34 research outputs found
Will microfinance continue to evolve into a mainstream asset class? Indications in favor and against
The microfinance sector has been going through profound changes in the last decades: It evolved from a donor-based community, driven by philanthropic objectives, to a high growth market that is today attracting commercial investors who seek social impact and a competitive risk-adjusted return. However, recent discussions in the sector about the assumed financial strength and resistance of microfinance institutions further triggered by the impact of the global economic and financial crisis on the microfinance sector as well as the increasing criticism about irresponsible business practices and limited impact on poverty reduction led to the question if the sector continues to evolve into a mainstream asset class. On the one hand the integration of microfinance institutions (MFI) into capital markets makes investments in the sector more attractive for mainstream investors, as the management of the investments turns more professional. On the other hand the correlation of the performance of MFIs with local and global market movements increases and makes diversification of an investor's portfolio less likely. --Microfinance Investments Asset Class
Flucht als literatur- und kulturwissenschaftliches Problem: Albert Drachs »Unsentimentale Reise« // The Notion of Flight in Literary and Cultural Studies. Albert Drach’s »Unsentimentale Reise«
Der Beitrag lotet anhand von Albert Drachs nach wie vor zu wenig beachtetem ›Bericht‹ »Unsentimentale Reise« (1966) das spezifische Potential von Fluchtnarrativen im Hinblick auf Setzung, Verschiebung,
Verlust, Stabilisierung und Überschreitung kultureller Räume und Grenzen aus. Die Figur des Flüchtlings ist in Drachs Text einerseits als paradigmatischer ›homo sacer‹ ohne feste Identität und ohne die Rechte einer politischen Gemeinschaft gezeichnet. Andererseits zeigt sich das subversive Potential in Drachs Flüchtlingsfigur Peter Kucku, der gerade nicht als passives Opfer, sondern als widerständig und schuldhaft Handelnder gezeigt wird.
The article uses the example of Albert Drach’s still insufficiently researched ›report‹ entitled Unsentimentale Reise (1966) in order to analyze the specific potential of flight narratives in the process of establishing, moving, opening, stabilizing and crossing borders of cultural spaces. On the one hand, the literary figure of the refugee in Drach’s text functions as a paradigmatic ›homo sacer‹, who does not have a stable identity or civil rights and does not belong to any community. On the other hand, the refugee Peter Kucku shows subversive potential, as he is portrayed not as a passive victim, but a resisting figure who is himself culpable for certain wrongdoings
Ancillary human health benefits of improved air quality resulting from climate change mitigation
<p>Abstract</p> <p>Background</p> <p>Greenhouse gas (GHG) mitigation policies can provide ancillary benefits in terms of short-term improvements in air quality and associated health benefits. Several studies have analyzed the ancillary impacts of GHG policies for a variety of locations, pollutants, and policies. In this paper we review the existing evidence on ancillary health benefits relating to air pollution from various GHG strategies and provide a framework for such analysis.</p> <p>Methods</p> <p>We evaluate techniques used in different stages of such research for estimation of: (1) changes in air pollutant concentrations; (2) avoided adverse health endpoints; and (3) economic valuation of health consequences. The limitations and merits of various methods are examined. Finally, we conclude with recommendations for ancillary benefits analysis and related research gaps in the relevant disciplines.</p> <p>Results</p> <p>We found that to date most assessments have focused their analysis more heavily on one aspect of the framework (e.g., economic analysis). While a wide range of methods was applied to various policies and regions, results from multiple studies provide strong evidence that the short-term public health and economic benefits of ancillary benefits related to GHG mitigation strategies are substantial. Further, results of these analyses are likely to be underestimates because there are a number of important unquantified health and economic endpoints.</p> <p>Conclusion</p> <p>Remaining challenges include integrating the understanding of the relative toxicity of particulate matter by components or sources, developing better estimates of public health and environmental impacts on selected sub-populations, and devising new methods for evaluating heretofore unquantified and non-monetized benefits.</p
Ein Vergleich mit der U.S. Rating Industrie und speziellem Bezug zum Fall Peru
PART I – Introduction 1 1 Ratings in Microfinance? – Research Questions,
Methodology and Structure of the Study 3 1.1 Research Question – Functions and
