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  • 2010-2014  (38)
  • 1940-1944
  • Khandker, Shahidur R.  (19)
  • Klapper, Leora  (19)
  • Washington, D.C : The World Bank  (38)
  • München : GRIN Verlag GmbH
  • 1
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    Dynamic Effects of Microcredit in Bangladesh (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (50 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Dynamic Effects of Microcredit in Bangladesh
    Abstract: This paper uses long panel survey data spanning over 20 years to examine the dynamics of microcredit programs in Bangladesh. With the phenomenal growth of microfinance institutions representing 30 million members with over
    DOI: 10.1596/1813-9450-6821
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  • 2
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    New Firm Registration and the Business Cycle (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (32 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Klapper, Leora New Firm Registration and the Business Cycle
    Abstract: This paper uses new panel data on the number of new firm registrations in 109 countries during 2002-2012 to study the relationship between entrepreneurship and economic growth. The data show strong evidence of a pro-cyclical pattern in entrepreneurship. An examination of heterogeneous relationships between new firm registration and the business cycle finds that higher levels of financial development and better business environments are associated with stronger pro-cyclicality of entrepreneurship both across countries and within countries over time. The results are robust to various measures of business regulation, such as the cost and time of starting a new firm and closing an insolvent firm. These findings suggest that fostering an efficient regulatory environment for the financial and private sector is important for encouraging a speedier recovery in the formation of new firms during economic expansions and aiding the efficient wind-down of insolvent firms during economic slowdowns
    DOI: 10.1596/1813-9450-6775
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  • 3
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    Estimating the Long-Run Impact of Microcredit Programs on Household Income and Net Worth (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (17 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Woutersen, Tiemen Estimating the Long-Run Impact of Microcredit Programs on Household Income and Net Worth
    Abstract: This paper investigates whether the utilization of microcredit programs has a significant impact on the income and net worth of the participants. Several micro finance institutes are optimistic on the beneficial effects of microcredit programs. Others describe microcredit with interest rates in excess of 20 percent as a poverty trap. This paper uses more than 20 years of panel data on households in Bangladesh to estimate bounds on the causal effects of microcredit programs. The analysis rejects the hypothesis that these microcredit programs are a poverty trap. Moreover, the paper finds moderately positive effects of such programs
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  • 4
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    Does Institutional Finance Matter for Agriculture? : Evidence Using Panel Data from Uganda (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (36 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Does Institutional Finance Matter for Agriculture?
    Abstract: Smallholder agriculture in many developing countries has remained largely self-financed. However, improved productivity for attaining greater food security requires better access to institutional credit. Past efforts to extend institutional credit to smaller farmers has failed for several reasons, including subsidized operation of government-aided credit schemes. Thus, recent efforts to expand credit for smallholder agriculture that rely on innovative credit delivery schemes at market prices have received much policy interest. However, thus far the impacts of these efforts are not fully understood. This study examines credit for smallholder agriculture in the context of Uganda, where agriculture is about 35 percent of gross domestic product, most farmers are smallholders, and the country has introduced policies since 2005 to extend credit access to the sector. The analysis uses newly available household panel data from Uganda for 2005-2006 and 2009-2010 to examine (a) whether credit effectively targets agriculture, by examining determinants of borrowing across different sources; (b) agricultural and nonagricultural determinants of supply and demand credit constraints among non-borrowers; and (c) the effects of borrowing and credit constraints on household income, consumption, and agricultural outcomes. The analysis finds that although not many households report borrowing specifically for agriculture, credit is fungible and agricultural outcomes do substantially improve with institutional borrowing, particularly microcredit. Among non-borrowers, supply and demand credit constraints have fallen considerably over the period, particularly in rural areas. Access to institutions and infrastructure play a strong role in alleviating the negative effect of credit constraints on welfare outcomes, as well as determining the source of lending among borrowing households
    DOI: 10.1596/1813-9450-6942
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  • 5
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    How Does Competition Affect the Performance of MFIs? : Evidence from Bangladesh (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (35 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R How Does Competition Affect the Performance of MFIs?
