GLOBAL MICROFINANCING INSTITUTES: HIGH INTEREST RATE OR LOW LOAN-LOSS RATES?

The microfinancing sector has experienced a rise in both loan interest rates and borrower loan loss rates recently. By employing a sample of microfinance institutions (MFIs) from the MixMarket database during 2004-2012 around the world, we find that the lag of borrower loan loss is positively related to loan interest rates while the lag of loan interest rates is also positively related to borrower loan loss. The impact of loan loss rate on loan interest rates, however, seems to be more substantial than the influence of loan interest rates on the loan loss rate. Furthermore, we find that the higher interest rates charged by MFIs are followed by higher operating performance of MFIs, indicating the possibility that MFIs are charging relatively high interest rates mainly for their own profitability rather than helping low income people

Investigation of the corneal frequency response to modulated sound excitation

Purpose : To investigate the possibility of determining the eye's intraocular pressure (IOP), biomechanical parameters (BM), and geometrical distortion through its frequency response to acoustic excitation as measured by phase-sensitive swept source optical coherence tomography (PhS-ssOCT). Methods : Experimental (E): Freshly enucleated porcine eyes (<45h) were mounted in front of a PhS-ssOCT at 15mmHg IOP. A loudspeaker was placed 10mm to the corneal apex, and a frequency sweep (0-1000Hz) was applied at sound pressure levels of 0.88Pa. Resonance amplitude and frequency were measured for different corneal treatments: 1) de-epithelized, 2) applied photosensitizer Riboflavin (RF), 3) cross-linked (CXL, Dresden protocol), and different measurement set-ups: a) at/around apex, b) IOP 15 - 30 mmHg, c) eye mounted on artificial orbital fat, mimicked by silicone. Simulations (S): Nonlinear hyperelastic FE models of porcine eyes were built and subjected to a modulated pressure, equal to (E). The frequency response was determined by monitoring the apex displacement over time then using fast Fourier transformation (FFT) analysis to determine the frequency peaks. Resonance frequency and amplitudes were determined across corneal meridians for homogeneous BM and for corneas with local BM variations. For both (E) and (S), resonance frequencies were defined at the positions of peak amplitudes. Results : (S) and (E) results were in good correspondence and both showed resonance frequencies of 370Hz. An increase of 15 mmHg in IOP resulted in a decrease of the resonance amplitude of up to 1.24±0.61μm (E) and a frequency shift of up to 22.7± 9.3Hz (E). BM changes produced by CXL led to a decrease in amplitude of 2.19±0.78μm, without significant frequency shifts (E). (S) supported these trends, but showed up to 13Hz higher frequency shifts with IOP increase. Additionally, (S) showed that localized BM changes could be detected by examining asymmetries of the resonance amplitude across opposite corneal meridians. Presence of artificial orbital fat resulted in a damping of the resonance amplitude of >50% for (E) and (S). Conclusions : Sound-coupled OCT measurements made it possible to detect corneal resonance frequencies. IOP and BM could be decoupled, due to differential dependencies of amplitude and resonance frequency on IOP and BM

Acceptability of OP/Na swabbing for SARS-CoV-2: a prospective observational cohort surveillance study in Western Australian schools

Objectives: When the COVID-19 pandemic was declared, Governments responded with lockdown and isolation measures to combat viral spread, including the closure of many schools. More than a year later, widespread screening for SARS-CoV-2 is critical to allow schools and other institutions to remain open. Here, we describe the acceptability of a minimally invasive COVID-19 screening protocol trialled by the Western Australian Government to mitigate the risks of and boost public confidence in schools remaining open. To minimise discomfort, and optimise recruitment and tolerability in unaccompanied children, a combined throat and nasal (OP/Na) swab was chosen over the nasopharyngeal swab commonly used, despite slightly reduced test performance. Design, setting and participants: Trialling of OP/Na swabbing took place as part of a prospective observational cohort surveillance study in 79 schools across Western Australia. Swabs were collected from 5903 asymptomatic students and 1036 asymptomatic staff in 40 schools monthly between June and September 2020. Outcome measures: PCR testing was performed with a two-step diagnostic and independent confirmatory PCR for any diagnostic PCR positives. Concurrent surveys, collected online through the REDCap platform, evaluated participant experiences of in-school swabbing. Results: 13 988 swabs were collected from students and staff. There were zero positive test results for SARS-CoV-2, including no false positives. Participants reported high acceptability: 71% of students reported no or minimal discomfort and most were willing to be reswabbed (4% refusal rate). Conclusions: OP/Na swabbing is acceptable and repeatable in schoolchildren as young as 4 years old and may combat noncompliance rates by significantly increasing the acceptability of testing. This kind of minimally-invasive testing will be key to the success of ongoing, voluntary mass screening as society adjusts to a new ‘normal’ in the face of COVID-19. Trial registration number: Australian New Zealand Clinical Trials Registry—ACTRN12620000922976