Functionalities of Ratings in Microfinance: What Does That Mean? 6 1.2
Research Design, Methodology and Case Selection– A Qualitative, Comparative
Approach 8 1.3 Structure of the Study – From Major Credit Ratings to Ratings
in Microfinance 13 2 Contextualizing Ratings in Mainstream Financial Markets
and in Microfinance 16 2.1 The Evolution of Credit Ratings and Their Spreading
in the U.S. and Beyond 16 2.1.1 The Growing Importance of Credit Ratings in
the U.S. 16 2.1.2 The Internationalization of Credit Ratings 22 2.2 The
Appearance of Ratings in Microfinance – Expression of a Maturing Sector? 26
2.2.1 The Microfinance (Investment) Market – An Overview 28 2.2.2 The Origins
and Evolution of Ratings in Microfinance 41 PART II - Functions and
Functionalities of the Major Credit Rating Agencies from a Theoretical and
Empirical Perspective 51 3 Ratings in the Light of the Theory of Financial
Intermediation and Beyond – Different Functions of Credit Ratings 53 3.1
Credit Ratings – General Characteristics of External Credit Risk Assessments
54 3.2 The Theory of Financial Intermediation – From an Institutional to a
Functional Perspective 58 3.2.1 New Institutional Economics and Financial
Intermediation – About Transaction Costs and Asymmetric Information 59 3.2.2
Financial Intermediation from a Functional Perspective – The (single most)
Importance of Risk Management 64 3.3 Dealing with Credit Risk – Linking and
Confusing Uncertainty with Default Probability 74 3.3.1 Different Approaches
to Define Credit Risk 76 3.3.2 Uncertainty and Irrationality – Credit Ratings
from a Behavioral Perspective 81 3.3.3 Summing-up – Anticipating the Future as
a Matter of Judgment 84 3.4 Rating Agencies from a Sociological Perspective –
The Meaning of Global Scientization within a “Risk Society” 87 3.4.1
Abolishing Self-Interest and its Consequences – Systemic Organization of Risk
Management 88 3.4.2 Epistemic Communities – The Principles of Expert-Systems
92 3.5 The Different Functions of Credit Ratings 95 3.5.1 Economies of Scale
in Environments of Increasing Complexity - The Information Function 96 3.5.2
Signaling Integrity and Classifying Levels of Risk – The Certification
Function 101 3.5.3 Aligning Interests of Issuers and Asset Managers – The
Control Function 103 3.5.4 Influencing Investors’ Beliefs and Behavior – The
Coordination Function 107 3.5.5 Summarizing the Different Functions of Credit
Ratings 108 3.6 Safeguarding Reliability – Reputation as the Driving Force for
Information Quality 110 4 Ratings above Suspicion? - Empirical Analysis
Regarding Critical Aspects of the Performance of the Major Rating Agencies and
the Functionality of their Assessments 116 4.1 Additional Factors Influencing
the Demand for Credit Ratings – Network-effects, Lock-in and Rating-based
Regulation 116 4.2 The Behavior of Credit Rating Agencies 119 4.2.1 The Lack
of Transparency 119 4.2.2 Conflicts of Interest 121 4.2.3 Declining Rating
Quality and Timeliness 124 4.2.4 Anticompetitive Behavior 127 4.3 Credit
Ratings and Market Dynamics 129 4.3.1 Financial Market Instability and Over-
reliance of Investors 130 4.3.2 Monopolistic Power and its Possible Abuse 135
4.4 Interim Results – Assessing the Functionality of Credit Ratings and its
Limits 139 PART III – Functions and Functionalities of Ratings in Microfinance
– with Special Reference to the Case of Peru 143 5 The Peruvian Microfinance
Market - Contextualizing Ratings in this Specific Environment 145 5.1 The
Microfinance Sector in Peru 145 5.2 International Investments into Peruvian
MFIs and their Refinancing Strategies 150 5.3 The Diffusion of Microfinance
Ratings in Peru 155 6 Microfinance Ratings – Characteristics, Products and
Methodologies of Different Rating Agencies 159 6.1 Performance versus Credit
Ratings – What is the Difference? 159 6.1.1 Characteristics of the Four
Specialized Rating Agencies, their Products and Rating Methodologies 162 6.1.2
Credit Ratings – Main Characteristics of Conventional Rating Agencies’
Methodologies and their Differences to Specialized Approaches 177 6.2 Social
Ratings – Underlying Concepts and Practical Approaches to Implementation 186
6.2.1 The Objectives of Social Performance Management and Global Social
Performance Reporting 186 6.2.2 Rating the Social Performance of Microfinance
Institutions – Similarities and Differences of Methodologies and Report Styles
191 7 Functions and Functionalities of Ratings in Microfinance – Assessing the
Role of Rating Agencies in Peru and Beyond 197 7.1 The Relevant Functions of
Rating Agencies in the Context of Microfinance 200 7.1.1 The Information
Function in a Highly Intermediary-Driven and Long-Term Investment Market 201
7.1.2 The Certification Function in Different Markets and the Importance of
Regulatory Recognition 212 7.1.3 The Control Function – Ratings as an Advisory
Service 223 7.2 Functionality of Microfinance Raters regarding their
Performance and Reliability 229 7.2.1 The Information Function – Ratings or