    Abstract: Over the past 20 years, Bangladesh has witnessed strong competition among microfinance institutions. Using program-level panel data from 2005-2010, this paper studies the microfinance institutions' recent competitive roles in their pricing of products, targeting strategies and portfolio shifts, as well as their ability to recover loans. The findings do not support the view that newer microfinance institutions are less risk-averse in their targeting, or that increased borrowing among households due to microfinance institution competition has lowered recovery rates. There is also a considerable urban-rural distinction; although newer microfinance institutions tend to attract riskier clients in urban areas, the opposite is true in rural areas. Loan recovery rates are also the highest among the newest microfinance institutions for women in rural areas, suggesting that microfinance institutions may offer distinct products in these areas to attract better-risk clients. The portfolio of newer microfinance institutions also has a greater share of lending for agriculture, and fewer savings products
    DOI: 10.1596/1813-9450-6408
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  • 6
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    Civil Conflict and Firm Performance : Evidence from Côte D'Ivoire (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (51 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Klapper, Leora Civil Conflict and Firm Performance
    Abstract: This paper investigates the impact of political instability and civil conflict on firms. It studies the unrest in Cote d'Ivoire that began in 2000, using a census of all registered firms for the years 1998-2003. The analysis uses structural estimates of the production function and exploits spatial variations in conflict intensity to derive the cost of conflict on firms in terms of productivity loss. The results indicate that the conflict led to an average 16-23 percent drop in firm total factor productivity and the decline is 5-10 percentage points larger for firms that are owned by or employing foreigners. These results are consistent with anecdotal evidence of increasing violent attacks and looting of foreigners and their businesses during the conflict. The results suggest increases in operating costs is a possible channel driving this impact. Finally, the paper investigates whether firms responded by hiring fewer foreign workers and finds evidence supporting this hypothesis
    DOI: 10.1596/1813-9450-6640
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  • 7
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    The Benefits of Solar Home Systems : An Analysis from Bangladesh (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (41 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Samad, Hussain A The Benefits of Solar Home Systems
    Abstract: The Government of Bangladesh, with help from the World Bank and other donors, has provided aid to a local agency called Infrastructure Development Company Limited and its partner organizations to devise a credit scheme for marketing solar home system units and making these an affordable alternative to grid electricity for poor people in remote areas. This paper uses household survey data to examine the financing scheme behind the dissemination of these solar home systems, in particular the role of the subsidy; the factors that determine the adoption of the systems in rural Bangladesh; and the welfare impacts of such adoption. The paper finds that while the subsidy has been declining over time, the demand for solar home systems has seen phenomenal growth, mostly because of technological developments that have made the systems increasingly more affordable. Households with better physical and educational endowments are more likely to adopt solar home systems than poor households. The price of the system matters in household decision making-a 10 percent decline in the price of the system increases the overall demand for a solar panel by 2 percent. As for the benefits, adoption of a solar home system improves children's evening study time, lowers kerosene consumption, and provides health benefits for household members, in particular for women. It is also found to increase women's decision-making ability in certain household affairs. Finally, it is found to increase household consumption expenditure, although at a small scale
    DOI: 10.1596/1813-9450-6724
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  • 8
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    The Role of Private Equity Investments in Public Firms : International Evidence (2013)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (48 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Dahiya, Sandeep The Role of Private Equity Investments in Public Firms
    Abstract: This paper compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders attempt to time the markets, firms issuing SEOs are preceded by a significantly higher run-up in stock price compared with those issuing PIPEs. This result is consistent with the undervaluation hypothesis that states that firms are more likely to issue PIPEs when they perceive their stock to be undervalued. In contrast to the United States where this undervaluation appears to be driven by financial distress and asymmetric information, the results show PIPE and SEO issuers to be statistically undistinguishable from each other. The announcement of a PIPE offering is on average associated with a significantly higher stock market reaction compared with an issue of a SEO, suggesting that private equity investors may play a certification or monitoring role. However, a comparison of PIPE issuers' operating performance and stock market returns in the pre-issue and the post-issue periods does not detect any significant improvements
    DOI: 10.1596/1813-9450-6484
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  • 9
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    Does Access to Finance Matter in Microenterprise Growth? : Evidence from Bangladesh (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (51 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Does Access to Finance Matter in Microenterprise Growth?
    Abstract: In less-developed economies such as Bangladesh, the farm sector is the major source of employment and income, while the rural nonfarm sector provides as an additional source of income. But the rural nonfarm sector increasingly plays an important role in fostering the development of the rural economy. A significant share of this sector is made up of microenterprise activities, which requires investment and access to adequate funds. This paper investigates the role access to finance plays in promoting the efficiency and growth of microenterprise activities. The findings suggest that households engaged in microenterprise activities, in addition to farm and other nonfarm activities, are much better off (in terms of income, expenditure and poverty) than those not engaged in such activities. Fewer than 10 percent of the enterprises have access to institutional finance (formal banks or microcredit), although the rate of return on microenterprise investments is more than sufficient (36 percent per year) to repay institutional loans. The research suggests that credit constraints may reduce the enterprises' profit margin by as much as 13.6 percent per year. As the returns to microenterprise investment are found to be high, microfinance institutions can play a larger role in supporting microenterprise growth in Bangladesh
