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Time Preferences of Ghanaian Cocoa Farmers
Sobková, Eva ; Janský, Petr (advisor) ; Bauer, Michal (referee)
Agricultural technology adoption in developing countries is an interesting topic for two reasons: there is often a gap between the realized and potential hectare yields, and agriculture is an important source of livelihood for a signi_cant part of the third world population. This thesis is attempting to analyze the relationships between time preferences of the Ghanaian cocoa farmers and their willingness to use fertilizers provided on a microcredit basis. It is using mainly basic statistical tests, contingent tables analysis and the logistic regression to find out whether the farmers who are patient and time consistent have different approach to technology adoption than the impatient and time inconsistent farmers. We also test for differences in time preferences between farmers with different gender, age and education, and we find that the younger farmers tend to be more impatient. The main conclusion of this work is that impatient and hyperbolic farmers are more likely to enter a microcredit program. We cannot present any significant inference about the link between the farmers' time preferences and their decision to leave a microcredit program. JEL Classification C12, C14, D9, G2, O13, Q14 Keywords Technology adoption, time preferences, mirco- credit, developing economics, cocoa cultivation...
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Group lending with peer monitoring: A theoretical model of microcredit
Štrobl, Martin ; Janda, Karel (advisor) ; Pečená, Magda (referee)
Over the years, the lending procedures of microcredit has evolved. The original joint liability group lending with simultaneous financing (loans released at once) has been replaced by sequential financing (loans released one by one). Moreover, recent studies suggest individual liability lending in groups to be the optimal choice. While numerous theoretical studies provide thorough models of each of these approaches, none presents a comparative analysis. In this study, we model these three schemes using the framework by Van Tassel (1999) and compare them. Further, we add exogenous peer monitoring costs and within-group heterogeneity of loan sizes to our models. Our findings prove that, in the presence of information asymmetry, group lending with joint liability dominates individual liability lending in groups. Furthermore, the interest rate of the sequential model is more sensitive to changes of monitoring costs or opportunity costs of capital than in the sequential model. On the contrary, sequential approach allows for higher degree of within-group heterogeneity of loan sizes. It is ambiguous which model achieves higher profit and lower interest rate. Our results confirm that the choice of optimal financing approach is determined by the characteristics of borrowers. JEL Classificiation G2 Keywords...
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Time Preferences of Ghanaian Cocoa Farmers
Sobková, Eva ; Janský, Petr (advisor) ; Bauer, Michal (referee)
Agricultural technology adoption in developing countries is an interesting topic for two reasons: there is often a gap between the realized and potential hectare yields, and agriculture is an important source of livelihood for a signi_cant part of the third world population. This thesis is attempting to analyze the relationships between time preferences of the Ghanaian cocoa farmers and their willingness to use fertilizers provided on a microcredit basis. It is using mainly basic statistical tests, contingent tables analysis and the logistic regression to find out whether the farmers who are patient and time consistent have different approach to technology adoption than the impatient and time inconsistent farmers. We also test for differences in time preferences between farmers with different gender, age and education, and we find that the younger farmers tend to be more impatient. The main conclusion of this work is that impatient and hyperbolic farmers are more likely to enter a microcredit program. We cannot present any significant inference about the link between the farmers' time preferences and their decision to leave a microcredit program. JEL Classification C12, C14, D9, G2, O13, Q14 Keywords Technology adoption, time preferences, mirco- credit, developing economics, cocoa cultivation...
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Ghana cocoa farmers' survey: chocolate economics
Svatoň, Michal ; Janský, Petr (advisor) ; Průša, Jan (referee)
In this thesis I evaluate long-term productive and economic impacts of the Cocoa Abrabopa Association, a private sector initiative providing fertilizer and other agrochemicals to Ghanaian cocoa farmers on credit with a joint lia- bility. Both the productive and economic returns of the program are expected to be higher in the latter years of sustained membership in the program due to the accumulation of nutrients in the soil and the possibility of the exten- sion of the size of the loan provided by the program. Earlier work focused only on the estimation of the effect of adoption of agricultural technology but did not allow to examine possible difference in returns of a longer par- ticipation. This thesis contributes by evaluating the impacts in the 1st, the 2nd and the 3rd year of the CAA membership and their comparison. By constructing and estimating a model for the impacts of longer participation I confirm the hypothesis of higher economic returns during the 2nd and the 3rd year of participation in the CAA program. The evidence which would confirm the hypothesis of higher agronomic returns has not been found in the case of CAA. 1
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Loan Portfolio Quality of Microfinancial Institutions
Koutná, Barbora ; Zetek, Pavel (advisor) ; Rajl, Jiří (referee)
The first chapter of this thesis is an introduction to issue of microfinance. This chapter is about characteristic, targets and social importance of microfinance loans and about birth and history where microfinance started to help and who is founder of microfinance. There is also describing of today's microfinance market, the distribution and characteristics every single microfinance regions: number of microfinance institution, gross loan portfolio and another main attribute for every region. The aim of next chapter is to review actual trends which are typical for microfinance sector. The most important trends are new products, separation microfinance institutions for profit and non-profit institutions, financial sources, rising regulation of microfinancial institution and changing quality of gross loan portfolio in time. The last chapter is about the quality of loan portfolio selected states from Latin Amerika and Asia where the impact of internal and macroeconomics variables to quality of gross loan portfolio is tested by regression model.
