This doctoral dissertation documents price-setting behavior in Brazil using a unique dataset of store-level price quotes collected by the Fundação Instituto de Pesquisas Econômicas (FIPE) to construct the Consumer Price Index (CPI-FIPE) from 1989 to 2007. The dataset is extensive in terms of time (222 months), inflation variability (from hyperinflation to monthly deflation), and basket of goods and services (almost 11 million price quotes on 8,294 brands). The first chapter documents new evidence on the frequency and absolute size of price changes during the sample period. I find evidence of marked differences between hyperinflation (1989-1993) and low inflation (1995-2007) periods. During hyperinflation, the frequency and magnitude of price movements are remarkably higher. Once Plano Real took place, both statistics immediately shifted to a much lower and stable level, as did inflation. Price increases are more frequent during hyperinflation, although a small share of prices (mostly food items) drops every month. During low inflation, price decreases are almost as likely as price increases. I also document heterogeneities across different classifications of products. The second chapter investigates the relationship between inflation and relative price variability (RPV). The intramarket RPV significantly increases with the rate of inflation, but I find marked differences between the two inflationary scenarios. During hyperinflation, the relationship is roughly 70% of the magnitude of the relationship during low inflation. Higher levels of inflation are associated with higher degrees of inflation variability, yet the link is somewhat looser during the hyperinflation period. The impact of deflation (in absolute terms) is smaller than the impact of positive inflation during hyperinflation, yet stronger during low inflation. Finally, the third chapter documents the importance of Plano Real on consumers\' search costs. I estimate a nonsequential search model for homogeneous goods to structurally retrieve search costs using price data on 15 different brands of goods and services. The empirical strategy consists of using the Plano Real as a structural breakpoint in the data. I estimate the model splitting the data into before (January 1993 to June 1994) and after (August 1994 to December 1995) the plan, and I find evidence on first-order stochastic dominance of the search cost distribution of the former into the latter; that is, search costs are higher during hyperinflation. I also document evidence of the effect of the plan on shrinking price-cost margins. When searching is less costly, stores lose market power. / Esta tese de doutorado documenta comportamentos de fixação de preços no Brasil através de uma base de dados única de cotações ao nível da loja coletadas pela Fundação Instituto de Pesquisas Econômicas (FIPE) para a construção do Índice de Preços ao Consumidor (IPC-FIPE) de 1989 a 2007. Minha base de dados é extensa em tempo (222 meses), variabilidade da inflação (de hiperinflação à deflação mensal) e cesta de bens e serviços (quase 11 milhões de cotações sobre 8.294 marcas). O primeiro capítulo documenta novas evidências sobre a frequência e o tamanho absoluto das mudanças de preços durante o período da amostra. Eu encontro diferenças marcantes entre os períodos de hiperinflação (1989-1993) e baixa inflação (1995-2007). Durante a hiperinflação, a frequência e a magnitude dos movimentos de preços são notavelmente maiores. Após o Plano Real, ambas as estatísticas imediatamente mudam para um nível significativamente mais baixo e estável, seguindo o movimento da inflação. Aumentos de preços são mais frequentes durante a hiperinflação, embora uma pequena parcela de preços (principalmente de alimentos) ainda se reduza a cada mês. Sob inflação baixa, reduções de preços são quase tão prováveis quanto aumentos de preços. Eu também documento heterogeneidades presentes em diferentes classificações de produtos. O segundo capítulo investiga a relação entre inflação e variabilidade de preços relativos (VPR). A VPR intra-mercado aumenta significativamente com a taxa de inflação, mas eu encontro diferenças marcantes entre os dois cenários inflacionários. Durante a hiperinflação, a relação é aproximadamente 70\\% menor do que a estimada sob inflação mais baixa. Níveis mais altos de inflação estão associados à maior variabilidade desta, mas a ligação é um pouco mais fraca durante o período de hiperinflação. O impacto de uma deflação (em termos absolutos) é menor do que o impacto de um aumento de preço durante a hiperinflação, porém mais forte durante níveis mais baixos de inflação. Finalmente, o terceiro capítulo documenta a importância do Plano Real sobre os custos de busca (search costs}) dos consumidores. Eu estimo um modelo de busca não sequencial por bens homogêneos para recuperar estruturalmente os custos de busca dos consumidores utilizando dados de preços sobre 15 marcas diferentes de bens e serviços. A estratégia empírica consiste em usar o Plano Real como um ponto de quebra estrutural nos dados. Eu estimo o modelo dividindo os dados entre antes (de janeiro de 1993 a junho de 1994) e depois (de agosto de 1994 a dezembro de 1995) do plano e encontro evidências de dominância estocástica de primeira ordem da distribuição do custo de busca do primeiro sobre o segundo período, ou seja, os custos de busca são maiores durante a hiperinflação. Eu também encontro evidências do efeito do plano na redução da margem de preço (markup) das empresas. Quando buscar preços é menos custoso, firmas perdem poder de mercado.