    DOI: 10.1596/1813-9450-6333
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  • 10
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    Islamic Finance and Financial Inclusion : Measuring Use of and Demand for Formal Financial Services among Muslim Adults (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (45 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Islamic Finance and Financial Inclusion
    Abstract: In recent years, the Islamic finance industry has attracted the attention of policy makers and international donors as a possible channel through which to expand financial inclusion, particularly among Muslim adults. Yet cross-country, demand-side data on actual usage and preference gaps in financial services between Muslims and non-Muslims have been scarce. This paper uses novel data to explore the use of and demand for formal financial services among self-identified Muslim adults. In a sample of more than 65,000 adults from 64 economies (excluding countries where less than 1 percent or more than 99 percent of the sample self-identified as Muslim), the analysis finds that Muslims are significantly less likely than non-Muslims to own a formal account or save at a formal financial institution after controlling for other individual- and country-level characteristics. But the analysis finds no evidence that Muslims are less likely than non-Muslims to report formal or informal borrowing. Finally, in an extended survey of adults in five North African and Middle Eastern countries with relatively nascent Islamic finance industries, the study finds little use of Sharia-compliant banking products, although it does find evidence of a hypothetical preference for Sharia-compliant products among a plurality of respondents despite higher costs
    DOI: 10.1596/1813-9450-6642
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  • 11
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    Financial Inclusion and Legal Discrimination against Women : Evidence from Developing Countries (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (47 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Demirguc-Kunt, Asli Financial Inclusion and Legal Discrimination against Women
    Abstract: This paper documents and analyzes gender differences in the use of financial services using individual-level data from 98 developing countries. The data, drawn from the Global Financial Inclusion (Global Findex) database, highlight the existence of significant gender gaps in ownership of accounts and usage of savings and credit products. Even after controlling for a host of individual characteristics including income, education, employment status, rural residency and age, gender remains significantly related to usage of financial services. This study also finds that legal discrimination against women and gender norms may explain some of the cross-country variation in access to finance for women. The analysis finds that in countries where women face legal restrictions in their ability to work, head a household, choose where to live, and receive inheritance, women are less likely to own an account, relative to men, as well as to save and borrow. The results also confirm that manifestations of gender norms, such as the level of violence against women and the incidence of early marriage for women, contribute to explaining the variation in the use of financial services between men and women, after controlling for other individual and country characteristics
    DOI: 10.1596/1813-9450-6416
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  • 12
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    Are Microcredit Borrowers in Bangladesh over-Indebted? (2013)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (43 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Are Microcredit Borrowers in Bangladesh over-Indebted?
    Abstract: Microcredit programs in Bangladesh have experienced spectacular growth in recent years, with a growing number of borrowers availing credit from multiple microcredit agencies. There is a growing concern that if there are not sufficient returns to borrowing from microfinance institutions (MFIS), some borrowers might be taking loans that they will not be able to repay. A household may be considered over-indebted, for example, if its debt liability exceeds 40 percent of its income or assets. Using a long panel of household survey data from Bangladesh, the paper finds that some 26 percent of microcredit borrowers are over-indebted on this measure versus 22 percent of non-microcredit borrowers. Econometric analysis suggests that both MFI competition and multiple borrowing raise indebtedness. However, repeated borrowing, while it affects short-term liability adversely, does affect the long-term debt-asset ratio favorably. That is, repeated borrowing helps increase assets more than debt over time. Microcredit borrowers in Bangladesh are thus not necessarily over-indebted. But when borrowing is seen as protection against shocks such as floods even at the cost of being indebted, MFIs may offer micro-insurance schemes to safeguard borrowers against economic shocks
    DOI: 10.1596/1813-9450-6574
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  • 13
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    Financial Inclusion and the Role of the Post Office (2013)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (32 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Anson, Jose Financial Inclusion and the Role of the Post Office
    Abstract: Given their widespread presence in rural and poor areas, post offices can play a leading role in advancing financial inclusion. Yet little is known about the type of clients that post offices reach through their financial service offerings as compared with clients of traditional financial institutions (such as commercial banks). This paper documents and analyzes account ownership patterns at post offices in comparison with traditional financial institutions, using the Global Financial Inclusion Indicators (Global Findex) database, which collects data on account ownership at post offices in 60 countries where postal accounts are offered. Controlling for a host of individual characteristics and country fixed effects, the paper finds that post offices are relatively more likely than traditional financial institutions to provide accounts to individuals who are most likely to be from financially vulnerable groups, such as the poor, less educated, and those out of the labor force. The paper also uses data from the Universal Postal Union to explore the degree to which different postal business models and the size of the postal network help explain differences in account ownership patterns. The results suggest that post offices can boost account ownership by acting as cash-merchants for transactional financial services, such as electronic government and remittance payments, and that partnerships between the post office and other financial institutions coincide with a higher bank account penetration. The paper also finds that the size of the postal network matters; the larger the network-relative to the network of traditional financial institutions-the more likely it is that adults have an account at the post office
