Resilience of Microfinance Institutions to National Macroeconomic Events: An Econometric Analysis of MFI asset quality

After controlling for MFI and country characteristics, we find no evidence suggesting a strong (in magnitude) and statistically significant relationship between changes in GNI per capita (GROWTH) and four indicators of MFI portfolio risk: quality at Risk over 30 Days (PAR-30), Portfolio at Risk over 90 Days (PAR-90), Loan loss Rate (LLR), and Write-off Ratio (WOR). We test the robustness of the models with different specifications that confirm the general result and test for different impact from growth rates according to average loan sizes disbursed by MFIs. These tests suggest that microfinance portfolios have high resilience to economic shocks. Specifically, we found only a significant relationship between growth and PAR-30. We also control for other explanatory variables like size, age, average loan size, and productivity.Microfinace; Assets Quality; Systemic Shocks; Repayment; Resilience

Microfinance and Small Deposit Mobilization: Fact or Fiction?

Two primary arguments can be made for voluntary deposit mobilization among microfinance institutions (MFIs). First, deposit mobilization is an alternative source of funds that was neglected by most MFIs until a few years ago. From this perspective, voluntary deposit mobilization helps MFIs achieve independence from donors and investors, which is particularly important in periods of liquidity constraints. Second, poor households benefit greatly from having access to deposit mechanisms, and the benefits can be even greater than those derived from access to credit. On the funding side, the industry has demonstrated great progress, with savings mobilization now representing more than half of the assets reported by deposit mobilizing MFIs, even though this share seems to have decreased a bit during the last three years

Modeling urbanization patterns with generative adversarial networks

In this study we propose a new method to simulate hyper-realistic urban patterns using Generative Adversarial Networks trained with a global urban land-use inventory. We generated a synthetic urban "universe" that qualitatively reproduces the complex spatial organization observed in global urban patterns, while being able to quantitatively recover certain key high-level urban spatial metrics.Comment: 4 pages, 4 figure

Potential reintroduction of Arctic grayling in Michigan's lower peninsula: a study of biotic factors in the Maple River

Biology and Ecology of FishesArctic grayling (Thymallus arcticus) were once one of the most abundant salmonids in the northern Lower Peninsula of Michigan but were extirpated entirely from Michigan by the early 1900s due to overfishing, the introduction of non-native salmonids, and the logging industry. In recent history, an interest to reintroduce Arctic grayling back into Michigan has developed and multiple groups have begun studies to see suitability of Michigan streams and rivers for gray ling. We performed an abiotic and biotic assessment of the West Branch Maple River in Emmet County, Michigan for potential grayling reintroduction. We found water temperatures to be within a suitable range and substrate within the river to be that preferred by grayling. Low abundance of competitive brown trout and high abundance of preferred prey of grayling also showed the viability of the West Branch Maple River for gray ling. The results of this study show that the West Branch Maple River should be considered for the reintroduction of grayling but further, more extensive, studies of the river are needed to make sure of this. The removal of the Maple River Dam also presents an interesting case of a change in the Maple River that will also require further studies.https://deepblue.lib.umich.edu/bitstream/2027.42/147885/1/Gonzalez_2018_1.pd

Resilience of Microfinance Institutions to National Macroeconomic Events: An Econometric Analysis of MFI Asset Quality

After controlling for MFI and country characteristics, we find no evidence suggesting a strong (in magnitude) and statistically significant relationship between changes in GNI per capita (GROWTH) and four indicators of MFI portfolio risk: quality at Risk over 30 Days (PAR-30), Portfolio at Risk over 90 Days (PAR-90), Loan loss Rate (LLR), and Write-off Ratio (WOR). We test the robustness of the models with different specifications that confirm the general result and test for different impact from growth rates according to average loan sizes disbursed by MFIs. These tests suggest that microfinance portfolios have high resilience to economic shocks. Specifically, we found only a significant relationship between growth and PAR-30. We also control for other explanatory variables like size, age, average loan size, and productivity

Petroleum and its impact on three wars in Africa: Angola, Nigeria and Sudan ,

This article focuses on the complex role that oil has played in many conflicts on the African continent. It begins by highlighting oil’s influential role within war at a wider international level and provides a brief theoretical base from which to explore oil’s role in the African continent. Then, the article provides evidence of petroleum’s impact on violent conflicts in three African countries, namely Angola, Sudan and Nigeria, in order to highlight oil’s multi-faceted role on war in Africa

Biogeochemistry of Sulfur in Small Forested Catchments of the Great Smoky Mountains National Park

This dissertation presents three studies designed to investigate sources and biogeochemical processing of sulfur in the Great Smoky Mountains National Park (GRSM). First, a geochemical study of first- and second-order streams throughout the GRSM was conducted to determine variability in water quality and the influence of natural land disturbances on the water quality. The study identified three categories of sites, each with distinct water chemistry: lower elevation sites, high-elevation sites, and sites influence by sulfidic bedrock. Stream water chemistry was statistically significantly different in catchments with and without known areas of land disturbances that exposed sulfidic bedrock to the atmosphere. A second study focused on soil/stream water geochemistry and the influence of bedrock composition on it. Three sites overlying sulfidic bedrock were statistically compared to two overlying sandstone and two overlying a bedrock transition zone. Stream water from the two sites adjacent to exposed sulfidic bedrock had the lowest pH and acid-neutralizing capacity, the highest sulfate concentrations, as well as the highest metals and cations concentrations. Results also showed that the soil organic phase was the primary locus of sulfur retention in high-elevation forest catchments. The third study focused on stable isotope geochemistry in the same seven catchments. It showed that stream water chemistry, and the sulfur (δ34S) and oxygen (δ18O) isotope composition of stream water sulfate and soil sulfur, reflects atmospheric sulfate in the absence of significant sulfur/sulfate inputs from sulfidic bedrock. All three studies were consistent in providing evidence that influence of sulfidic bedrock on stream water geochemistry in high-elevation catchments is dependent on the bedrock’s exposure to the atmosphere. The soil mantel has a stronger direct influence on GRSM stream water chemistry than bedrock composition, as indicated by the sulfur and oxygen isotope composition of soil sulfur and soil organic sulfur and by the similarity in sulfur isotope composition of sulfate in stream water and subsurface soil. Geochemical indicators of acidification of GRSM stream water and soil at the selected study sites appear to be caused by the characteristically low-neutralizing potential of high-elevation soil than to the composition of underlying bedrock

FAILURE OF BOLT FASTENED BRITTLE MATERIALS

Since the early twentieth century, a substantial number of models, theories, and computational methods have been developed to predict material failure in brittle and quasi-brittle materials. In most cases, the proposed models and theories can only predict failure under very specific conditions. A unified failure criteria has recently been proposed to eliminate the need for multiple failure criteria, and early work has shown promising results for brittle and quasi-brittle materials under uniaxial tensile loading. This thesis aimed to further validate the proposed failure criteria using a more complex and common loading/failure condition, namely, bolt fastened material failure. The failure of bolt fastened poly(methyl methacrylate) (PMMA) and carbon fiber composites (CFC) was assessed using the newly proposed criteria. Inaccuracies in the failure predictions of bolt fastened brittle materials resulted in the discovery of new information. Results from experimental and numerical data strongly suggests that, for a brittle isotropic material, the location of failure initiation and the direction of initial crack propagation coincides with the maximum principal stress and the plane perpendicular to the maximum principal stress vector.Lieutenant, United States NavyApproved for public release. Distribution is unlimited