An accessible analysis of the global expansion of financial markets in poor communities, incorporating the latest thinking and evidence. The microfinance revolution has allowed more than 150 million poor people around the world to receive small loans without collateral, build up assets, and buy insurance. The idea that providing access to reliable and affordable financial services can have powerful economic and social effects has captured the imagination of policymakers, activists, bankers, and researchers around the world; the 2006 Nobel Peace Prize went to microfinance pioneer Muhammed Yunis and Grameen Bank of Bangladesh. This book offers an accessible and engaging analysis of the global expansion of financial markets in poor communities. It introduces readers to the key ideas driving microfinance, integrating theory with empirical data and addressing a range of issues, including savings and insurance, the role of women, impact measurement, and management incentives. This second edition has been updated throughout to reflect the latest data. A new chapter on commercialization describes the rapid growth in investment in microfinance institutions and the tensions inherent in the efforts to meet both social and financial objectives. The chapters on credit contracts, savings and insurance, and gender have been expanded substantially; a new section in the chapter on impact measurement describes the growing importance of randomized controlled trials; and the chapter on managing microfinance offers a new perspective on governance issues in transforming institutions. Appendixes and problem sets cover technical material.
An assessment of "the microfinance revolution" from an economics perspective that draws on lessons from academia and international practice to challenge conventional assumptions.
What the financial diaries of working-class families reveal about economic stresses, why they happen, and what policies might reduce them Deep within the American Dream lies the belief that hard work and steady saving will ensure a comfortable retirement and a better life for one's children. But in a nation experiencing unprecedented prosperity, even for many families who seem to be doing everything right, this ideal is still out of reach. In The Financial Diaries, Jonathan Morduch and Rachel Schneider draw on the groundbreaking U.S. Financial Diaries, which follow the lives of 235 low- and middle-income families as they navigate through a year. Through the Diaries, Morduch and Schneider challenge popular assumptions about how Americans earn, spend, borrow, and save—and they identify the true causes of distress and inequality for many working Americans. We meet real people, ranging from a casino dealer to a street vendor to a tax preparer, who open up their lives and illustrate a world of financial uncertainty in which even limited financial success requires imaginative—and often costly—coping strategies. Morduch and Schneider detail what families are doing to help themselves and describe new policies and technologies that will improve stability for those who need it most. Combining hard facts with personal stories, The Financial Diaries presents an unparalleled inside look at the economic stresses of today's families and offers powerful, fresh ideas for solving them.
Improve YOUR world. Dean Karlan and Jonathan Morduch’s Macroeconomics 3e is built around the central concept that economics is a powerful and positive tool that students can use right now to improve their world. Macroeconomics uses examples and issues that resonate with students’ experience to draw them in and frame ideas to help develop their economic intuition. - Using a balanced approach, students are able to sharpen their own understanding of topics by focusing on the data and evidence behind the effects they see. Students are equipped to understand and respond to real-life situations thought their new economic lens and challenged to decided how they will improve their world. -The third edition delivers core economic concepts along with exciting new ideas in economic though and strives to keep students engaged by confronting issues that are important in the world. - This text combines a familiar curriculum with material from new research and applied areas such as finance, behavioral economics, and the political economy. Students and faculty will find content that breaks down barriers between what takes place in the classroom and what happens in our nation and our world, with applications that are driven by empirical evidence, data, and research. - Karlan and Morduch show students that economics is a tool to improve one's own life and promote better public and business policies in the world. At the same time, this third edition challenges students to reach their own conclusions about how they will improve their world.
