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 The original joint liability group lending with simultaneous financing (loans released at once) has been replaced by sequential financing (loans released one by one).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...

Diploma Thesis Abstract This diploma thesis is focused on the several and joint liability institute as the main securing VAT institute (instrument) with its own legislation in the Czech VAT Act. This thesis should be a comprehensive analysis of the matter of the several and joint liability in the tax process and should provide an alternative view of some of Czech tax doctrinal conclusions. The introductory part of this thesis is devoted to the particular several and joint liability issues arising from the confrontation between private and public branches of law. The author considers the judicial praxis of awarding the subject of the several and joint liability by recourse wrong. This recourse is derived from the unjust enrichment institute by the Czech Supreme Court. The problem is seen by the author in the fact, that the subject of the joint and several liability does his own legal duty and does not fulfil someone else obligation. Then follows the section about the general legislation of the tax joint and several liability. This tax legislation notably regulates status of the tax subject of the several and joint liability in the tax process and the rest of this legislation should be applied on VAT several and joint liability due to the subsidiarity principle. The main section about the individual subject...

A presente dissertação trata de situações nas quais o prejuízo decorre de conduta praticada por parcela de indivíduos integrantes de agrupamento, sem que seja possível identificá-los. No âmbito do nexo causal, essa hipótese se traduz no conceito de causalidade alternativa, e a maior controvérsia relacionada ao tema é definir se, e em quais circunstâncias, há responsabilidade solidária de todos os integrantes do agrupamento. Para analisar essas questões, o presente trabalho apresenta capítulo introdutório, cujo foco recai sobre as diversas doutrinas desenvolvidas a respeito da causalidade. O espoco desse exame é analisar como essas teorias descrevem o fenômeno entre causa e efeito e, ainda, como os doutrinadores e a jurisprudência lidam com elas ao se defrontar com situações envolvendo diversas causas potenciais relacionadas a determinado evento. Tendo a parte introdutória como base, a dissertação analisa especificamente a causalidade alternativa sob perspectiva histórica, tecendo considerações sobre o desenvolvimento do conceito ao longo do tempo. A dissertação ingressa, então, na análise da causalidade alternativa em diversas jurisdições. O propósito dessa parte do trabalho é examinar as diferentes perspectivas adotadas por doutrinadores e cortes estrangeiras em relação a cenários envolvendo danos cometidos por grupos de diversos indivíduos, sem que seja possível identificar o verdadeiro ofensor. A parte final da dissertação trata especificamente do fenômeno da causalidade alternativa no direito brasileiro. O trabalho analisa essa matéria examinando algumas decisões relevantes dos tribunais, juntamente com opiniões de doutrinadores relacionadas ao tema. Também há o contraste das diversas teorias desenvolvidas para explicar a solidariedade dos integrantes do grupo com o regime jurídico estabelecido no Código Civil brasileiro, enfatizando-se as potenciais deficiências de cada doutrina. A partir dessa análise, e das principais conclusões decorrentes da pesquisa desenvolvida nos demais capítulos, a parte final da dissertação propõe (i) uma explicação que justifica a solidariedade dos indivíduos que integram um grupo; e (ii) os critérios para definir as circunstâncias nas quais essa espécie de responsabilidade se aplica. O trabalho propõe, ainda, a alteração no Código Civil brasileiro, com a inclusão de normas específicas acerca da causalidade alternativa. / This thesis approaches situations wherein damage arises from conducts incurred by one or several individuals that compose a group, being altogether impossible to identify the actual torfeasors. In terms of causation, this situation is usually known as alternative causation, and the main controversy arising from such scenario is whether and under which circumstances all members of the group should be held liable for damages. In order to analyze these issues, the present work brings an introductory chapter, which focuses on the several theories developed with respect to the concept of causation. This aims at verifying how such doctrines describe the cause-and-effect phenomenon, and the way scholar and courts handle with these doctrines whereas facing situations involving several causes potentially related to a certain outcome. Having the first part as a conceptual background, the dissertation specifically approaches the alternative causation under a historical perspective, particularly concerning the development of such concept throughout relevant moments of history. The dissertation then moves to the analysis of the concept of alternative causation in several jurisdictions. The purpose of that part of the work is to verify the different perspectives adopted by foreign scholars and courts as to the scenarios involving damages performed by members of a group, wherein it is altogether impossible to identify the actual tortfeasors. The final part of the dissertation deals particularly with the phenomenon of alternative causation under Brazilian law. The work approaches this subject by examining some relevant court decisions and opinion of scholars related to the issue. It also contrasts the several doctrines developed to explain the joint liability of the members of the group with the legal regime established by the Brazilian Civil Code, stressing the flaws applicable to each of them. Relying upon this analysis, and on main elements arising from the analysis carried out in the previous chapters, the final part of the dissertation proposes (i) an explanation to justify the joint liability applicable to individuals that compose a group of potential tortfeasors; and (ii) the criteria to define the circumstances wherein this sort of liability prevails. It also proposes the amendment of the Brazilian Civil Code, in order to include specific regulation regarding alternative causation.