Audits? 230 7.2.2 The Certification Function – The Behavior of Rating Agencies
and the Reliability of their Judgments 242 7.2.3 The Control Function – The
Importance of a Specific Microfinance Focus 253 PART IV – Conclusions 258 8
Similarities and Differences of Rating Agencies’ Functions and Functionalities
in Distinct Markets 260 8.1 Motivation and Methodology of the Study 260 8.2
Summary of the Theoretical Framework - The Functions of Ratings in the
Mainstream Capital Markets 263 8.3 Ratings in the Context of Microfinance –
Empirical Findings, Limitations of the Study and Suggestions for Further
Research 269 8.4 The (Questionable) Importance of Ratings in Microfinance and
Future Prospects 278 References 284 Annex 321 Annex 1– Rating reports reviewed
for the analysis of rating methodologies 321 Annex 2 - List of interviews held
in Peru between February 16 and March 30, 2010. 323 Annex 3 – Interview
guidelines 325 Annex 4 – Questionnaire MIV survey February 2009 331 Annex 5 -
Rating grades and rating scale definitions of the four specialized rating
agencies 336 Annex 6 - Rating categories and sub-categories covered by the
four specialized rating agencies 338 Anex 7 – Categories and sub-categories
covered in social ratings by the four specialized rating agencies 340 Annex 8
- Rating scales and definitions for social ratings 341 Weitere Anhänge laut
Prüfungsordnung 343 Kurzfassung der Ergebnisse auf Deutsch 343 Tabellarischer
Lebenslauf 349Since the 1980s, the microfinance sector in many countries evolved into an
economically sustainable industry and integral part of the financial system.
In order to secure the increasing refinancing needs, an increasing number of
economically successful microfinance institutions began to approach
international and also commercial investors. Actors of international
cooperation supported this process by creating or boosting the necessary
infrastructure at the meso level. This includes initiatives to establish an
adequate regulatory regime at the national level or the fostering of
information services to increase the international visibility and
transparency. The financial and political support of specialized microfinance
rating agencies is just another example. This dissertation studies the
possible contribution of rating agencies to the sustainable development of
microfinance institutions. At the same time, it provides answers to the
question which particular role specialized microfinance rating agencies play
and what this could mean for the future development of the microfinance rating
industry. The analysis and carving out of the functions of the “big three”
internationally recognized U.S. rating agencies - Moody’s, Standard & Poor‘s
and Fitch – build the theoretical conceptional framework for the study. Apart
from (micro-)economic theories the study also builds on insights from
psychology and (economic) sociology. A central element is the discussion of
the meaning of risk. Linked to this discussion the possible reliability of
rating agencies to assess future defaults is analyzed. The debate of often
criticized aspects of the activities and behavior of rating agencies is
presented. The analysis of these aspects provides further important insights
into the functionalities of rating agencies in international capital markets.
The developed analytical framework is then applied to the case of
microfinance. Using a comparative approach the study gives answers to the
question which functions of rating agencies are relevant within the
microfinance industry at the present moment. Besides, it is analyzed in how
far specialized microfinance raters distinguish themselves from conventional
rating agencies. These differences again provide insights into the context-
specific relevance of the different functions as well as the functionality of
different rating methods and products. The study shows that in the case of
Peru with its highly developed microfinance sector and partly also beyond this
specific case, ratings have a relatively important information function which
can improve the refinancing conditions of microfinance institutions. Yet,
because of the restricted functionality with regard to their certification
function they cannot be considered as critical for the access to funds. The
control function, where ratings serve as a disciplining instrument, is at the
present moment of little relevance. Still ratings have a consulting function
for less developed small microfinance institutions. The coordination function
which might foster the stability of (micro-) financial systems does not play a
role yet.Seit den 1980er Jahren hat sich der Mikrofinanzsektor in vielen Ländern zu
einer wirtschaftlich nachhaltigen Industrie und integralem Bestandteil des
Finanzsystems entwickelt. Um ihren hohen Refinanzierungsbedarf zu decken,
begannen eine zunehmende Anzahl von wirtschaftliche erfolgreichen
Mikrofinanzinstitutionen damit, sich internationalen, auch kommerziellen