    DOI: 10.1596/1813-9450-6630
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  • 14
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    Estimating the Effects of Credit Constraints on Productivity of Peruvian Agriculture (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (19 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Woutersen, Tiemen Estimating the Effects of Credit Constraints on Productivity of Peruvian Agriculture
    Abstract: This paper proposes an estimator for the endogenous switching regression models with fixed effects. The estimator allows for endogenous selection and for conditional heteroscedasticity in the outcome equation. Applying the estimator to a dataset on the productivity in agriculture substantially changes the conclusions compared to earlier analysis of the same dataset. This paper proposes an estimator for the endogenous switching re-gression models with fixed effects. The estimator allows for endogenous selection and for conditional heteroscedasticity in the outcome equation. Applying the estimator to a dataset on the productivity in agriculture substantially changes the conclusions compared to earlier analysis of the same dataset
    DOI: 10.1596/1813-9450-6658
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  • 15
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    Financing Businesses in Africa : The Role of Microfinance (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (30 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Aggarwal, Shilpa Financing Businesses in Africa
    Abstract: This paper evaluates how microfinance performed in providing business financing in 27 Sub-Saharan African countries. It uses data from the 2009 and 2010 Gallup World Poll, a nationally-representative survey of at least 1,000 individuals per country, conducted in up to 157 countries per year. The data, supported by rigorous statistical evidence in related literature on the use of microcredit around the world, demonstrate that economic gains from microcredit have been more modest than what was once believed. On the other hand, the analysis suggests that the poor save in order to start new businesses and that the introduction of formal products for small savings can be a key financial innovation. The authors also analyze the challenges the poor face in setting money aside to save, and discuss what policymakers can do to promote savings
    DOI: 10.1596/1813-9450-5975
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  • 16
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    Measuring Financial Inclusion : The Global Findex Database (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (61 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Asli Demirguc-Kunt Measuring Financial Inclusion
    Abstract: This paper provides the first analysis of the Global Financial Inclusion (Global Findex) Database, a new set of indicators that measure how adults in 148 economies save, borrow, make payments, and manage risk. The data show that 50 percent of adults worldwide have an account at a formal financial institution, though account penetration varies widely across regions, income groups and individual characteristics. In addition, 22 percent of adults report having saved at a formal financial institution in the past 12 months, and 9 percent report having taken out a new loan from a bank, credit union or microfinance institution in the past year. Although half of adults around the world remain unbanked, at least 35 percent of them report barriers to account use that might be addressed by public policy. Among the most commonly reported barriers are high cost, physical distance, and lack of proper documentation, though there are significant differences across regions and individual characteristics
    DOI: 10.1596/1813-9450-6025
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  • 17
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    Replicating Replication : Due Diligence in Roodman and Morduch's Replication of Pitt and Khandker (1998) (2012)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (55 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Pitt, Mark M Replicating Replication
    Abstract: "The Impact of Microcredit on the Poor in Bangladesh: Revisiting the Evidence," by David Roodman and Jonathan Morduch (2011) is the most recent of a sequence of papers and postings that seeks to refute the findings of the Pitt and Khandker (1998) article "The Impact of Group-Based Credit on Poor Households in Bangladesh: Does the Gender of Participants Matter?" that microcredit for women had significant, favorable effects on poverty reduction. In this paper the authors show that these latest Roodman and Morduch claims are based on seriously flawed econometric methods and theory and a lack of due diligence in formulating models and interpreting output from packaged software. On the basis of Roodman and Morduch's preferred two-stage least squares regression, an alternative calculation of the standard errors would lead one to conclude that the problem with Pitt and Khandker is that they underestimate the positive and statistically significant effect of women's credit on household consumption. As in their previous efforts, the methods of Roodman and Morduch are shown to bias the findings in the direction of rejecting the results of Pitt and Khandker. We also further examine two aspects of our instrumental variable approach that have been attacked by Roodman and Morduch. The first is the validity of the exclusion restrictions underlying the use of interactions between program choice and the set of exogenous variables (including the village fixed effects) as instruments. The second is the application of the "one-half acre" program eligibility rule. The authors show that identification does not require both of these, and present new results dropping each assumption in turn. The results originally reported in the Pitt and Khandker paper hold up extremely well in this new analysis
    DOI: 10.1596/1813-9450-6273
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  • 18
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    Financial Literacy and the Financial Crisis (2012)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (55 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Klapper, Leora Financial Literacy and the Financial Crisis
    Abstract: The ability of consumers to make informed financial decisions improves their chances of having sound personal finance. This paper uses a panel dataset from Russia, where consumer loans grew at an astounding rate-from about US
    DOI: 10.1596/1813-9450-5980
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  • 19
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    Appraising the Thailand Village Fund (2012)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (51 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Boonperm, Jirawan Appraising the Thailand Village Fund
