Who Needs Credit and Who Gets Credit in Eastern Europe?

Based on survey data covering 8,387 firms in 20 countries we compare credit demand and credit supply for firms in Eastern Europe to those for firms in selected Western European countries. We find that, while 30% of firms do not need credit in Eastern Europe, their need for credit is higher than in Western Europe. The firm-level determinants of credit needs in Eastern Europe are quite similar to that in Western Europe: Firms with alternative financings sources, i.e. government-owned, foreign-owned and internally financed firms, are less likely to need credit. Small firms are also less likely to demand credit than larger firms, suggesting that they may have limited investment opportunities. We find that a higher share of firms is discouraged from applying for a loan in Eastern Europe than in Western Europe. Firms in Eastern Europe seem particularly discouraged by high interest rates compared to firms in Western Europe, with collateral conditions and loan application procedures also more discouraging. The higher rate of discouraged firms in Eastern Europe is related to a stronger reluctance of small and financially opaque firms to apply for a loan compared to Western Europe. While many discouraged firms correctly anticipate that their loan applications would be rejected, a large majority of discouraged firms seem to be creditworthy. At the country-level we find that the higher rate of discouraged firms in Eastern Europe is driven more by the presence of foreign banks than by the macroeconomic environment or the lack of creditor protection. We find no evidence that foreign bank presence leads to stricter loan approval decisions. Our findings suggest to policy makers that the low incidence of bank credit among firms in Eastern Europe, compared to Western Europe, is not driven by less need for credit or banks' reluctance to extend loans. The main driver seems to be that many (creditworthy) firms are discouraged from applying for a loan, due to high interest rates, collateral conditions and cumbersome lending procedures. As discouragement is particularly high among small and opaque firms, as well as in countries with a strong presence of foreign banks, it seems that firms perceive lending standards to have become more reliant on "hard information" with the entry of foreign banks. However, as loan rejection rates are not related to foreign bank presence, it seems that firms' perceptions of the likely lending conditions may be too pessimistic. Thus more transparency about credit eligibility and conditions may improve credit access, particularly in countries with a high presence of foreign banks.Banking, Credit, Transition economies

Who needs a doctor anymore?:risks and promise of mobile health Apps

Personal health monitoring is a hot topic. With bracelets and other wearables, we keep track of our heart rate, exercising, sleep, and more. We are becoming our own doctors and coaches. Improving citizens' health brings the society significant savings, besides healthier citizens. Health data also has important value beyond healthcare, e.g. in insurance and advertising. However, risks on privacy, data management, information interpretation and incorrect health diagnosis and treatments exist. This panel discusses the promise and risks related to mobile health apps, highlighting both research and industrial aspects related to the current trends

WHO NEEDS TICKETS? Examining Problems in the Growing Online Ticket Resale Industry

The Internet has dramatically changed the methods by which people purchase tickets to events. In the past decade, the secondary ticket market has grown exponentially, and today the online ticket resale industry is valued at approximately $4 billion. Although there are consumer benefits to this industry growth, some of the industry practices have precipitated a consumer backlash. This was typified in 2007 when many parents, hoping to purchase tickets to the Hannah Montana Best of Both Worlds Tour, watched as tickets sold out online in only a few minutes or less. Coupled with this episode was the Ticketmaster v. RMG Technologies case, which dealt with brokers who were using software to aid in purchasing large quantities of tickets to high-profile events. Congress has finally started to pay attention in 2009. This Note argues that the time for national regulation of this growing market is now

Some Peer-to-Peer, Democratically and Voluntarily Produced Thoughts About \u27The Wealth of Networks: How Social Production Transforms Markets and Freedom,\u27 by Yochai Benkler

In this review essay, Bartow concludes that The Wealth of Networks: How Social Production Transforms Markets and Freedom by Yochai Benkler is a book well worth reading, but that Benkler still has a bit more work to do before his Grand Unifying Theory of Life, The Internet, and Everything is satisfactorily complete. It isn\u27t enough to concede that the Internet won\u27t benefit everyone. He needs to more thoroughly consider the ways in which the lives of poor people actually worsen when previously accessible information, goods and services are rendered less convenient or completely unattainable by their migration online. Additionally, the Internet is easy enough to be optimistic enough as a technological achievement, but just as nuclear fission can be harnessed both for electrical power generation and annihilating destruction, the raw communicative capabilities can\u27t be qualitatively assessed without reference to specific content. Pornography and its symbiotic relationship to the Internet require thoughtful scrutiny. Astroturf and other targeted attempts to instrumentally distort democratic discourse need to be analyzed and possibly also rechanneled or contained. The impact of moving resources online upon people who substantially live in an offline, analog world, needs to be contemplated more fully

Calendar.help: Designing a Workflow-Based Scheduling Agent with Humans in the Loop

Although information workers may complain about meetings, they are an essential part of their work life. Consequently, busy people spend a significant amount of time scheduling meetings. We present Calendar.help, a system that provides fast, efficient scheduling through structured workflows. Users interact with the system via email, delegating their scheduling needs to the system as if it were a human personal assistant. Common scheduling scenarios are broken down using well-defined workflows and completed as a series of microtasks that are automated when possible and executed by a human otherwise. Unusual scenarios fall back to a trained human assistant who executes them as unstructured macrotasks. We describe the iterative approach we used to develop Calendar.help, and share the lessons learned from scheduling thousands of meetings during a year of real-world deployments. Our findings provide insight into how complex information tasks can be broken down into repeatable components that can be executed efficiently to improve productivity.Comment: 10 page

An Assessment of the Employment Needs of Southeast Asian Refugees on Public Assistance in Ramsey County

As welfare programs focus increased emphasis on employment, pressure to become employed will increase for Southeast Asian refugees who depend upon these programs, and who have very different employment needs from the population at large. A series of in-depth interviews were conducted with 10 Hmong, Cambodian and Vietnamese service providers to gather information about the employment needs of refugees that can be met by welfare reform programs. The findings indicate that welfare programs that require employment for refugees are likely to be successful, particularly if the refugees receive assistance in finding work and incentives that make work more attractive than welfare receipt. Recommendations are included for services such a job development and intensive English as a Second Language (ESL) instruction that can assist refugees in becoming employed. These findings are of particular use to program planners who wish to make employment and training components of welfare programs sensitive to the needs of Southeast Asians