Rezensionen

Ohne Zusammenfassung     

Commercialisation de la microfinance: impact sur les plus pauvres en Afrique

Nous cherchons à déterminer si la commercialisation des IMF est associée à la « dérive de mission ». Plus précisément, en considérant que la commercialisation se caractérise par la viabilité, la concurrence, et la réglementation des IMF, nous évaluons son effet sur la taille moyenne des prêts accordés. L'étude empirique est basée sur les données en panel de 96 IMF ?uvrant dans 22 pays africains durant la période 2005–2008, et aussi sur la méthode des MCO afin d'étudier l'impact de la commercialisation des IMF sur la taille moyenne des prêts par groupe de clientèle servie. Les résultats indiquent que les IMF africaines ont une plus faible portée sociale lorsqu'elles sont autonomes financièrement, mais la réglementation et la concurrence peuvent favoriser l'inclusion des plus pauvres. Nous constatons également que l'augmentation de la taille moyenne des prêts est associée à des niveaux inférieurs de remboursement du prêt par les plus pauvres, à la baisse de pourcentage de femmes emprunteuses, au pourcentage de population rurale et à la forme juridique d'ONG, et aussi à la prédominance du crédit individuel. Ceci caractérise la dérive de mission.     

Framing social marketing as a system of interaction: A neo-institutional approach to alcohol abstinence

Abstract

We employ Giddens’ structuration theory to gain insights into the interaction between upstream/midstream and downstream social marketing perspectives. This is conducted through thirteen phenomenological interviews with informants who stand outside of the practice of alcohol consumption through their voluntary engagement in one month of sobriety. Our study identifies the ‘modalities’ located at the intersection between individual actions and the institutions of alcohol. By identifying these ‘modalities’, we conceptualise social marketing in interaction, which incorporates the institutional orders of domination, signification and legitimation, and the individual actions of power, communication and sanction. Specific domains of interventions are identified, namely marketplace offerings and promotional techniques, social grouping and positional status and rituals and traditions, through which social marketers can enact social change.     

Regional inequalities and the West–East divide in Turkey since 1913

This paper examines the evolution of regional disparities within the present-day borders of Turkey since 1913. Based on our estimates for 58 provinces, we find β-convergence, an inverse U, and more recently, the beginnings of an N-shaped pattern for value added per capita. We also find that regional disparities in Turkey exhibit a number of special features that do not easily fit the well-studied pattern of the early industrializers. First, while per capita value added in other regions moved towards country averages, the differences between the East and the rest of the country persisted and even increased until recently. Second, spatial distribution of economic activity became more concentrated over time due to continued migration to the megacity of Istanbul. Third, we find that regional disparities in per capita value added in Turkey and other developing countries have been higher than those experienced by the early industrializers. These findings raise questions about the extent to which the regional disparities experiences of Turkey and other developing countries have been different than those of the early industrializers.     

Microstructure and asset pricing: An insight on African frontier stock markets

This article investigates the impact of microstructure factors on asset pricing in some African stock markets. We use data on stocks listed on the Johannesburg Stock Exchange, the “Bourse Régionale des Valeurs Mobilières,” and the Nigeria Stock Exchange, and we consider international portfolio management from 2000 to 2014. Generalized least square and fixed effect are estimation methods used to highlight the effect of microstructure variables on expected return. At the same time, panel smooth transition regression (PSTR) modeling is considered to identify the thresholds in this effect. The results show that liquidity and to a lesser extent the number of trading days are the most common significant microstructure variables for all the studied markets. However, other variables’ effects on the return are specific to the considered stock markets. Furthermore, the PSTR estimator reveals that the impact of indicated factors on asset pricing is not linear because it produces a double threshold between return and microstructure.     

Multiscale Agricultural Commodities Forecasting Using Wavelet-SARIMA Process

Journal of Quantitative Economics - Forecasts of spot or future prices for agricultural commodities make it possible to anticipate the favorable or above all unfavorable development of future...     

One size may not fit all: Financial fragmentation and European monetary policies

This article investigates the impact of European Central Bank policies on credits considering financial and banking fragmentation. Using European data from the past decade, we estimate SVAR models to analyze the regional impact of conventional and unconventional measures on price and volume indicators of fragmentation. The risk-taking channel is studied using GVAR models to document the national consequences of this fragmentation. We find that unconventional measures increase credit in peripheral countries. Monetary policies alleviate fragmentation, but mostly in terms of price dispersion rather than credit volume. Finally, unconventional measures imply a rebalancing of European bank assets in favor of foreign currency denominated-assets.