    Abstract: The Thailand Village Fund is the second-largest microcredit scheme in the world. Nearly 80,000 elected local Village Fund committees administer loans that reach 30 percent of all households. The value of Village Fund loans has remained steady since 2006, even without new infusions of government funds, and loans go disproportionately to the poor. Based mainly on a custom-built survey of more than 3,000 Village Funds conducted in 2010, this paper evaluates the performance of Village Funds, which it argues are best modeled as altruistic, and do not appear to be subject to elite capture. As expected, profit rates are difficult to model, but the regression analysis shows that loan recovery rates, total lending, credit ratings, and the proportion of loans going to the poor are all higher when a Village Fund borrows additional funds from a formal bank and on-lends to households, as was done by one in five Village Funds. An economic analysis suggests that Village Fund benefits exceed the costs. Most Village Funds are social rather than financial intermediaries; they have little incentive to take risks or to innovate, which explains why Village Fund lending has not kept pace with the growth of the Thai economy
    DOI: 10.1596/1813-9450-5998
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  • 20
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    Household Coping and Response to Government Stimulus in an Economic Crisis : Evidence from Thailand (2012)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (46 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Household Coping and Response to Government Stimulus in an Economic Crisis
    Abstract: The crash of global financial markets in 2008 caused a ripple effect on economic demand and growth worldwide. Export-oriented economies were hit particularly hard, and many governments stepped in quickly with broad-ranging stimulus programs to lessen the effects on households of rising unemployment and falling income. To better understand the role that stimulus policy might play in softening the effects of these shocks, this paper examines recent nationally-representative data from Thailand, an export-dependent economy where a large-scale stimulus program was introduced in 2009. Using monthly data spanning 2006-2010, the paper uses sub-province-level community panel data to examine the effects of major components of the stimulus on household consumption, income, borrowing, and debt repaid. To address simultaneity of changes in government spending and household outcomes, the analysis estimates a dynamic panel regression, instrumenting the stimulus effect with second-order lagged outcome variables, and estimating the model using the Generalized Method of Moments. The results suggest that household participation in these programs helped smooth consumption. This increase in monthly consumption was not supported from household receipts from the government stimulus, but more likely through a reallocation of consumption and savings that included greater debt repayment. The paper typically finds stronger effects in urban compared with rural areas
    DOI: 10.1596/1813-9450-6016
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  • 21
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    Financial Inclusion in Africa : An Overview (2012)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (20 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Demirgüç-Kunt, Asli Financial Inclusion in Africa
    Abstract: This paper summarizes financial inclusion across Africa. First, it provides a brief overview of the African financial sector landscape. Second, it uses the Global Financial Inclusion Indicators (Global Findex) database to characterize adults in Africa that use formal and informal financial services and identify the barriers to formal account ownership. Next, it uses World Bank Enterprise Survey data to examine how the use of financial services by small and medium enterprises in Africa compares with small and medium enterprises in other developing regions in terms of account ownership and availability of lines of credit. The authors find that less than a quarter of adults in Africa have an account with a formal financial institution and that many adults in Africa use informal methods to save and borrow. Similarly, the majority of small and medium enterprises in Africa are unbanked and access to finance is a major obstacle. Compared with other developing economies, high-growth small and medium enterprises in Africa are less likely to use formal financing, which suggests formal financial systems are not serving the needs of enterprises with growth opportunities
    DOI: 10.1596/1813-9450-6088
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  • 22
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    Who Benefits Most from Rural Electrification? : Evidence in India (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (39 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Who Benefits Most from Rural Electrification?
    Abstract: This paper applies an econometric analysis to estimate the average and distribution benefits of rural electrification using rich household survey data from India. The results support that rural electrification helps to reduce time allocated to fuelwood collection by household members and increases time allocated to studying by boys and girls. Rural electrification also increases the labor supply of men and women, schooling of boys and girls, and household per capita income and expenditure. Electrification also helps reduce poverty. But the larger share of benefits accrues to wealthier rural households, with poorer ones having more limited use of electricity. The analysis also shows that restricted supply of electricity, due to frequent power outages, negatively affects both household electricity connection and its consumption, thereby reducing the expected benefits of rural electrification
    DOI: 10.1596/1813-9450-6095
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  • 23
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    Incentivizing Calculated Risk-Taking : Evidence from an Experiment with Commercial Bank Loan Officers (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (68 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Cole, Shawn Incentivizing Calculated Risk-Taking
    Abstract: This paper uses a series of experiments with commercial bank loan officers to test the effect of performance incentives on risk-assessment and lending decisions. The paper first shows that, while high-powered incentives lead to greater screening effort and more profitable lending, their power is muted by both deferred compensation and the limited liability typically enjoyed by loan officers. Second, the paper presents direct evidence that incentive contracts distort judgment and beliefs, even among trained professionals with many years of experience. Loans evaluated under more permissive incentive schemes are rated significantly less risky than the same loans evaluated under pay-for-performance
    DOI: 10.1596/1813-9450-6146
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  • 24