Investoren zuzuwenden. Akteuren der internationalen Entwicklungszusammenarbeit
begleiteten diesen Prozess auch dadurch, die nötige Infrastruktur auf der
Meso-Ebene zu schaffen oder zu stärken. Die Maßnahmen reichen von der Beratung
zur Etablierung eines geeigneten, regulativen Rahmens auf nationaler Ebene bis
hin zur Schaffung von auf internationale Visibilität und Transparenz
abzielende Informationsdienste. Die politische und finanzielle Unterstützung
von auf Mikrofinanzinstitutionen spezialisierte Ratingagenturen ist hier ein
weiteres Beispiel. Diese Dissertation zielt darauf ab, den möglichen Beitrag
von Ratingagenturen für die nachhaltige Entwicklung von
Mikrofinanzinstitutionen zu ergründen. Gleichzeitig werden Antworten zu der
Frage geliefert, welche besondere Rolle den spezialisierten Ratingagenturen
dabei zukommt und was dies für mögliche Entwicklung der Mikrofinanz-Rating-
Industrie bedeuten könnte. Den theoretisch konzeptionellen Rahmen für die
Analyse bildet die Herausarbeitung der Funktionen von den drei großen,
international anerkannten U.S. Rating Agenturen: Moody’s, Standard & Poor‘s
und Fitch. Neben den (mikro-)ökonomischen Theorien basiert diese Arbeit auf
Ansätzen aus der Psychologie und (Wirtschafts-) Soziologie. Ein zentrales
Element ist dabei die Auseinandersetzung mit dem Risikobegriff und der damit
einhergehenden, möglichen Verlässlichkeit von Ratingagenturen hinsichtlich
ihrer Einschätzung von zukünftigen Zahlungsausfällen. Die Debatte hinsichtlich
oftmals kritisierter Aspekte in Bezug auf die Aktivitäten und das Verhalten
der drei großen Ratingagenturen wird dargestellt. Diese Analyse liefert
weitere, wichtige Anhaltspunkte in Bezug auf die Funktionalität von
Ratingagenturen in internationalen Kapitalmärkten. Das so erarbeitete
Analyseraster wir dann auf den Fall der Mikrofinanzindustrie angewendet. Mit
einem vergleichenden Ansatz wird zum einen der Frage nachgegangen, welche
Funktionen von Ratingagenturen zum gegenwärtigen Zeitpunkt innherhalb der
Mirkofinanzindustrie relevant sind. Zum anderen wird analysiert, inwiefern
sich die auf Mikrofinanzen spezialisierten Ratingagenturen von konventionellen
lokalen und internationalen Ratingagenturen unterscheiden. Diese Unterschiede
lassen wiederum Rückschlüsse auf die Kontext-spezifische Relevanz der
verschiedenen Funktionen sowie die Funktionalität unterschiedlicher
Ratingmethoden und –produkte zu. Die Studie zeigt, dass, für den Fall von Peru
mit seinem weit entwickelten Mikrofinanzsektor, aber zum Teil auch darüber
hinaus Ratings eine relativ wichtige Informationsfunktion haben und damit die
Konditionen der Refinanzierung von Mikrofinanzinstitutionen verbessern können.
Die eingeschränkte Funktionalität von Ratings in Bezug auf die
Zertifizierungsfunktion lassen sie jedoch nicht als kritisch für den Zugang zu
Refinanzierungsquellen erscheinen. Die Kontrollfunktion, bei der Ratings ein
Disziplinierungsinstrument darstellen, ist bis dato wenig ausgeprägt. Ratings
haben jedoch vor allem für weniger weit entwickelte, kleine
Mikrofinanzinstitutionen eine Beratungsfunktion. Die Koordinationsfunktion als
Garant für die Stabilität des (Mikro-) Finanzsystems spielt im
Mikrofinanzsektor noch keine Rolle
Flucht als literatur- und kulturwissenschaftliches Problem: Albert Drachs »Unsentimentale Reise«
Der Beitrag lotet anhand von Albert Drachs nach wie vor zu wenig beachtetem ›Bericht‹ »Unsentimentale Reise« (1966) das spezifische Potential von Fluchtnarrativen im Hinblick auf Setzung, Verschiebung,
Verlust, Stabilisierung und Überschreitung kultureller Räume und Grenzen aus. Die Figur des Flüchtlings ist in Drachs Text einerseits als paradigmatischer ›homo sacer‹ ohne feste Identität und ohne die Rechte einer politischen Gemeinschaft gezeichnet. Andererseits zeigt sich das subversive Potential in Drachs Flüchtlingsfigur Peter Kucku, der gerade nicht als passives Opfer, sondern als widerständig und schuldhaft Handelnder gezeigt wird.
The article uses the example of Albert Drach’s still insufficiently researched ›report‹ entitled Unsentimentale Reise (1966) in order to analyze the specific potential of flight narratives in the process of establishing, moving, opening, stabilizing and crossing borders of cultural spaces. On the one hand, the literary figure of the refugee in Drach’s text functions as a paradigmatic ›homo sacer‹, who does not have a stable identity or civil rights and does not belong to any community. On the other hand, the refugee Peter Kucku shows subversive potential, as he is portrayed not as a passive victim, but a resisting figure who is himself culpable for certain wrongdoings
Disputationem Primam, De Virtutis Stimulo offert Praeside M. Christiano Martino Seelmann ... Respondens Henricus Christianus Kirchstein ... Ad diem 14. Septembr. 1695.
Ausg. früher auch unter VD17 14:064052S. - Alternativer Fingerprint für Ausg. mit [8] Bl. ohne Beiträger: i-m& rtre doa- e-n- C 1695