Energy Demand and Temperature: A Dynamic Panel Analysis

This paper is a first attempt to investigate the effect of climate on the demand for different energy vectors from different final users. The ultimate motivation for this is to arrive to a consistent evaluation of the impact of climate change on key consumption goods and primary factors such as energy vectors. This paper addresses these issues by means of a dynamic panel analysis of the demand for coal, gas, electricity, oil and oil products by residential, commercial and industrial users in OECD and (a few) non-OECD countries. It turns out that temperature has a very different influence on the demand of energy vectors as consumption goods and on their demand as primary factors. In general, residential demand responds negatively to temperature increases, while industrial demand is insensitive to temperature increases. As to the service sector, only electricity demand displays a mildly significant negative elasticity to temperature changes

The Nontradable Share Reform in the Chinese Stock Market

Nontradable shares (NTS) are an unparalleled feature of the ownership structure of Chinese listed companies and represented a major hurdle to domestic financial market development. After some failed attempts, in 2005 the Chinese authorities have launched a structural reform program aiming at eliminating NTS. In this paper, we evaluate the stock price effects of the actual implementation of this reform in 368 firms. The NTS reform generated a statistically significant 8 percent positive abnormal return over the event window, adjusting prices for the compensation requested by tradable shareholders. Results are consistent with the expectation of improved economic fundamentals such as better corporate governance and enhanced liquidity

Entry and Exit Strategies in Migration Dynamics

This work is devoted to study the role of combined entry and exit strategies in the migration process. We develop a real option model in which the community of immigrants in the host country is described as a club and the immigrants benefits is a U-shaped function, depending on the dimension of the district. There exist two threshold levels: the first one triggers the migration choice, while the second triggers the return to the country of origin. The theoretical results show that the phenomenon of hysteresis is amplified by the existence of a community both in the entry case and in the exit case. Furthermore, the community can reduce the minimum wage level required to trigger both exit and entry: this fact could explain why in some cases we observe migration inflows with a low wage differential and also with underunemployment. We show also some possible further extensions of the model: in one case we introduce a possible way to select the entrants skills and in another case we show some theoretical implementations to include possible policy shocks in the migrants choice

Informal support to first-parents after childbirth: a qualitative study in low-income suburbs of Dar es Salaam, Tanzania

<p>Abstract</p> <p>Background</p> <p>In Tanzania, and many sub-Saharan African countries, postpartum health programs have received less attention compared to other maternity care programs and therefore new parents rely on informal support. Knowledge on how informal support is understood by its stakeholders to be able to improve the health in families after childbirth is required. This study aimed to explore discourses on health related informal support to first-time parents after childbirth in low-income suburbs of Dar es Salaam, Tanzania.</p> <p>Methods</p> <p>Thirteen focus group discussions with first-time parents and female and male informal supporters were analysed by discourse analysis.</p> <p>Results</p> <p>The dominant discourse was that after childbirth a first time mother needed and should be provided with support for care of the infant, herself and the household work by the maternal or paternal mother or other close and extended family members. In their absence, neighbours and friends were described as reconstructing informal support. Informal support was provided conditionally, where poor socio-economic status and non-adherence to social norms risked poor support. Support to new fathers was constructed as less prominent, provided mainly by older men and focused on economy and sexual matters. The discourse conveyed stereotypic gender roles with women described as family caretakers and men as final decision-makers and financial providers. The informal supporters regulated the first-time parents' contacts with other sources of support.</p> <p>Conclusions</p> <p>Strong and authoritative informal support networks appear to persist. However, poverty and non-adherence to social norms was understood as resulting in less support. Family health in this context would be improved by capitalising on existing informal support networks while discouraging norms promoting harmful practices and attending to the poorest. Upholding stereotypic notions of femininity and masculinity implies great burden of care for the women and delimited male involvement. Men's involvement in reproductive and child health programmes has the potential for improving family health after childbirth. The discourses conveyed contradicting messages that may be a source of worry and confusion for the new parents. Recognition, respect and raising awareness for different social actors' competencies and limitations can potentially create a health-promoting environment among families after childbirth.</p