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    Grameen Bank Lending : Does Group Liability Matter? (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (44 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Grameen Bank Lending
    Abstract: Competing theories increasingly support the positive role of social capital in small loan default costs of group lending; at the same time, potential group collusion may increase loan delinquencies. Findings from the available literature are mixed on the role of the various attributes of group lending. But past studies suffer from estimation bias due to the unobserved sorting behavior of group members and their other attributes. This paper attempts to resolve that estimation bias by utilizing longitudinal data from 297 Grameen Bank groups since their inceptions. A dynamic lagged dependent model with correction for time-varying heterogeneity of group and individual behavior is applied to estimate the effect of group liability in the Grameen Bank. The results suggest that group liability matters in both loan disbursement and repayment, with women less of a credit risk than men and women's groups more homogeneous than men's. Finally, the benefits of social capital outweigh the costs of group collusion, especially for women's groups, thereby reducing overall default rates. The risk-pooling behavior of diverse men's groups increases men's repayment behavior. Overall, group lending as practiced by Grameen Bank appears to increase repayment rates
    DOI: 10.1596/1813-9450-6204
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  • 25
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    The Surprising Effects of the Great Recession : Losers and Winners in Thailand in 2008-2009 (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (32 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Haughton, Jonathan The Surprising Effects of the Great Recession
    Abstract: In 2009, buffeted by the great recession, Thai gross domestic product fell by 2.3 percent. Using monthly data from the socio-economic surveys of 2007-2010, this paper finds, after controlling for household variables, that real consumption per capita rose in 2009 relative to 2008 for most groups, including the poor, urban and rural households, men, women, and children. The losers were residents of Bangkok, especially those aged 20-29, and those working in sales and services. During the recession year of 2009, school enrollment rates did not fall, and durable goods purchases actually rose; households probably reduced their savings, and also benefitted from the lower food prices that prevailed in 2009. A simulation exercise based on the slowdown in growth of gross domestic product would have missed these effects, as would models based solely on readily-available data series. This points to the importance of country-specific policy analysis, rooted in timely local evidence, including household survey data
    DOI: 10.1596/1813-9450-6255
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 26
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    The Foundations of Financial Inclusion : Understanding Ownership and Use of Formal Accounts (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (61 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Allen, Franklin The Foundations of Financial Inclusion
    Abstract: Financial inclusion-defined here as the use of formal accounts-can bring many welfare benefits to individuals. Yet we know very little about the factors underpinning financial inclusion across individuals and countries. Using data for 123 countries and over 124,000 individuals, this paper tries to understand the individual and country characteristics associated with the use of formal accounts and what policies are effective among those most likely to be excluded: the poor and rural residents. The authors find that greater ownership and use of accounts is associated with a better enabling environment for accessing financial services, such as lower account costs and greater proximity to financial intermediaries. Policies targeted to promote inclusion-such as requiring banks to offer basic or low-fee accounts, exempting some depositors from onerous documentation requirements, allowing correspondent banking, and using bank accounts to make government payments-are especially effective among those most likely to be excluded. Finally, the authors study the factors associated with perceived barriers to account ownership among those who are financially excluded and find that these individuals report lower barriers in countries with lower costs of accounts and greater penetration of financial service providers. Overall, the results suggest that policies to reduce barriers to financial inclusion may expand the pool of eligible account users and encourage existing account holders to use their accounts to save and with greater frequency
    DOI: 10.1596/1813-9450-6290
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 27
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    Trade Credit Contracts (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (40 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Klapper, Leora Trade Credit Contracts
    Keywords: Lieferantenkredit ; Europa ; Nordamerika
    Abstract: The authors employ a novel dataset on almost 30,000 trade credit contracts to describe the broad characteristics of the parties that contract together; the key contractual terms, such as the discount for early payment; and the days by when payment is due. Whereas prior work has typically used information on only one side of the buyer-seller transaction, this paper utilizes information on both. The authors find that the largest and most creditworthy buyers receive contracts with the longest maturities from smaller suppliers, with the latter extending credit to the former perhaps as a way of certifying product quality. Discounts for early payment seem to be offered to riskier buyers to limit the potential nonpayment risk when credit is extended for non-financial reasons
    DOI: 10.1596/1813-9450-5726
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 28
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    Estimating the Long-Term Impacts of Rural Roads : A Dynamic Panel Approach (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (37 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Estimating the Long-Term Impacts of Rural Roads
    Abstract: Infrastructure investments are typically long-term. As a result, observed benefits to households and communities may vary considerably over time as short-term outcomes generate or are subsumed by longer-term impacts. This paper uses a new round of household survey as part of a local government engineering department's rural road improvement project financed by the World Bank in Bangladesh to compare the short-term and long-term effects of rural roads over eight years. A dynamic panel model, estimated by generalized method of moments, is applied to estimate the varying returns to public road investment accounting for time-varying unobserved characteristics. The results show that the substantial effects of roads on such outcomes as per capita expenditure, schooling, and prices as observed in the short run attenuate over time. But the declining returns are not common for all outcomes of interest or all households. Employment in the rural non-farm sector, for example, has risen more rapidly over time, indicating increasing returns to investment. The very poor have failed to sustain the short-term benefits of roads, and yet the gains accrued to the middle-income groups are strengthened over time because of changing sectors of employment, away from agriculture toward non-farm activity. The results also show that initial state dependence-or initial community and household characteristics as well as road quality-matters in estimating the trajectory of road impacts