Improve YOUR world. Dean Karlan and Jonathan Morduch’s Economics 3e is built around the central concept that economics is a powerful and positive tool that students can use right now to improve their world. Economics uses examples and issues that resonate with students’ experience to draw them in and frame ideas to help develop their economic intuition. - Using a balanced approach, students are able to sharpen their own understanding of topics by focusing on the data and evidence behind the effects they see. Students are equipped to understand and respond to real-life situations thought their new economic lens and challenged to decided how they will improve their world. -The third edition delivers core economic concepts along with exciting new ideas in economic though and strives to keep students engaged by confronting issues that are important in the world -This text combines a familiar curriculum with material from new research and applied areas such as finance, behavioral economics, and the political economy. Students and faculty will find content that breaks down barriers between what takes place in the classroom and what happens in our nation and our world, with applications that are driven by empirical evidence, data, and research. - Karlan and Morduch show students that economics is a tool to improve one'sown life and promote better public and business policies in the world. At the same time, this third edition challenges students to reach their own conclusions about how they will improve their world.
Built to focus on what matters to students in today’s high-tech, globalized world, Dean Karlan and Jonathan Morduch’s Microeconomics represents a new generation of products, optimized for digital delivery and available with best-in-class adaptive study resources in McGraw-Hill Connect. The second edition delivers core economic concepts along with exciting new ideas in economic thought and strives to keep students engaged by confronting issues that are important in the world. This text combines a familiar curriculum with material from new research and applied areas such as finance, behavioral economics, and the political economy. Students and faculty will find content that breaks down barriers between what takes place in the classroom and what happens in our nation and broader world, with applications that are driven by empirical evidence, data, and research. Karlan and Morduch show students that economics is a tool to better one’s own life and promote better public and business policies in the world. At the same time, this second edition challenges students to reach their own conclusions about what “better” really means.
Improve YOUR world. Dean Karlan and Jonathan Morduch’s Microeconomics 3e is built around the central concept that economics is a powerful and positive tool that students can use right now to improve their world. Microeconomics uses examples and issues that resonate with students’ experience to draw them in and frame ideas to help develop their economic intuition. - Using a balanced approach, students are able to sharpen their own understanding of topics by focusing on the data and evidence behind the effects they see. Students are equipped to understand and respond to real-life situations thought their new economic lens and challenged to decided how they will improve their world. - The third edition delivers core economic concepts along with exciting new ideas in economic though and strives to keep students engaged by confronting issues that are important in the world. - This text combines a familiar curriculum with material from new research and applied areas such as finance, behavioral economics, and the political economy. Students and faculty will find content that breaks down barriers between what takes place in the classroom and what happens in our nation and our world, with applications that are driven by empirical evidence, data, and research. - Karlan and Morduch show students that economics is a tool to improve one's own life and promote better public and business policies in the world. At the same time, this third edition challenges students to reach their own conclusions about how they will improve their world.
In this work, the authors report on the yearlong 'financial diaries' of villagers and slum dwellers in Bangladesh, India, and South Africa. The stories of these families are often surprising and inspiring.
Microfinance contracts have proven able to secure high rates of loan repayment in the face of limited liability and information asymmetries, but high repayment rates have not translated easily into profits for most microbanks. Profitability, though, is at the heart of the promise that microfinance can deliver poverty reduction while not relying on ongoing subsidy. The authors examine why this promise remains unmet for most institutions. Using a data set with unusually high quality financial information on 124 institutions in 49 countries, they explore the patterns of profitability, loan repayment, and cost reduction. The authors find that institutional design and orientation matter substantially. Lenders that do not use group-based methods to overcome incentive problems experience weaker portfolio quality and lower profit rates when interest rates are raised substantially. For these individual-based lenders, one key to achieving profitability is investing more heavily in staff costs-a finding consistent with the economics of information but contrary to the conventional wisdom that profitability is largely a function of minimizing cost.
We offer the third edition of this text as a resource for professors who, like us, want to show students that economics can make a positive impact-in their own lives and in society as a whole. We designed the text with our own version of a "dual mandate": to deliver core economic concepts along with exciting new ideas in economic thought and to keep student learners engaged by confronting issues that are important in the world. Our intention is that this approach will help students see economics as a tool to better one's own life, promote better public policies, and run better businesses around the world"--
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