Financing businesses in Africa : the role of microfinance

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.Access to Finance,Banks&Banking Reform,Debt Markets,Financial Intermediation,Emerging Markets

Lumineszenz-Datierung der Löss-Paläoboden-Sequenz in der Kiesgrube Gaul/Weilbach, Südhessen

A thick Middle and Late Pleistocene loess/palaeosol sequence is exposed at the gravel quarry Gaul located east of Weilbach in the southern foreland of the Taunus Mountains. The loess/palaeosol sequence correlates to the last three glacial cycles. Seven samples were dated by luminescence methods using an elevated temperature IRSL (post-IR IRSL) protocol for polymineral fine-grains to determine the deposition age of the sediment and to set up a more reliable chronological framework for these deposits. The fading corrected IR50 and the pIRIR225 age estimates show a good agreement for almost all samples. The fading corrected IRSL ages range from 23.7 ± 1.6 ka to >350 ka indicating that the oldest loess was deposited during marine isotope stage (MIS) 10 or earlier and that the humic-rich horizon (Weilbacher Humuszone) was developed during the late phase of MIS 7. Loess taken above the fCc horizon most likely accumulated during MIS 6 indicating that the remains of the palaeosol are not belonging to the last interglacial soil. The two uppermost samples indicate that the youngest loess accumulated during MIS 2 (Upper Würmian). Age estimates for the loess-palaeosol sequence of the gravel quarry Gaul/Weilbach could be obtained up to ~350 ka using the pIRIR225 from feldspar. Keywords: loess, luminescence dating, IRSL, fading, Weilbach, chronostratigraphyLumineszenz-Datierung der Löss-Paläoboden-Sequenz in der Kiesgrube Gaul/Weilbach, Südhessen Kurzfassung: Eine mächtige Löss-Paläoboden-Sequenz des Mittel- und Spätpleistozäns ist in der Kiesgrube Gaul östlich von Weilbach im südlichen Taunusvorland aufgeschlossen. Lösse der letzten drei Glazialzyklen, mit zwischengeschalteten Paläoböden, sind aufgeschlossen. Sieben Proben wurden mit der Lumineszenz-Datierungsmethode, basierend auf einem post-IR IRSL Messprotokoll, untersucht, um einen verlässlicheren chronologischen Rahmen für diese Sedimente zu etablieren. Die „fading“ korrigierten IR50 und die pIRIR225 Alter sind für fast alle Proben in guter Übereinstimmung. Die IRSL Alter reichen von 23.7 ± 1.6 ka bis >350 ka und deuten an, dass der älteste Löss während des marinen Isotopenstadiums (MIS) 10 oder früher abgelagert wurde, und dass die Weilbacher Humuszonen sehr wahrscheinlich während einer späten Phase des MIS 7 gebildet wurden. Lösse über dem fCc Horizont wurden sehr wahrscheinlich während des MIS 6 abgelagert, was darauf hindeutet, dass die Reste des Paläobodens nicht mit dem letzten Interglazial korrelieren. Die beiden obersten Proben deuten darauf hin, dass der jüngste Löss während dem letzten Pleniglazial (Oberwürm, MIS 2) abgelagert wurde. Mit dem pIRIR225 Signal konnten Alter bis ~350 ka für die Proben der Löss-Paläoboden-Sequenz in der Kiesgrube Gaul gemessen werden

The Role of Ethnic Chinese Networks in China’s FDI Inflows

The literature has shown that social networks can promote international trade and investment by acting as a substitute for formal market institutions. The question to what degree strengthening formal institutions affects the role of social networks has yet to be addressed empirically. Using cross-sectional data this paper examines whether the role of ethnic Chinese networks in promoting bilateral FDI inflows into China diminishes as China continues to implement legal, economic and political reforms. The findings are ambiguous; while results for the entire period (1984-2003) suggests that, if anything, the role increases, a look at a more recent sub-period (1992-2003) suggest that the role does as expected decrease

Is small beautiful ? financial structure, size and access to finance

Combining two unique data sets, this paper explores the relationship between the relative importance of different financial institutions and their average size and firms'access to financial services. Specifically, the authors explore the relationship between the share in total financial assets and average asset size of banks, low-end financial institutions, and specialized lenders, on the one hand, and firms'access to and use of deposit and lending services, on the other hand. Two findings stand out. First, the dominance of banks in most developing and emerging markets is associated with lower use of financial services by firms of all sizes. Low-end financial institutions and specialized lenders seem particularly suited to ease access to finance in low-income countries. Second, there is no evidence that smaller institutions are better in providing access to finance. To the contrary, larger specialized lenders and larger banks might actually ease small firms'financing constraints, but only at low levels of gross domestic product per capita.Access to Finance,Banks&Banking Reform,Debt Markets,Microfinance,Non Bank Financial Institutions

