Informal finance and intermediation
Abstract: Formale Finanzmärkte fallen nach der üblichen Definition unter die Aufsicht und Kontrolle staatlicher Organe bzw. sie können durch das finanzpolitische Instrumentarium (weitgehende) gesteuert werden. Dies geschieht hauptsächlich durch eine...
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Abstract: Formale Finanzmärkte fallen nach der üblichen Definition unter die Aufsicht und Kontrolle staatlicher Organe bzw. sie können durch das finanzpolitische Instrumentarium (weitgehende) gesteuert werden. Dies geschieht hauptsächlich durch eine Zentralbank. Definitionsgemäß sind dann informale Finanzmärkte solche, die sich solchen Kontrollen (weitgehend) entziehen. Das vorliegende Arbeitspapier zeigt, daß diese Unterscheidung von strategischer Bedeutung für die Wirtschaftsförderung und Entwicklungspolitik ist, d.h., daß der Zugang zu billigen Krediten auch für Klein- und Einzelunternehmer (grassroot level) eine notwendige Bedingung für das Wirtschaftswachstum in den Entwicklungsländern ist. Der Autor analysiert einige typische Konstellationen der Finanzlandschaften in den Entwicklungsländern, um einen optimales, idealtypisches Instrumentarium für finanzpolitische Entwicklungsstrategien zu finden. (ICE)
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On money, credit and interest in social science
Abstract: Das vorliegende Arbeitspapier (es handelt sich um einen Auszug aus der Habilitationsschrift des Autors) versucht eine Annäherung an eine Theorie des Kredits nicht über die Geldtheorie, sondern über den Ansatz einer generellen Theorie des...
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Abstract: Das vorliegende Arbeitspapier (es handelt sich um einen Auszug aus der Habilitationsschrift des Autors) versucht eine Annäherung an eine Theorie des Kredits nicht über die Geldtheorie, sondern über den Ansatz einer generellen Theorie des Tausches. Geldwirtschaft und Geld sind aus dieser Perspektive nur partikuläre Fälle des Tausches. Um diese Konzeption konsistent durchführen zu können, klärt der Autor die Bedeutung der anderen zentralen Konzepte Geld, Interesse und Profit, teilweise unter Rückgriff auf den Marx'schen politökonomischen Ansatz. Der "Geldfetischismus" wird erst in Gesellschaften wirksam, in denen das Geld als Kapital fungiert. Marx entnimmt wichtige Motive seiner Kritik der "verkehrenden Macht des Geldes" aus einer alten Tradition, die bis in die frühe Antike zurückreicht, wie der Autor nachweist. Eingegangen wird weiterhin auf die Geldanalyse Georg Simmels und die Geldtheorie systemtheoretischer Provenienz. (ICE)
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The interplay of legal and social norms and the failure of the bank credit market in Bulgaria
Abstract: "We take up the widely held view that the observed discrepancy between law on the books and law in action has prevented economic transition and investigate its role for the failure of the Bulgarian credit market. In doing so, we focus on...
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Abstract: "We take up the widely held view that the observed discrepancy between law on the books and law in action has prevented economic transition and investigate its role for the failure of the Bulgarian credit market. In doing so, we focus on the role injunctive informal institutions which have become internalized in the course of social development. Based on cross-cultural psychology, we show that a particular bundle of fundamental social norms which constitute basic value orientations have both prevented the development of stabilizing regulations and an overall compliance with prevailing laws." (author's abstract)
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Gender differentiated impact of investment climate reforms: a critical review of the Doing Business Report
Abstract: "This paper examines how reforms of the regulatory business environment inspired by the World Bank's Doing Business reports impact the economic participation of women in developing countries. It focuses on gender-related impacts of four...
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Abstract: "This paper examines how reforms of the regulatory business environment inspired by the World Bank's Doing Business reports impact the economic participation of women in developing countries. It focuses on gender-related impacts of four business environment reforms in areas of 1) Obtaining Credit, 2) Registering Property, 3) Starting a Business and 4) Employing Workers. The paper begins by describing the methodology of the Doing Business reports and how the suggested reforms would lead to private sector growth. Then, using an institutional economics framework, it traces women's most binding constraints in areas of credit, land titling, business start-up and female employment that the Doing Business failed to capture. Discussions show how Doing Business-style reforms in the four areas mentioned create ambiguous impacts for women entrepreneurs by either leading to increased economic opportunities or reinforcing constraints and opening up areas for exploitation. The paper emphasises t
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Monitored finance, usury and credit rationing
Abstract: "The paper analyzes the repeated interaction between a bank and a firm. A simple two period model is constructed, which explains several features of a credit relationship: It shows why bank finance is available for firms which cannot obtain...