This thesis discusses the interaction between inflation, living standards, and political change in Soviet/Russian history. It traces the establishment and evolution of the Soviet monetary system, inflationary episodes, and their consequences. The goal of this study is to show how inflation affects the lives of ordinary people and how it has contributed to larger changes in Soviet history. Sources include economic statistics and analysis from articles and monographs, as well as first-hand accounts from interviews and newspapers. The results show that inflation was a factor in both the rise and the fall of the Soviet Union. Russia's first hyperinflation (1917-1923) nearly destroyed the economy, and the Bolsheviks were forced to stabilize prices. The Soviet system of price controls prevented inflation, but it also created persistent shortages of food and consumer goods. Mikhail Gorbachev tried to alleviate these problems, but his efforts resulted instead in Russia's second hyperinflation (1992-1993).

Introdução: Adultos obesos com asma apresentam maior ocorrencia e intensidade de hiperinsuflação dinâmica (HD) e limitação do fluxo expiratório (LFE) em comparação aos asmáticos não obesos e a perda de peso parece melhorar a mecânica respiratória durante o exercício. Contudo, desconhece-se, até o momento, estudos que tenham avaliado o efeito da perda de peso na HD em asmáticos obesos. Objetivo: Avaliar o efeito de um programa de perda de peso na hiperinsuflação pulmonar dinâmica em asmáticos obesos. Métodos: Trata-se de um estudo secundário a um ensaio clinico randomizado no qual 42 pacientes com asma moderada ou grave foram previamente submetidos a um programa de perda de peso (dieta e psicologia associados ou não ao treinamento físico, 2vezes/semana, 60 minutos/sessão durante 3 meses). Posteriormente, foram divididos em 2 grupos de acordo com a % da perda de peso: (grupo >= 5%, n=19) e (grupo < 5%, n=23). Antes e após as intervenções, foram avaliados a HD e a LFE (exercício com carga constante) assim como os fatores de saúde relacionados a qualidade de vida (FSRQV), o controle da asma, a força e endurance muscular de quadríceps, a composição corporal e a função pulmonar. A comparação entre os dados categóricos foi realizada pelo teste qui-quadrado e entre os dados numéricos pela ANOVA de dois fatores com medidas repetidas. A associação entre a perda de peso e a melhora da HD foi analisada pelo teste de Correlação de Pearson. O nível de significância estatística foi ajustado para 5% (p <= 0,05). Resultados: O grupo >= 5% apresentou redução clinicamente significante da HD em relação ao grupo < 5% pós intervenção (-9,1 ± 14,5% vs. -12,5 ± 13,5%, respectivamente), que foi acompanhado por um retardo significante no tempo de inicio da HD e LFE. Além disso, o grupo >= 5% obteve melhora clinicamente significativa nos FSRQV e no controle da asma. Também foi observado uma correlação entre a redução da circunferência da cintura e o aumento da CI (r = -0,45, p = 0,05) no grupo >= 5%. Não foi encontrada diferença nos volumes pulmonares avaliados. Conclusão: A perda de peso moderada ( >= 5% do peso corporal), principalmente na presença da diminuição da circunferência da cintura, melhora a HD em adultos obesos com asma. Além disso, o grupo que perdeu mais peso também retardou o tempo de início da HD e da LFE durante a progressão do exercício, apresentando melhora nos FSRQV e controle clínico da asma / Rationale: Obese adults with asthma develop dynamic hyperinflation (DH) and expiratory flow limitation (EFL) more likely than no obese asthmatics and weight loss seems to improve the breathing mechanic during exercise. However, studies to evaluate the effect of weight loss on DH in obese asthmatics are unknown. Objective: To evaluate the effect of a weight loss program on dynamic pulmonary hyperinflation in obese asthmatics. Methods: This was a secondary study of a randomized clinical trial in which 42 subjects with moderate or severe asthma previously participated in a weight loss program (diet and psychology associated or not with physical training, 2x/ week, 60 min/ session for 3 months). Posteriorly, they were divided into 2 groups according to %weight loss: (group >= 5%, n = 19) and (group < 5%, n = 23). Before and after the intervention, DH and EFL (constant load exercise), health-related quality of life (HRQoL), asthma control, quadriceps muscle strength and endurance, body composition and lung function were assessed. The comparison between the categorical data was performed using the chi-square test and between the numerical data by two-way ANOVA with repeated measures. The association between weight loss and DH improvement was analyzed by the Pearson\'s correlation test. The level of statistical significance was adjusted to 5% (p <= 0.05). Results: Group >= 5% presented a clinically significant