A mundialização da economia, o desenvolvimento tecnológico e a velocidade dos meios de comunicação acirraram a concorrência internacional e formaram grandes grupos de intensa concentração econômica desequilibrando profundamente a relação entre capital e trabalho. Essas modificações estão consubstanciadas no modo flexível de produção, que é representado pela forte descentralização produtiva. São crescentes as formas terceirizadas e a formação de grupos econômicos para fazer frente à redução de custos e otimização dos mecanismos que envolvem toda a produção. Os lucros passaram a ser apropriados pelos grandes conglomerados de forma difusa, mas intensa. O empregador típico, que se apropriava diretamente do lucro pela exploração do trabalho, outrora facilmente reconhecido, está diluído nas redes da produção, mascarado pelas várias pessoas físicas e jurídicas que se interpõem nessa relação. Não mais prevalece o axioma econômico de que todo lucro traz intrinsicamente um risco. As grandes corporações têm lucros estratosféricos e os riscos da produção ficam diluídos no caminho e em muitas das vezes são arcados pelos próprios trabalhadores, dada a insolvência das empresas interpostas. Para fazer frente a esse desequilíbrio entendemos que há necessidade da aplicação da responsabilidade solidária como um dos instrumentos para o combate à precarização, que a realidade tem nos mostrado. Para tanto, defendemos sua aplicação com fundamentos sociológicos, políticos e jurídicos. Esses últimos mais detalhados, com os Fundamentos Constitucionais e Trabalhistas. / Economic globalization, technological development and speed of the media incited international competition and formed large groups of intense economic concentration profound imbalance in the relationship between capital and labor. These changes are embodied in a flexible production, which is represented by the strong production decentralization. Outsourcing are increasing and the formation of economic groups to cope with the cost reduction and optimization mechanisms that involve the entire production.Profits came to be appropriated by the big conglomerates in a diffuse but intense. The typical employer, that he appropriated directly profit by the exploitation of labor, once easily recognized, it is diluted in production networks, masked by various individuals and companies that stands in this relationship. No longer prevails axiom that all economic profit brings inherently risky. Large corporations have stratospheric profits and production risks are diluted on the way and often are borne by workers themselves, given the company filed bankruptcy. To address this imbalance we believe there is need for joint and several liability as an instrument for combating precariousness that reality has shown us. To this end, we support your application with pleas sociological, political and legal. These last detail, with the Constitutional Foundations and Principles of Employment Law. Even in legal reasoning, the tendency is demonstrated in the use of joint liability in other areas of law, not only as a means of realizing the right as a whole, but also to cope with the recognized risk society in which we live.