    DOI: 10.1596/1813-9450-5867
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 29
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    Patterns of Business Creation, Survival and Growth : Evidence from Africa (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (41 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Klapper, Leora Patterns of Business Creation, Survival and Growth
    Abstract: The authors study firm dynamics using a novel database of all formally registered firms in Cote d'Ivoire from 1977 to 1997, which account for about 60 percent of gross domestic product. First, they examine entry and exit patterns and the role of new and exiting firms versus incumbents in job creation and destruction. They find that while the rate of job creation at new firms is quiet high-at 8 percent on average-the number of jobs added by new firms is small in absolute terms. Next, they examine survival rates and find that the probability of survival increases monotonically with firm size, but manufacturing and foreign-owned firms face higher likelihoods of exit compared with service oriented and domestically owned firms. They find that higher growth of gross domestic product increases the probability of firm survival, but this is a broad impact with no firm size disproportionately affected. In robustness checks, they find that after 1987 size is no longer a significant determinant of firm survival for new entrants, suggesting that the operating environment for firms changed. Finally, they find that trade and fiscal reform episodes raised the probability of firm exit and attenuated the survival disadvantages faced by smaller firms, but exchange rate revaluation and pro-private sector reforms did not significantly lower the likelihood of exit
    DOI: 10.1596/1813-9450-5828
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 30
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    Financial Literacy and Retirement Planning : The Russian Case (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (24 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Klapper, Leora Financial Literacy and Retirement Planning
    Abstract: The authors examine the association of financial literacy with retirement planning in Russia, a country with a relatively old and rapidly aging population, large regional disparities, and a rapidly emerging financial market. They find that only 36.3 percent of respondents in the sample understand interest compounding and only half can answer a simple question about inflation. In a country with widespread public pension provisions, they find that financial literacy is significantly and positively related to retirement planning involving private pension funds and schemes. Thus, along with encouraging the availability of private retirement plans, efforts to improve financial literacy could be pivotal to the expansion of the use of such schemes
    DOI: 10.1596/1813-9450-5827
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 31
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    Can Social Safety Nets Alleviate Seasonal Deprivation? : Evidence from Northwest Bangladesh (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (47 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Can Social Safety Nets Alleviate Seasonal Deprivation?
    Abstract: This paper examines the role of social safety-net programs in Bangladesh run by the government and nongovernmental organizations to mitigate seasonal deprivation in the country's highly vulnerable northwest region. Specifically, the paper explores whether social safety nets are limited to averting seasonal deprivation or can also address seasonality of income and employment more generally. Using a recent survey from the greater Rangpur (northwest) region, the paper finds that social safety nets have a positive effect on mitigating both seasonal and non-seasonal food deprivation. The results are robust, owing to the recent expanded coverage of social safety-net programs run by nongovernmental organizations active in the region. But given the annual recurrence of monga (seasonal food insecurity) in the northwest region owing to agricultural seasonality and an overwhelming dependence on agriculture for livelihoods, social safety nets are not a reliable tool for monga eradication. Programs are also needed to promote the income and productivity of the poor through diversification of income and employment
    DOI: 10.1596/1813-9450-5865
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  • 32
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    Energy Access, Efficiency, and Poverty : How Many Households Are Energy Poor in Bangladesh ? (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (50 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Samad, Hussain A Energy Access, Efficiency, and Poverty
    Abstract: Access to energy, especially modern sources, is a key to any development initiative. Based on cross-section data from a 2004 survey of some 2,300 households in rural Bangladesh, this paper studies the welfare impacts of household energy use, including that of modern energy, and estimates the household minimum energy requirement that could be used as a basis for an energy poverty line. The paper finds that although the use of both traditional (biomass energy burned in conventional stoves) and modern (electricity and kerosene) sources improves household consumption and income, the return on modern sources is 20 to 25 times higher than that on traditional sources. In addition, after comparing alternate measures of the energy poverty line, the paper finds that some 58 percent of rural households in Bangladesh are energy poor, compared with 45 percent that are income poor. The findings suggest that growth in electrification and adoption of efficient cooking stoves for biomass use can lower energy poverty in a climate-friendly way by reducing carbon dioxide emissions. Reducing energy poverty helps reduce income poverty as well
    DOI: 10.1596/1813-9450-5332
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 33
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    Trade Credit Contracts (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (34 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Laeven, Luc Trade Credit Contracts