reduction of DH compared to group < 5% post intervention (-9.1±14.5% vs. - 12.5±13.5%, respectively), that was following by a significant delay at the onset time for both DH and EFL. Besides, group >= 5% obtained clinically significant improvement in the HRQoL and asthma control. Furthermore, was observed a correlation between reduction waist circumference and increased IC (r=-0.45, p=0.05) in the group >= 5%. No difference was found in the lung volumes evaluated. Conclusion: A moderate weight loss ( >= 5% body weight) mainly with the decrease in waist circumference can improved DH in obese adults with asthma. In addition the greater weight loss group also delayed the onset time of DH and EFL during the progression of the exercise and presented an improvement in the asthma clinical control and in the HRQoL

Introdução: A redução da capacidade inspiratória (CI) induzida pelo exercício observada em alguns pacientes com hipertensão arterial pulmonar (HAP) poderia potencialmente ser influenciada por disfunção muscular respiratória. Objetivos: Investigar se há alguma relação entre CI e força muscular respiratória antes e após o exercício máximo e estudar o papel da pressão muscular respiratória e da CI na dispneia e na capacidade de exercício em pacientes com HAP. Métodos: 27 pacientes com HAP e 12 controles saudáveis pareados foram comparados. Todos os participantes foram submetidos a teste de exercício cardiopulmonar (TECP) com determinação seriada da CI. As pressões inspiratória e expiratória máximas (PImáx e PEmáx, respectivamente) foram medidas antes, no pico e após o exercício. Resultados: Os pacientes tiveram menor volume expiratório forçado no primeiro segundo (VEF1), capacidade vital forçada (CVF) (com relação VEF1/CVF semelhante) e capacidade aeróbia máxima e maior dispneia no exercício. A PImáx e a PEmáx foram significativamente menores nos pacientes com HAP que nos controles. Entretanto, a variação pós exercício em relação ao repouso não foi significativamente diferente nos dois grupos. Os pacientes apresentaram redução significativa da CI do repouso ao pico do exercício em comparação aos controles. 17/27 pacientes (63%) apresentaram redução da CI durante o exercício. Considerando-se apenas os pacientes, não houve associação entre CI e PImáx ou PEmáx (pré, pós exercício ou mudança do repouso). Comparando-se os pacientes com e sem redução da CI, não houve diferença na proporção de pacientes que apresentaram redução da PImáx (41 vs 44%) ou da PEmáx (76 vs 89%) após o exercício. Da mesma forma, nenhuma diferença na PImáx ou PEmáx foi observada no exercício comparando estes subgrupos. Conclusões: Em resumo, a força muscular respiratória foi significativamente menor em pacientes com HAP em comparação com controles e uma proporção significativa de pacientes com HAP apresentaram redução da CI durante o exercício. No entanto, não foram observadas associações entre CI e alterações de força muscular respiratória com o exercício, sugerindo que ocorra verdadeira hiperinsuflação dinâmica. Além disso, o único parâmetro relacionado com a dispneia induzida pelo exercício foi a CI no repouso e com capacidade aeróbia no pico foi a magnitude da redução da PEmáx após o exercício. / Rationale: The exercise induced inspiratory capacity (IC) reduction observed in some patients with pulmonary arterial hypertension (PAH) could potentially be influenced by respiratory muscle dysfunction. Aims: To investigate if there is any relationship between IC and respiratory muscle strength before and after maximal exercise and to study the contribution of respiratory muscle pressure and IC in exercise dyspnea and capacity in PAH patients. Methods: 27 patients with PAH and 12 healthy matched controls were compared. All participants underwent cardiopulmonary exercise test (CPET) with serial IC measurements. Inspiratory and expiratory maximal mouth pressure (PImax and PEmax, respectively) were measured before and at peak/post exercise. Results: Patients had lower forced expiratory volume in 1 s (FEV1), forced vital capacity (FVC) (with similar FEV1/FVC ratio) and peak aerobic capacity and higher exercise dyspnea. PImax and PEmax were significantly lower in PAH patients compared to controls. However, post exercise variations from rest were not significant different in either group. Patients presented significant rest-to-peak reduction in IC compared to controls. 17/27 patients (63%) exhibited IC reduction during exercise. Considering only patients, there was no association between IC and PImax or PEmax (pre, post exercise or change from rest). Comparing patients with and without IC reduction, there was no difference in the proportion of patients presenting inspiratory (41 vs 44%) or expiratory (76 vs 89%) pressure reduction after exercise, respectively. In the same way, no difference in both inspiratory and expiratory respiratory pressure change with exercise was observed comparing these subgroups. Conclusions: In summary, respiratory muscle strength was significantly lower in PAH patients compared to controls and a significant proportion of PAH presented IC reduction during exercise. Nonetheless, no associations between IC and respiratory muscle strength changes with exercise were observed, suggesting a true dynamic lung hyperinflation. Additionally, the only parameter associated with exercise induced dyspnea was resting IC and with peak aerobic capacity was the magnitude of PEmax reduction after exercise.

