Microfinance in post-disaster and post-conflict situations: turning victims into shareholders

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Are financial and social efficiency mutually exclusive? A case study of Vietnamese microfinance institutions

A major debate in microfinance focuses on the existence of a trade-off between the financial sustainability of microfinance institutions (MFIs) and their outreach to poor clients. This paper adds to this debate by analyzing whether financial and social efficiency are mutually exclusive in a context of implicit subsidies by the state and international donors. We use data from a sample of 28 Vietnamese MFIs and apply Data Envelopment Analysis (DEA) to identify the existence of a trade-off. Our analysis shows that for Vietnamese MFIs financial and social efficiency are not related. We interpret this as evidence for the fact that there is no support to believe that there is such a trade-off. Subsidies, based on which most Vietnamese MFIs currently operate, helps them to show high financial efficiency, while at the same time being able to attain their social goals. Nevertheless, this model may not be sustainable in the long-term. Journal compilationSCOPUS: ar.jFLWINinfo:eu-repo/semantics/publishe

the ethics of alternative currencies

Alternative currencies are means of payment that circulate alongside—as an alternative or complement to—official currencies. While these currencies have existed for a long time, both society and academia have shown a renewed interest in their potential to decentralize the governance of monetary affairs and to bring people and organizations together in more ethical or sustainable ways. This article is a review of the ethical and philosophical implications of these alternative monetary projects. We first discuss various classifications of these currencies before analyzing the ethical challenges linked to the way they tackle social and environmental issues. We also examine the incentive-based and coercive mechanisms used by these currencies from an ethical perspective and debate the promises and perils of monetary decentralization and democracy. We conclude by identifying an agenda for future research

Plaidoyer universitaire pour le rail

[Chapeau] Le réseau ferré en Wallonie s’apparentera bientôt à un train touristique reliant deux gares Calatrava plutôt que d’assurer à chacun le droit à sa mobilité

Norms and Values of the Various Microfinance Institutions Norms and Values of the Various Microfinance Institutions

This article studies the role of norms and values in the microfinance sector. Microfinance projects implemented in India use a wide range of different organizational structures. A classification of the sector is proposed, mapping the institutions along two axes: the profit motive (profit vs. not-for-profit) and the decision making style (centralized vs. un-centralized). Some Microfinance Institutions (MFIs) base their interactions on rigid norms or rules; while others are based on values. We argue that the private sector will tend to produce the operating rules of the microfinance system while the not-for-profit institutions that are using an inclusive decision-making process are more likely to influence the ethical norms in the sector. Nevertheless, this classification is not static as recent events in South-India shows that norms, such as the interest rates, can be politically and emotionally invested to the point that they are about to become values in the sector. values. We argue that the private sector will tend to produce the operating rules of the microfinance system while the not-for-profit institutions that are using an inclusive decision-making process are more likely to influence the ethical norms in the sector. Nevertheless, this classification is not static as recent events in South-India shows that norms, such as the interest rates, can be politically and emotionally invested to the point that they are about to become values in the sector

Fair interest rates when lending to the poor

info:eu-repo/semantics/publishe

Le développement à crédit

info:eu-repo/semantics/publishe

Social justice with credits to the poor

Fair prices have been recently addressed through debates on fair trade or fair wage. This paper addresses the fairness of credits to the poor. It first analyzes a few definitions of fair interest rates. It then determines the extent of the ‘just’ range of a price, its major constraints and the methodology to assess the fairness of the distribution. Based on Gauthier’s (1986) work on imperfect markets, a contractarian position is presented.info:eu-repo/semantics/publishe