    Abstract: This paper provides new evidence on the unique role of trade credit and contracting terms as a way for both sellers and buyers to mange business risk. The authors use a novel and unique dataset on almost 30,000 supplier contracts for 56 large buyers and more than 24,000 suppliers in Europe and North America. The sample of buyers and suppliers includes firms of varying size, investment grade, and sectors. The paper finds evidence in support of four important, and not mutually exclusive, reasons for trade credit: 1) as a method of financing; 2) as a means of price discrimination; 3) as a bond assuring buyers of product quality; and 4) as a screening mechanism to gauge buyer default risk. In particular, the analysis finds that the largest and most creditworthy buyers receive contracts with the longest maturities, as measured by net days, from smaller, investment grade suppliers. In comparison, early payment discounts seem to be used as a risk management tool to limit the potential nonpayment risk of trade credit. Early payment discounts are generally offered to smaller, non-investment grade buyers. The results suggest that contract terms are jointly determined by supplier and buyer characteristics
    DOI: 10.1596/1813-9450-5328
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  • 34
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    Seasonal and Extreme Poverty in Bangladesh : Evaluating An Ultra-Poor Microfinance Project (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (54 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Khalily, M. A. Baqui Seasonal and Extreme Poverty in Bangladesh
    Abstract: Microfinance is often criticized for not adequately addressing seasonality and hard-core poverty. In Bangladesh, a program known as PRIME was introduced in 2006 to address both concerns. Unlike regular microfinance, PRIME introduces a microfinance scheme that offers a flexible repayment schedule and consumption smoothing, as well as production, loans. It targets the ultra-poor, many of whom are also seasonally poor, with a severe inability to smooth consumption during certain months of the year. Besides providing loans, PRIME offers extension and training services. This paper uses a quasi-experimental survey design to evaluate PRIME against regular microfinance programs. The results show that PRIME is more effective than regular microfinance in reaching the ultra-poor, as well as the seasonal poor. PRIME also helps reduce seasonal deprivation and extreme poverty. Although the program has demonstrated its promise, it is too early to conclude whether the accrued benefits are large enough to contain both seasonal and chronic poverty on a sustained basis
    DOI: 10.1596/1813-9450-5331
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 35
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    The impact of the financial crisis on new firm registration (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (35 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Love, Inessa The impact of the financial crisis on new firm registration
    Abstract: The authors use panel data on the number of new firm registrations in 95 countries to study the impact of the business environment and 2008 financial crisis on new firm registration. The data show that more dynamic formal business creation occurs in countries that provide entrepreneurs with a stable legal and regulatory regime, fast and inexpensive business registration process, more flexible employment regulations, and low corporate taxes. The data also show that nearly all countries experienced a sharp drop in business entry during the crisis. This drop is more pronounced in countries with higher levels of financial development and countries more affected by the crisis
    DOI: 10.1596/1813-9450-5444
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 36
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    The challenges of bankruptcy reform (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (30 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Cirmizi, Elena The challenges of bankruptcy reform
    Abstract: The 2008 financial crisis was followed by a global economic downturn, credit crunch, and reduction in cross-border lending, trade finance, remittances, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the financial and corporate sectors highlights the importance of efficient bankruptcy laws. This paper summarizes the theoretical and empirical literature on bankruptcy design, discusses the challenges of introducing and implementing bankruptcy reforms, and presents examples of how policymakers are trying to use the current economic downturn as an opportunity to engage in meaningful reform of the bankruptcy process
    DOI: 10.1596/1813-9450-5448
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 37
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    Energy poverty in rural and urban India : are the energy poor also income poor? (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (40 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Khandker, Shahidur R Energy poverty in rural and urban India
    Abstract: Energy poverty is a frequently used term among energy specialists, but unfortunately the concept is rather loosely defined. Several existing approaches measure energy poverty by defining an energy poverty line as the minimum quantity of physical energy needed to perform such basic tasks as cooking and lighting. This paper proposes an alternative measure that is based on energy demand. The energy poverty line is defined as the threshold point at which energy consumption begins to rise with increases in household income. This approach was applied to cross-sectional data from a comprehensive 2005 household survey representative of both urban and rural India. The findings suggest that in rural areas some 57 percent of households are energy poor, versus 22 percent that are income poor. For urban areas the energy poverty rate is 28 percent compared with 20 percent that are income poor. Policies to reduce energy poverty would include support for rural electrification, the promotion of more modern cooking fuels, and encouraging greater adoption of improved biomass stoves. A combination of these programs would play a significant role in reducing energy poverty in rural India
    DOI: 10.1596/1813-9450-5463
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 38
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    The impact of business environment reforms on new firm registration (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (30 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Klapper, Leora The impact of business environment reforms on new firm registration
    Abstract: The authors use panel data on the number of new firm registrations in 92 countries to study how the magnitude of reforms affects new firm registrations. They find that small reforms, in general less than 40 percent reduction in costs, days, or procedures required for business registration, do not have a significant effect on new firm creation. This suggests that small reforms do not have the intended effect on private sector development. They also find important synergies in multiple reforms of two or more business environment indicators. Finally, they show that countries with relatively weaker business environments require relatively larger reforms in order to impact new firm growth. These results can be helpful to motivate policymakers to make larger, broader reforms
    DOI: 10.1596/1813-9450-5493
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