Introdução: A redução da capacidade inspiratória (CI) induzida pelo exercício observada em alguns pacientes com hipertensão arterial pulmonar (HAP) poderia potencialmente ser influenciada por disfunção muscular respiratória. Objetivos: Investigar se há alguma relação entre CI e força muscular respiratória antes e após o exercício máximo e estudar o papel da pressão muscular respiratória e da CI na dispneia e na capacidade de exercício em pacientes com HAP. Métodos: 27 pacientes com HAP e 12 controles saudáveis pareados foram comparados. Todos os participantes foram submetidos a teste de exercício cardiopulmonar (TECP) com determinação seriada da CI. As pressões inspiratória e expiratória máximas (PImáx e PEmáx, respectivamente) foram medidas antes, no pico e após o exercício. Resultados: Os pacientes tiveram menor volume expiratório forçado no primeiro segundo (VEF1), capacidade vital forçada (CVF) (com relação VEF1/CVF semelhante) e capacidade aeróbia máxima e maior dispneia no exercício. A PImáx e a PEmáx foram significativamente menores nos pacientes com HAP que nos controles. Entretanto, a variação pós exercício em relação ao repouso não foi significativamente diferente nos dois grupos. Os pacientes apresentaram redução significativa da CI do repouso ao pico do exercício em comparação aos controles. 17/27 pacientes (63%) apresentaram redução da CI durante o exercício. Considerando-se apenas os pacientes, não houve associação entre CI e PImáx ou PEmáx (pré, pós exercício ou mudança do repouso). Comparando-se os pacientes com e sem redução da CI, não houve diferença na proporção de pacientes que apresentaram redução da PImáx (41 vs 44%) ou da PEmáx (76 vs 89%) após o exercício. Da mesma forma, nenhuma diferença na PImáx ou PEmáx foi observada no exercício comparando estes subgrupos. Conclusões: Em resumo, a força muscular respiratória foi significativamente menor em pacientes com HAP em comparação com controles e uma proporção significativa de pacientes com HAP apresentaram redução da CI durante o exercício. No entanto, não foram observadas associações entre CI e alterações de força muscular respiratória com o exercício, sugerindo que ocorra verdadeira hiperinsuflação dinâmica. Além disso, o único parâmetro relacionado com a dispneia induzida pelo exercício foi a CI no repouso e com capacidade aeróbia no pico foi a magnitude da redução da PEmáx após o exercício. / Rationale: The exercise induced inspiratory capacity (IC) reduction observed in some patients with pulmonary arterial hypertension (PAH) could potentially be influenced by respiratory muscle dysfunction. Aims: To investigate if there is any relationship between IC and respiratory muscle strength before and after maximal exercise and to study the contribution of respiratory muscle pressure and IC in exercise dyspnea and capacity in PAH patients. Methods: 27 patients with PAH and 12 healthy matched controls were compared. All participants underwent cardiopulmonary exercise test (CPET) with serial IC measurements. Inspiratory and expiratory maximal mouth pressure (PImax and PEmax, respectively) were measured before and at peak/post exercise. Results: Patients had lower forced expiratory volume in 1 s (FEV1), forced vital capacity (FVC) (with similar FEV1/FVC ratio) and peak aerobic capacity and higher exercise dyspnea. PImax and PEmax were significantly lower in PAH patients compared to controls. However, post exercise variations from rest were not significant different in either group. Patients presented significant rest-to-peak reduction in IC compared to controls. 17/27 patients (63%) exhibited IC reduction during exercise. Considering only patients, there was no association between IC and PImax or PEmax (pre, post exercise or change from rest). Comparing patients with and without IC reduction, there was no difference in the proportion of patients presenting inspiratory (41 vs 44%) or expiratory (76 vs 89%) pressure reduction after exercise, respectively. In the same way, no difference in both inspiratory and expiratory respiratory pressure change with exercise was observed comparing these subgroups. Conclusions: In summary, respiratory muscle strength was significantly lower in PAH patients compared to controls and a significant proportion of PAH presented IC reduction during exercise. Nonetheless, no associations between IC and respiratory muscle strength changes with exercise were observed, suggesting a true dynamic lung hyperinflation. Additionally, the only parameter associated with exercise induced dyspnea was resting IC and with peak aerobic capacity was the magnitude of PEmax reduction after exercise.

