THE COST STRUCTURE OF MICROFINANCE INSTITUTIONS IN EASTERN EUROPE AND CENTRAL ASIA

Microfinance institutions are important, particularly in developing countries, because they expand the frontier of financial intermediation by providing loans to those traditionally excluded from formal financial markets. This paper presents the first systematic statistical examination of the performance of MFIs operating in Eastern Europe and Central Asia. A cost function is estimated for MFIs in the region from 1999-2004. First, the presence of subsidies is found to be associated with higher MFI costs. When output is measured as the number of loans made, we find that MFIs become more efficient over time and that MFIs involved in the provision of group loans and loans to women have lower costs. However, when output is measured as volume of loans rather than their number, this last finding is reversed. This may be due to the fact that such loans are smaller in size; thus for a given volume more loans must be made.http://deepblue.lib.umich.edu/bitstream/2027.42/40195/3/wp809.pd

Capturing industrial CO2 emissions in Spain: Infrastructures, costs and break-even prices

This paper examines the conditions for the deployment of large-scale pipeline and storage infrastructure needed for the capture of CO2 in Spain by 2040. It details a modeling framework that allows us to determine the optimal infrastructure needed to connect a geographically disaggregated set of emitting and storage clusters, along with the threshold CO2 values necessary to ensure that the considered emitters will make the necessary investment decisions. This framework is used to assess the relevance of various policy scenarios, including (i) the perimeter of the targeted emitters for a CCS uptake, and (ii) the relevance of constructing several regional networks instead of a single grid to account for the spatial characteristics of the Spanish peninsula. We find that three networks naturally emerge in the north, center and south of Spain. Moreover, the necessary CO2 break-even price critically depends on the presence of power stations in the capture perimeter. Policy implications of these findings concern the elaboration of relevant, pragmatic recommendations to envisage CCS deployment locally, focusing on emitters with lower substitution options toward low-carbon alternatives

Introduction

This book investigates restructuring in the electronics industry and in particular the impact of a \u2018Chinese\u2019 labour regime on work and employ - ment practices in electronics assembly in Europe.1 Electronics is an extremely dynamic sector, characterized by an ever-changing organi - zational structure, as well as cut-throat competition, particularly in manufacturing. Located primarily in East Asia, electronics assembly has become notorious for poor working conditions, low unionisation and authoritarian labour relations. However, hostile labour relations and topdown HR policies are not unique to East Asia. They have become associated with the way the sector is governed more broadly, with a number of Western companies also coming to rely on such practices

SAFE Newsletter : 2013, Q3

Research: Joachim Weber, Benjamin Loos, Steffen Meyer, Andreas Hackethal "Individual Investors' Trading Motives and Security Selling Behavior" Ignazio Angeloni, Ester Faia "Monetary Policy and Prudential Regulations with Bank Runs" Helmut Siekmann "Legal Limits to Quantitative Easing" Policy Margit Vanberg "SAFE Summer Academy 2013 on 'International Financial Stability'" Guest Commentary Peter Praet "Cooperation between the ECB and Academia

Assessing the Extent of Human Trafficking: Inherent Difficulties and Gradual Progress

This article explores some of the key current research and statistical evidence available on the global scale of trafficking in human beings, and considers the assumption that the occurrence of trafficking is increasing. The value and limita-tions of this statistical data is identified, as is the relationship between the research base and the resulting legal and policy responses. This allows an assessment of whether there is a connection between the perceived problem and the responses to trafficking victims’ circumstances. It questions whether assumptions, generalisations and policies can be based around the available data and the responsibilities of individual countries, including the UK and the wider interna-tional community, in relation to the improvement of data collection. The article also considers signs of progress in terms of data collection and suggests further future improvements that need to be made to the approach taken