operating in more than one market through interlinked deals (Floro 1987; Geron 1989).","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127007812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Question of Traders as Credit Agents in India","authors":"B. Harriss‐White, F. Bouman, O. Hospes","doi":"10.4324/9780429038891-19","DOIUrl":"https://doi.org/10.4324/9780429038891-19","url":null,"abstract":"","PeriodicalId":115960,"journal":{"name":"Financial Landscapes Reconstructed","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130832476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}