No description available.

Introdução: A redução da capacidade inspiratória (CI) induzida pelo exercício observada em alguns pacientes com hipertensão arterial pulmonar (HAP) poderia potencialmente ser influenciada por disfunção muscular respiratória. Objetivos: Investigar se há alguma relação entre CI e força muscular respiratória antes e após o exercício máximo e estudar o papel da pressão muscular respiratória e da CI na dispneia e na capacidade de exercício em pacientes com HAP. Métodos: 27 pacientes com HAP e 12 controles saudáveis pareados foram comparados. Todos os participantes foram submetidos a teste de exercício cardiopulmonar (TECP) com determinação seriada da CI. As pressões inspiratória e expiratória máximas (PImáx e PEmáx, respectivamente) foram medidas antes, no pico e após o exercício. Resultados: Os pacientes tiveram menor volume expiratório forçado no primeiro segundo (VEF1), capacidade vital forçada (CVF) (com relação VEF1/CVF semelhante) e capacidade aeróbia máxima e maior dispneia no exercício. A PImáx e a PEmáx foram significativamente menores nos pacientes com HAP que nos controles. Entretanto, a variação pós exercício em relação ao repouso não foi significativamente diferente nos dois grupos. Os pacientes apresentaram redução significativa da CI do repouso ao pico do exercício em comparação aos controles. 17/27 pacientes (63%) apresentaram redução da CI durante o exercício. Considerando-se apenas os pacientes, não houve associação entre CI e PImáx ou PEmáx (pré, pós exercício ou mudança do repouso). Comparando-se os pacientes com e sem redução da CI, não houve diferença na proporção de pacientes que apresentaram redução da PImáx (41 vs 44%) ou da PEmáx (76 vs 89%) após o exercício. Da mesma forma, nenhuma diferença na PImáx ou PEmáx foi observada no exercício comparando estes subgrupos. Conclusões: Em resumo, a força muscular respiratória foi significativamente menor em pacientes com HAP em comparação com controles e uma proporção significativa de pacientes com HAP apresentaram redução da CI durante o exercício. No entanto, não foram observadas associações entre CI e alterações de força muscular respiratória com o exercício, sugerindo que ocorra verdadeira hiperinsuflação dinâmica. Além disso, o único parâmetro relacionado com a dispneia induzida pelo exercício foi a CI no repouso e com capacidade aeróbia no pico foi a magnitude da redução da PEmáx após o exercício. / Rationale: The exercise induced inspiratory capacity (IC) reduction observed in some patients with pulmonary arterial hypertension (PAH) could potentially be influenced by respiratory muscle dysfunction. Aims: To investigate if there is any relationship between IC and respiratory muscle strength before and after maximal exercise and to study the contribution of respiratory muscle pressure and IC in exercise dyspnea and capacity in PAH patients. Methods: 27 patients with PAH and 12 healthy matched controls were compared. All participants underwent cardiopulmonary exercise test (CPET) with serial IC measurements. Inspiratory and expiratory maximal mouth pressure (PImax and PEmax, respectively) were measured before and at peak/post exercise. Results: Patients had lower forced expiratory volume in 1 s (FEV1), forced vital capacity (FVC) (with similar FEV1/FVC ratio) and peak aerobic capacity and higher exercise dyspnea. PImax and PEmax were significantly lower in PAH patients compared to controls. However, post exercise variations from rest were not significant different in either group. Patients presented significant rest-to-peak reduction in IC compared to controls. 17/27 patients (63%) exhibited IC reduction during exercise. Considering only patients, there was no association between IC and PImax or PEmax (pre, post exercise or change from rest). Comparing patients with and without IC reduction, there was no difference in the proportion of patients presenting inspiratory (41 vs 44%) or expiratory (76 vs 89%) pressure reduction after exercise, respectively. In the same way, no difference in both inspiratory and expiratory respiratory pressure change with exercise was observed comparing these subgroups. Conclusions: In summary, respiratory muscle strength was significantly lower in PAH patients compared to controls and a significant proportion of PAH presented IC reduction during exercise. Nonetheless, no associations between IC and respiratory muscle strength changes with exercise were observed, suggesting a true dynamic lung hyperinflation. Additionally, the only parameter associated with exercise induced dyspnea was resting IC and with peak aerobic capacity was the magnitude of PEmax reduction after exercise.