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Abstract: "The paper analyzes the repeated interaction between a bank and a firm. A simple two period model is constructed, which explains several features of a credit relationship: It shows why bank finance is available for firms which cannot obtain bond financing, why credit contracts contain a 'Material Adverse Clause' and why interest rates quoted by banks do not depend very much on risk. The model shows why, even if the interest rate is observed, other banks cannot take over the credit. This model is then used to give a new explanation for credit rationing. It is argued that banks may have to maintain a reputation for treating firms correctly. They will be reluctant to finance risky firms, because these credits will have to be renegotiated with a high probability which will endanger the bank's reputation. Rationing of this type can arise either in stable economies with a lot of low risk firms or in a highly risky environment. Non profit-maximizing public banks may then be necessary in o
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Zur finanziellen Situation der russischen Regionen
Abstract: 'Der Zerfall der Sowjetunion ging mit zentrifugalen Tendenzen innerhalb der Rußländischen Förderation einher. Besonders stark waren in der ersten Hälfte der neunziger Jahre die Widersprüche zwischen der Zentrale in Moskau und mehreren von...
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Abstract: 'Der Zerfall der Sowjetunion ging mit zentrifugalen Tendenzen innerhalb der Rußländischen Förderation einher. Besonders stark waren in der ersten Hälfte der neunziger Jahre die Widersprüche zwischen der Zentrale in Moskau und mehreren von insgesamt 89 Förderationsmitgliedern im Wirtschaftsbereich ausgeprägt. Es ist an der Zeit, Bilanz über diese auf einem Zick-Zack-Weg verlaufende Entwicklung zu ziehen und ihre Perspektiven zu skizzieren. Das Ziel der vorliegenden Studie besteht dabei nicht in einer allumfassenden Darstellung der Wirtschaftsbeziehungen zwischen dem Zentrum und den Regionen, sondern in einer tiefgreifenden Analyse der regionalbezogenen Finanz- und Investitionslage. Ihre Dynamik, die immer mehr von den russischen Regionen selbst bestimmt wird, gehört zu den wichtigsten Faktoren der künftigen Entwicklung des gesamten Landes. Als Quellen der Untersuchung dienen vornehmlich russische Veröffentlichungen aus Wissenschaft und Politik sowie offizielle und nicht offizielle S
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A proposal for a new international debt framework (IDF) for the prevention and resolution of debt crisis in middle-income countries
Abstract: "The present lack of a comprehensive framework for sovereign debt restructuring not only generates significant costs but also endangers the stability of the international financial system. In addition, collective action problems involved in...
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Abstract: "The present lack of a comprehensive framework for sovereign debt restructuring not only generates significant costs but also endangers the stability of the international financial system. In addition, collective action problems involved in the restructuring of sovereign bonds place an obstacle to an orderly and rapid restructuring. The case of Argentina presents a good example for difficulties of a sovereign - but also private-sector stakeholders - may face in the absence of an orderly debt-restructuring mechanism. This paper outlines a possible approach for a new International Debt Framework (IDF) that represents a middle ground between a legally binding insolvency procedure and a voluntary code of conduct. A comprehensive restructuring mechanism could be successful only if it were certain that it would meet with intergovernemental support and leadership on the part of both developed and developing countries. Since the Group of 20 (G20) meetings of finance ministers from develope
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Study of the influence of the banking sector development on the inflows of foreign investment in Nigeria and Ghana
Abstract: The level of bank development has a determinant effect on the growth potentials of a developing economy. In response, this study examined the impact of banking sector development on foreign investment inflows in the West African countries...
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Abstract: The level of bank development has a determinant effect on the growth potentials of a developing economy. In response, this study examined the impact of banking sector development on foreign investment inflows in the West African countries of Nigeria and Ghana. The study relied on secondary data for analysis and made use of multiple regression technique. However, to ensure the authenticity of our result, Augmented Dickey-Fuller unit root test and Johansen Cointegration techniques were respectively employed to test for the presence unit root and long-run equilibrium relationship in the exogenous variables. Additionally, causal relationships were tested with Granger Causality. It was revealed that banking sector development has a significant influence on foreign investment inflows in the two West African countries. Specifically, domestic credit to private sector and bank deposit rate has significant influence on foreign investment inflows in both countries. Where as domestic credit to
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