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The importance of geographic access for the impact of microfinance
Alimukhamedova, Nargiza ; Filer, R. K. ; Hanousek, Jan
The geographic distance between a household and financial institutions may constitute a significant obstacle to achieving the benefits of modern financial institutions. We measure the impact of distance-related access to microcredits in Uzbekistan. Residents living closer to microfinance institutions are propensity score matched to those further away using both household and village characteristics. Households located nearer to microfinance institutions have larger businesses in terms of income, profits and employees than similar households located further away. In addition, they spend more on most forms of consumption and have greater savings.
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Analysis of consumer loans in terms of APR with focus on microcredit
Hesová, Alžběta ; Radová, Jarmila (advisor) ; Fleischmann, Luboš (referee)
The thesis is focused on consumer loans either from a regulatory standpoint including comparison of two legislative resources and from practical view focusing on real-life examples from Czech banking and non-bank providers. The main focus of analysis is to determine the impact of credit parameters on the APRC. Considerable portion of the thesis is dedicated to a specific area of consumer loans, microcredits. Even here the primary aim is the regulation of microcredits, the providers participating in the administration of microcredits and the calculation of the impact of principal, maturity and costs of credit on the APRC.
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Risk management in microfinance institutions
Batin, Artyom ; Brůna, Karel (advisor) ; Šíma, Ondřej (referee)
In the following paper I have tried to find the correlation between type of ownership and effective risk management in the operations of microfinance institutions in India. The results found are consistent with the current findings of how the type of ownership does not impact both the financial or social performance of MFIs. Dataset of 72 MFIs was acquired from the Microfinance Information Exchange on MFIs and evaluated using an OLS regression. The results show that the type of ownership insignificantly impacts both the credit and liquidity risk ratios of MFIs. It is possible that the impact of ownership type is more evident in other aspects of operations. In the future, a study on type of ownership and exposure to strategic and market risks could be a way forward.
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Efektivnost mikrofinančních institucí v Latinské Americe a Asii
Zetek, Pavel ; Witzany, Jiří (advisor) ; Srnec, Karel (referee) ; Alimukhamedova, Nargiza (referee)
The first chapter provides a comprehensive overview of microfinance academic literature with emphasis on recent innovations, trends and efficiency. In particular, we focus on controversial issues of microfinance, such as commercialization, regulation, interest rate policy and the balance between outreach and performance of MFIs. The next chapter especially investigates the role of public expenditures and general government debt in microfinance performance in Latin America and the Caribbean. Microfinance institutions finance their business activities primary with clients' deposits, equity or with external funding. The aim of the third chapter is to verify whether the external funding, macroeconomic development and the size of banking sector have some impact on a microfinance performance. This study investigates, as well, the possible reasons why many microfinance institutions have gradually experienced a decrease in the share of female borrowers in their portfolios over the last few years. The final chapter is focused on the impact of macroeconomic environment and internal variables of the microfinance sector on microfinance interest rates.
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Postconflict Reconstruction in Afghanistan and Contribution of Microfinance
Bizoňová, Jana ; Knotková, Vladimíra (advisor) ; Matějka, Zdeněk (referee)
Despite the huge financial contribution of the international community the postconflict reconstruction in Afghanistan does not proceed within the initial expectations. Due to unstable situation, high level of corruption and inefficient state administration, the help does not flow to the ones, whom it is determined in the first place - the poorest habitants of the country. In this context the microfinance, resp. the microcredits, seem to be the right complementary tool of economic reconstruction as they provide the poorest with the access to the financial resources. The aim of this thesis is to assess, if Afganistan meets pre-defined conditions of a successful implementation of microfinance by using fundamental knowledge of postconflict reconstruction and possible contribution of microfinance.
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