This study is an investigation into poverty coping strategies of microfinance and its social performance in crisis environments using empirical evidence from Zimbabwe. Microfinance has close association with informal microcredit, mainly self-help schemes and Government led rural agricultural credit, which was based on the idea of lending for the poor up to the 1960s through to the early 1970s. Whilst informal microcredit was viewed to be a success on many forms for some decades, it was clear that tailor-made changes were needed to respond specifically to the poor’s financial needs and help them fight poverty. Thus, it was seen as necessary to experiment on an institution based/formal financial service sector for the poor in the late 1970s through to the 1990s, which could perhaps tackle poverty reduction more systematically and effectively. In this, microcredit transformed into microfinance having incorporated more financial services on offer in addition to credit and was regarded as the new step forward and backed by several development agencies including the United Nations. In fact, microfinance was hailed as the most innovative poverty alleviation tool, able to deal with poverty whilst at the same time generating sufficient extra income to cover operating costs. Over four decades on since its inception, the microfinance sector has grown tremendously but, as is commonly acknowledged, the shackles of global poverty are just as visible as ever and in some cases are even stronger. This study critically explores and analyses the state of the microfinance sector in Zimbabwe following a recent political, economic and social crisis characterised by hyperinflation reaching six figure digits, which led to a revamp of the microfinance sector in 2009. The findings this study reflect a systematic departure of the original hopes and ideals of microfinance as a poverty-reduction centred programming to that of a profit-led business approach and the emergence of a new breed of microfinance institutions (MFIs). In this new world of “microfinance”, very poor social performance causing distressful situations for borrowers where in certain instances have been known to take their own lives (as In India) due to debt pressures has been witnessed. Ironically, also visible are the microfinance millionaires and successful MFI banks floating on the stock. Not surprisingly, as a result, microfinance has attracted a lot of public scrutiny particularly among academics and policy makers with its credibility as a poverty alleviation tool being seriously questioned. Consequently, both the supporters of microfinance wanting to prove that microfinance reduces poverty as well as the critics of microfinance wishing to discredit those results have carried out several randomised-control trials (RCT) impact studies. In some cases previous studies that had claimed that microfinance reduces poverty were revisited by opposing academics in an effort to refute findings. However, both supporters and critics each found just as much evidence for both positive impact in reducing poverty in some places as well as the negative impact on poverty elsewhere. Neither side could be conclusive about whether microfinance actually does help to reduce poverty. As discussed in the literature review, this resulted in a surge in the number of available studies on the subject of microfinance impact, prompting even more systematic reviews of such studies in an attempt to reconcile the critical question of the role of microfinance in poverty reduction. As before, the systematic reviews also confirmed just as much evidence in favour of microfinance positive impacts on poverty as those against in the negative impacts, thereby failing yet again to provide conclusive evidence on either side of the argument. Such arguments suggest that microfinance delivered in a certain way and under certain conditions can help reduce poverty, but may equally have little effect at all on poverty or can even worsen the poverty situation of individuals when delivered under certain conditions and in a certain way. To the best of my knowledge, no known previous studies have attempted to associate the model of microfinance delivery and conditions to ascertain whether different forms of microfinance operations can produce different impact on poverty even where conditions are similar in order to inform best practice for social performance and help poor individuals to cope with high income-risks. High income-risk is part of life for most people in Zimbabwe as in other developing countries. Zimbabwe was affected by frequent droughts, political turmoil, extreme economic challenges due to sanctions