El proyecto ImPLI, la interpretación en la etapa previa al juicio en Italia y la transposición de la directiva 2010/64/UE

This paper focuses on the right to court interpreting and police interpreting in Italy. The data presented about the situation in Italy are derived from the results of ImPLI (Improving Police and Legal Interpreting), a European research project funded by DG Justice which collected facts and figures about police interpreting in Belgium, Czech Republic, France, Germany, Italy and the United Kingdom. The transposition of directive 2010/64/UE into Italian law is analysed to understand its impact on interpreting rights for people under investigation, accused persons and witnesses in Italy. The main drawbacks as well as improvements of the directive transposition are highlighted and discussedEl proyecto ImPLI, la interpretación en la etapa previa al juicio en Italia y la transposición de la directiva 2010/64/UE Este artículo está dedicado a la interpretación en tribunales y en entornos policiales en Italia. Los datos que presentamos sobre la situación en Italia proceden de los resultados del proyecto de investigación europeo ImPLI (Improving Police and Legal Interpreting), financiado por la DG Justicia, para el que se recogieron datos y cifras relativos a la interpretación en entornos policiales en Bélgica, la República Checa, Francia, Alemania, Italia y el Reino Unido. Se analiza la transposición de la Directiva 2010/64/UE a la legislación italiana para entender las consecuencias que tiene en el derecho a la interpretación de las personas sometidas a investigación, los acusados y los testigos en Italia. Se ponen de relieve y se debaten los problemas y las mejoras que trae consigo la transposición de la directiva

Contemplative Approaches to Reading and Writing: Cultivating Choice, Connectedness, and Wholeheartedness in the Critical Humanities

This article describes an approach in which two humanities instructors use reading and writing as a means to help students connect to their minds as objects of contemplation, experience alternative ways of being and relating, and consider how they make meaning from experience. To derive conclusions from this approach, they analyze student work and student feedback from a 3000 level elective comparative literature course, “Spiritual Journeys in Young Adult Fiction.” The results show that students cherish the opportunity to inquire into their habitual ways of relating to their academic work and to each other. They find a greater sense of choice, connectedness, and wholeheartedness, and rediscover their love for reading and writing

Pan-European Sarcoma Trials: Moving Forward in a Climate of Increasing Economic and Regulatory Pressure

Advances in sarcoma treatment are largely based on investigator-initiated, multicentric and interdisciplinary clinical trials. The EU's Good Clinical Practice Directive 2001/20/EC, effective since 2004, was meant to harmonize the conditions for clinical trials across Europe, but, instead, the challenge of initiating and running multinational, noncommercial clinical trials has become greater than ever. Institutions participating in existing noncommercial Pan-European studies are struggling to cope with increased administrative and financial burdens, and few new studies are initiated any more. The aim of a conference entitled “Pan-European Sarcoma Trials: Moving Forward in a Climate of Increasing Economic and Regulatory Pressure,” held in Stuttgart, Germany, 30 November–2 December 2006 as part of the European Science Foundation's ECT-program, was not only to provide an overview of currently active and planned multinational studies on osteo-, Ewing's, and soft tissue sarcoma, but also to draw on areas of synergy between various established sarcoma groups in Europe to define plausible survival strategies for collaborative, interdisciplinary, patient-oriented research

Schneehydrologische Modellierung im Mittelgebirgsraum

Gründend auf einer Forschungsstandsanalyse im Bereich der Schneehydrologie und hydrologischen Modellierung, werden für die Schneehydrologie relevante Merkmale des Mittelgebirgsraums ausgearbeitet und ein angepasstes schneehydrologisches Modellierungswerkzeug (Schneemodul SMiM) erstellt, das in hydrologische Einzugsgebietsmodelle integriert werden kann. Der kombinierte Modellansatz aus Schneemodul und einem Einzugsgebietsmodell wird in zwei Mittelgebirgs-Einzugsgebieten (Thüringer Wald; Bergisches Land) angewendet und validiert. Aus der Schneemodulanwendung werden Ergebnisse und Analysen dargestellt. Zum einen geht daraus die allgemeine Problematik der schneehydrologischen Modellierung im klimatisch sehr wechselhaften Mittelgebirgsraum hervor und zum anderen kann eine sehr gute Anpassung des erstellten Modellwerkzeugs SMiM festgestellt werden