Networks of micro and small enterprise banks : a contribution to financial sector development : [Version March 2005]

The paper is a follow-up to an article published in Technique Financière et Developpement in 2000 (see the appendix to the hardcopy version), which portrayed the first results of a new strategy in the field of development finance implemented in South-East Europe. This strategy consists in creating microfinance banks as greenfield investments, that is, of building up new banks which specialise in providing credit and other financial services to micro and small enterprises, instead of transforming existing credit-granting NGOs into formal banks, which had been the dominant approach in the 1990s. The present paper shows that this strategy has, in the course of the last five years, led to the emergence of a network of microfinance banks operating in several parts of the world. After discussing why financial sector development is a crucial determinant of general social and economic development and contrasting the new strategy to former approaches in the area of development finance, the paper provides information about the shareholder composition and the investment portfolio of what is at present the world's largest and most successful network of microfinance banks. This network is a good example of a well-functioning "private public partnership". The paper then provides performance figures and discusses why the creation of such a network seems to be a particularly promising approach to the creation of financially self-sustaining financial institutions with a clear developmental objective

Networks of micro and small enterprise banks : a contribution to financial sector development :[Version January 2004]

The paper is a follow-up to an article published in Technique Financière et Developpement in 2000 (see the appendix to the hardcopy version), which portrayed the first results of a new strategy in the field of development finance implemented in South-East Europe. This strategy consists in creating microfinance banks as greenfield investments, that is, of building up new banks which specialise in providing credit and other financial services to micro and small enterprises, instead of transforming existing credit-granting NGOs into formal banks, which had been the dominant approach in the 1990s. The present paper shows that this strategy has, in the course of the last five years, led to the emergence of a network of microfinance banks operating in several parts of the world. After discussing why financial sector development is a crucial determinant of general social and economic development and contrasting the new strategy to former approaches in the area of development finance, the paper provides information about the shareholder composition and the investment portfolio of what is at present the world's largest and most successful network of microfinance banks. This network is a good example of a well-functioning "private public partnership". The paper then provides performance figures and discusses why the creation of such a network seems to be a particularly promising approach to the creation of financially self-sustaining financial institutions with a clear developmental objective

Process for purification of solids

A process for purifying solids, especially silicon, by melting and subsequent resolidification, is described. Silicon used in solar cell manufacturing is processed more efficiently and cost effectively

Balance training of the equilibrium organ and its effect on flight strategy

An experimental program was conducted with the pendular platform of the Oto-Rhino-Laryngology Clinic, which was developed for the investigation of disturbances of the equilibrium. The equilibrium sense of the glider pilot was emphasized. Results are presented

Final excitation energy of fission fragments

We study how the excitation energy of the fully accelerated fission fragments is built up. It is stressed that only the intrinsic excitation energy available before scission can be exchanged between the fission fragments to achieve thermal equilibrium. This is in contradiction with most models used to calculate prompt neutron emission where it is assumed that the total excitation energy of the final fragments is shared between the fragments by the condition of equal temperatures. We also study the intrinsic excitation-energy partition according to a level density description with a transition from a constant-temperature regime to a Fermi-gas regime. Complete or partial excitation-energy sorting is found at energies well above the transition energy.Comment: 8 pages, 3 figure

Newtonian Limit of Conformal Gravity

We study the weak-field limit of the static spherically symmetric solution of the locally conformally invariant theory advocated in the recent past by Mannheim and Kazanas as an alternative to Einstein's General Relativity. In contrast with the previous works, we consider the physically relevant case where the scalar field that breaks conformal symmetry and generates fermion masses is nonzero. In the physical gauge, in which this scalar field is constant in space-time, the solution reproduces the weak-field limit of the Schwarzschild--(anti)DeSitter solution modified by an additional term that, depending on the sign of the Weyl term in the action, is either oscillatory or exponential as a function of the radial distance. Such behavior reflects the presence of, correspondingly, either a tachion or a massive ghost in the spectrum, which is a serious drawback of the theory under discussion.Comment: 9 pages, comments and references added; the version to be published in Phys. Rev.