and questionable economic policies between 2000 and 2008, and finally the global financial crisis of 2007/8, creating extraordinarily harsh operating environment for microfinance institutions, characterised by depleted loan portfolio investment, skyrocketing inflation eroding the loan book value and growing default rates. The country’s GDP declined by about 40 percent during the period. Hyperinflation in 2007-2008 peaked at 500 billion percent leading to the collapse of the national currency in February 2009. The Zimbabwean dollar disappeared from circulation in instant literarily forcing MFIs and other financial institutions to freeze all balances in their books which was in local currency and raise new capital in the US dollar and South African Rand. The political and economic challenges negatively affected the Zimbabwean microfinance “industry,” causing the sector to suffer significantly. Both the number of microfinance institutions (MFIs) in the country and the quality and range of services were eroded. Capital, social performance, and viability concerns plagued the microfinance sector forcing the government to introduce sector specific regulation with immediate minimum capital requirement for MFIs resulting in small institutions leaving the market, increasing monopoly by large institutions. Within this uncertainty of the role and effectiveness of microfinance in poverty reduction, and the difficult political and economic circumstances that Zimbabweans have experienced recently, this study looked at the coping strategies of microfinance stakeholders including practitioners and regulators. It employed an exploratory inductive approach using mixed methods methodology. This included a survey questionnaire using both closed and open-ended questions randomly administered to 60 registered microfinance clients and potential clients collecting both qualitative and quantitative data. In addition, comprehensive case assessments were carried out on 3 MFIs. The assessments concluded that there exist two different approaches to microfinance: (1) the Capital Market Driven (CMD) approach characterised by private equity investments and (2) the Poverty Reduction Driven (PRD) approach characterised by emphasis on poverty alleviation and social performance. This thesis argues that the two approaches may have very different impact on poverty. Therefore, a clear distinction between the CMD and PRD are necessary in debates about microfinance impact, whether positive or negative.

The subject of this thesis is purposed to characterize both economic and political progress in Weimar republic since the end of World War I till the middle twenties. In this respect, it is a period when Germany, after several years of war struggle ending up as a defeated country, was raving in economic and internal political crisis and also had to face up a diplomatic isolation connected with tough peace conditions from Versailles. The main focus of this study is to analyze German economic depression contextualized with crucial historic events against background of then international diplomacy. Economic analysis is connected especially with explanation of huge hyperinflation, synchronous theoretic hypothesis that formed economic policy of German governments and their comparison with modern monetary economics. Being analyzed are not only causes of depression based in long-term debt funding of war, uncovered money emission and necessity of high reparation payments, but also the process and the way of its termination and overall consequences both political and socioeconomic. After abandonment of inflation episode follows solution of reparation payments adjustment which was necessary for future stabilization of Weimar Republic and final termination of German crisis. The way to stability was provided by London Conference and Dawes plan which are both analyzed in the last part of this thesis.

This thesis deals with German hyperinflation, which culminated in 1923. Some aspects of prior-war monetary and fiscal policy are mentioned in the introduction. The main subject of this thesis is focused on war economy and after-war period, identification of structural changes in the economy, which happened during this period, and it measures factors, which might directly or indirectly, caused inflations' origins. The goal of this thesis is analysis of impacts of governmental financial politics, analysis of influence of external factors and historical facts. German economy faced these historical facts and they subsequently influenced governmental politics during the whole period from the beginning of war till the end of hyperinflation and monetary reform in 1923. From the general view over the contemporary historical consequences and decisions of German government I am trying to identify direct and indirect causes of inflation and hyperinflation.