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In this comparative study of programmes against poverty in
developing countries, the authors argue that building sustainable,
target group-oriented financial institutions is important and
feasible, and that it is likely to have greater development impact
than the channelling of external funds to poor target groups (small
and micro-scale business, small farmers, and women). The analysis
has far-reaching implications for development policy and will
interest development specialists, policymakers, and scholars of
development finance and international banking.
The authors of this timely analysis compare the different ways in
which financial services in developing countries are provided to
poor target groups largely cut off from formal financial systems:
small and micro-scale business, small farmers, and women. They
argue that building sustainable and target group-oriented financial
institutions is important and feasible, and that such building is
likely to have greater development impact than the channeling of
external funds to poor target groups. Yet the provision of
financial services to the poor as well as institution-building
efforts are likely to run into severe information and incentive
problems. How these problems can be addressed and overcome is
central to the authors' analysis. Drawing extensively on the
conceptual tools of the new economics of information and
institutions, Krahnen and Schmidt examine real-world cases of
institution building. They consider formal and informal financial
institutions, in particular group lend ing, rotating savings and
credit associations (RoSCAs), and financial cooperatives, and
demonstrate how information and institution economics can be put
into prac tice. Development Finance as Institution Building has
far-reaching implications for development policy and the design of
aid programs. It is crucial reading for development specialists,
policymakers, and scholars of development finance and international
banking. This study has been prepared on behalf and with the
support of the International Labour Office (ILO). It forms part of
a program that explores the links between finance and poverty
reduction.
Dieses Buch setzt sich mit der verbreiteten Auffassung auseinander,
daB Sunk Costs fUr betriebswirtschaftliche Entscheidungssituationen
irrelevant seien. Nach dieser Ansicht stellen Sunk Costs in der
Vergangenheit begriindete und in der gegenwartigen
Entscheidungssituation unvermeidbare "Altlasten" dar. Fiir
zukunftsgerichtete Entscheidungen diirfen diese irreversiblen
Altlasten keine Bedeutung haben und sie sollen daher -- so wird
gefordert -- vernachlassigt werden. 1m Unterschied hierzu wird im
folgenden die fUr investitionsrechnerische Fragestellungen
zweckmaBige Planungsperspektive eingenommen. Die betrachtete
betriebswirtschaftliche Problemsituation liegt daher zeitlich noch
vor der Entscheidung, die das spatere Auftreten von irreversiblen
Altlasten begriindet. Sunk Costs treten aus der planerischen
Perspektive zukiinftig auf und die mit ihnen verbundenen besonderen
Probleme der Irreversibilitat entfalten sich erst wahrend der
spateren Durchfiihrung des Investitionsprojektes. Diese besonderen
Probleme konnen aber bereits in der Planungsphase antizipiert
werden. Anhand ausgewahlter Beispiele wird gezeigt, wie diese
Antizipation von Sunk Costs die Leistungsfiihigkeit
betriebswirtschaftlicher Investitionsrechnungen zu erhOhen vermag
und dabei den Zugang zu neuen finanzwirtschaftlichen
Fragestellungen eroffnet. Hierzu ziihlt insbesondere eine
okonomische Erklarung der Funktionsweise finanzwirtschaftlicher
Institutionen. Es wird dariiber hinaus der Begriff der Sunk Costs
prazisiert, in dem Vorschlage zu einer sinnvollen Messung ihrer
Hohe entwickelt werden. Nach einigen sprachlichen Verrenkungen habe
ich mich entschieden, den Begriff der "Sunk Costs" durchgangig mit
"versunkene Kosten" zu iibersetzen. Methodisch stellt die Studie
eine Anwendung der neueren Institutionenokonomik auf I
traditionelle I finanzwirtschaftliche Fragestellungen dar. Der
besondere Reiz und die besondere Relevanz dieses Ansatzes liegt in
einer Verkniipfung der Entscheidungstheorie unter Unsicherheit mit
den Problemen, die sich aufgrund von Interessenskonflikten zwischen
einzelnen Vertragsparteien ergeben.
Karl-Hermann Fischer untersucht in einer empirischen Analyse die
Bedeutung der Wettbewerbsintensitat im Bankenmarkt insbesondere fur
kleine und mittelstandische Unternehmen in Deutschland. Im
Mittelpunkt steht hierbei der Einfluss des Wettbewerbs auf
Kreditzinsen sowie die Bedeutung des Bankenwettbewerbs fur die
Mittelstandsfinanzierung.
Financial crises have been pervasive for many years. Their
frequency in recent decades has been double that of the Bretton
Woods Period (1945-1971) and the Gold Standard Era (1880-1993),
comparable only to the period during the Great Depression.
Nevertheless, the financial crisis that started in the summer of
2007 came as a great surprise to most people. What initially was
seen as difficulties in the U.S. subprime mortgage market, rapidly
escalated and spilled over first to financial markets and then to
the real economy. The crisis changed the financial landscape
worldwide and its full costs are yet to be evaluated. One important
reason for the global impact of the 2007-2009 financial crisis was
massive illiquidity in combination with an extreme exposure of many
financial institutions to liquidity needs and market conditions. As
a consequence, many financial instruments could not be traded
anymore, investors ran on a variety of financial institutions
particularly in wholesale markets, financial institutions and
industrial firms started to sell assets at fire sale prices to
raise cash, and central banks all over the world injected huge
amounts of liquidity into financial systems. But what is liquidity
and why is it so important for firms and financial institutions to
command enough liquidity? This book brings together classic
articles and recent contributions to this important field of
research. It is divided into five parts. These are (i) liquidity
and interbank markets; (ii) the public provision of liquidity and
regulation; (iii) money, liquidity and asset prices; (iv) contagion
effects; (v) financial crises and currency crises. The aim is to
provide a comprehensive coverage of role of liquidity in financial
crises.
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