Finance and Development最新文献_第8页

Finance and Development Pub Date : 2006-03-01 DOI: 10.2307/j.ctvw04m79.25

R. Rajan

{"title":"Separate and unequal.","authors":"R. Rajan","doi":"10.2307/j.ctvw04m79.25","DOIUrl":"https://doi.org/10.2307/j.ctvw04m79.25","url":null,"abstract":"Microfinance is increasingly being touted as a miracle cure for poverty. If it is why isnt it more widespread and how can it be extended? Although microfinance has been around in various forms for thousands of years its modern incarnation is most closely tied to Mohammed Yunus the Grameen Bank founder. In his autobiography he described how as a professor in Bangladesh he came to understand the importance of finance for the poor. Horrified by the consequences of a recent famine he left the sheltered walls of the university to find out how the poor made a living. In a neighboring village he struck up a conversation with a young mother making bamboo stools. He learned that she needed 22 cents to buy the raw material for the stools. Because the young mother didnt have money she borrowed it from an intermediary to whom she was forced to sell the stools as repayment. She made a profit of only 2 cents. Yunus was appalled: finance would enable her to sell directly to customers. But the intermediary wouldnt offer her finance for then he would lose his hold over her. For want of 22 cents the womans labor was captive. In this vignette many see the worst evil of capitalism: exploitation of labor by capital. But this situation couldnt be further from the essence of free market capitalism: free access and competitive markets. Its the lack of access to a competitive financial market or to a friendly financial institution where the poor can borrow at a reasonable rate that keeps their labor captive. (excerpt)","PeriodicalId":39674,"journal":{"name":"Finance and Development","volume":"60 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2006-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77250695","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}

引用次数: 4

Globalization and Africa: Making Globalization Work in Africa 全球化与非洲:让全球化在非洲发挥作用

Finance and Development Pub Date : 2001-01-01 DOI: 10.5089/9781451951974.022.A010

G. Gondwe

引用次数: 0

Poverty is powerlessness and voicelessness. 贫穷就是无能为力和无声无息。

Finance and Development Pub Date : 2000-01-01 DOI: 10.4324/9781315258003-9

D. Narayan

引用次数: 88

Escape Routes from Post-Soviet Inflation and Recession 苏联解体后通货膨胀和经济衰退的逃生路线

Finance and Development Pub Date : 1999-01-01 DOI: 10.5089/9781451952797.022.A007

M. Kaser

{"title":"Escape Routes from Post-Soviet Inflation and Recession","authors":"M. Kaser","doi":"10.5089/9781451952797.022.A007","DOIUrl":"https://doi.org/10.5089/9781451952797.022.A007","url":null,"abstract":"ernment exchanged 50 billion “old” rubles for 1“new” ruble in a currency reform, ceased monetizing the budget deficit, and made the ruble convertible, Lenin’s New Economic Policy began to enjoy monetary stability. Severe inflation returned, however, when ruble convertibility was abrogated and the five-year plans began in 1928. Inflation was at first open, and, as rapidly rising consumer prices overtook state-fixed wages, household real incomes were cut to make resources available for investment and defense. Inflation was soon “repressed” by state dictation of prices, which was evident in persistent shortages and an overhang (surplus) of households’ unspent money. The demands of investment, the military, the bureaucracy, and education, health, and social welfare greatly exceeded the supply of labor and natural resources, which were, in any event, used inefficiently. The Soviet Union was transformed, through forced collectivization, from being a food exporter to being unable to feed itself. The command economy limited the competitive gains that could be made from international trade. Within the former Soviet Union, price relativities bore little or no relation to the balance between the supply of and the demand for goods or services. An operational price mechanism is essential to a market system, and the governments of the successor states to the Soviet Union accepted an immediate price liberalization, designed to switch inflation from “repressed” to “open,” eliminate the money overhang, and allow foreign prices to correct domestic relativities. The Baltic countries went straight for sound and stable currencies, backed by a continuing tight monetary policy. Benefiting from a shorter experience under the command economy, as well as a thoroughgoing switch to a market system and democratic government, these countries were rewarded by proportionately more foreign support. The remaining 12 countries that were to participate in the Commonwealth of Independent States (CIS) continued to use the Soviet ruble, and had to follow Russia’s lead in January 1992 in decontrolling most retail and wholesale prices. They could not have anticipated the extent, or the persistence, of the ensuing price rise: in Russia, consumer prices rose 16-fold and producer prices rose 20-fold in 1992 alone. The following year, consumer prices in the CIS increased by 875 percent in Russia, 4,085 percent in Georgia, and 4,735 percent in Ukraine. Inflation spread through each of the 12 states and slackened only after the establishment of separate currencies.","PeriodicalId":39674,"journal":{"name":"Finance and Development","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"1999-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87777081","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}

引用次数: 3

Finance & Development, September 1999 金融与发展，1999年9月

Finance and Development Pub Date : 1999-01-01 DOI: 10.5089/9781451952292.022

Imf. External Relations Dept.

引用次数: 1

The Supply Side of Global Bribery 全球贿赂的供给面

Finance and Development Pub Date : 1998-01-01 DOI: 10.5089/9781451952780.022.A008

F. Vogl

引用次数: 32

Finance & Development, June 1996D 金融与发展，1996年6月

Finance and Development Pub Date : 1996-01-01 DOI: 10.5089/9781451952681.022

Imf. External Relations Dept.