A presente dissertação trata de situações nas quais o prejuízo decorre de conduta praticada por parcela de indivíduos integrantes de agrupamento, sem que seja possível identificá-los. No âmbito do nexo causal, essa hipótese se traduz no conceito de causalidade alternativa, e a maior controvérsia relacionada ao tema é definir se, e em quais circunstâncias, há responsabilidade solidária de todos os integrantes do agrupamento. Para analisar essas questões, o presente trabalho apresenta capítulo introdutório, cujo foco recai sobre as diversas doutrinas desenvolvidas a respeito da causalidade. O espoco desse exame é analisar como essas teorias descrevem o fenômeno entre causa e efeito e, ainda, como os doutrinadores e a jurisprudência lidam com elas ao se defrontar com situações envolvendo diversas causas potenciais relacionadas a determinado evento. Tendo a parte introdutória como base, a dissertação analisa especificamente a causalidade alternativa sob perspectiva histórica, tecendo considerações sobre o desenvolvimento do conceito ao longo do tempo. A dissertação ingressa, então, na análise da causalidade alternativa em diversas jurisdições. O propósito dessa parte do trabalho é examinar as diferentes perspectivas adotadas por doutrinadores e cortes estrangeiras em relação a cenários envolvendo danos cometidos por grupos de diversos indivíduos, sem que seja possível identificar o verdadeiro ofensor. A parte final da dissertação trata especificamente do fenômeno da causalidade alternativa no direito brasileiro. O trabalho analisa essa matéria examinando algumas decisões relevantes dos tribunais, juntamente com opiniões de doutrinadores relacionadas ao tema. Também há o contraste das diversas teorias desenvolvidas para explicar a solidariedade dos integrantes do grupo com o regime jurídico estabelecido no Código Civil brasileiro, enfatizando-se as potenciais deficiências de cada doutrina. A partir dessa análise, e das principais conclusões decorrentes da pesquisa desenvolvida nos demais capítulos, a parte final da dissertação propõe (i) uma explicação que justifica a solidariedade dos indivíduos que integram um grupo; e (ii) os critérios para definir as circunstâncias nas quais essa espécie de responsabilidade se aplica. O trabalho propõe, ainda, a alteração no Código Civil brasileiro, com a inclusão de normas específicas acerca da causalidade alternativa. / This thesis approaches situations wherein damage arises from conducts incurred by one or several individuals that compose a group, being altogether impossible to identify the actual torfeasors. In terms of causation, this situation is usually known as alternative causation, and the main controversy arising from such scenario is whether and under which circumstances all members of the group should be held liable for damages. In order to analyze these issues, the present work brings an introductory chapter, which focuses on the several theories developed with respect to the concept of causation. This aims at verifying how such doctrines describe the cause-and-effect phenomenon, and the way scholar and courts handle with these doctrines whereas facing situations involving several causes potentially related to a certain outcome. Having the first part as a conceptual background, the dissertation specifically approaches the alternative causation under a historical perspective, particularly concerning the development of such concept throughout relevant moments of history. The dissertation then moves to the analysis of the concept of alternative causation in several jurisdictions. The purpose of that part of the work is to verify the different perspectives adopted by foreign scholars and courts as to the scenarios involving damages performed by members of a group, wherein it is altogether impossible to identify the actual tortfeasors. The final part of the dissertation deals particularly with the phenomenon of alternative causation under Brazilian law. The work approaches this subject by examining some relevant court decisions and opinion of scholars related to the issue. It also contrasts the several doctrines developed to explain the joint liability of the members of the group with the legal regime established by the Brazilian Civil Code, stressing the flaws applicable to each of them. Relying upon this analysis, and on main elements arising from the analysis carried out in the previous chapters, the final part of the dissertation proposes (i) an explanation to justify the joint liability applicable to individuals that compose a group of potential tortfeasors; and (ii) the criteria to define the circumstances wherein this sort of liability prevails. It also proposes the amendment of the Brazilian Civil Code, in order to include specific regulation regarding alternative causation.

A mundialização da economia, o desenvolvimento tecnológico e a velocidade dos meios de comunicação acirraram a concorrência internacional e formaram grandes grupos de intensa concentração econômica desequilibrando profundamente a relação entre capital e trabalho. Essas modificações estão consubstanciadas no modo flexível de produção, que é representado pela forte descentralização produtiva. São crescentes as formas terceirizadas e a formação de grupos econômicos para fazer frente à redução de custos e otimização dos mecanismos que envolvem toda a produção. Os lucros passaram a ser apropriados pelos grandes conglomerados de forma difusa, mas intensa. O empregador típico, que se apropriava diretamente do lucro pela exploração do trabalho, outrora facilmente reconhecido, está diluído nas redes da produção, mascarado pelas várias pessoas físicas e jurídicas que se interpõem nessa relação. Não mais prevalece o axioma econômico de que todo lucro traz intrinsicamente um risco. As grandes corporações têm lucros estratosféricos e os riscos da produção ficam diluídos no caminho e em muitas das vezes são arcados pelos próprios trabalhadores, dada a insolvência das empresas interpostas. Para fazer frente a esse desequilíbrio entendemos que há necessidade da aplicação da responsabilidade solidária como um dos instrumentos para o combate à precarização, que a realidade tem nos mostrado. Para tanto, defendemos sua aplicação com fundamentos sociológicos, políticos e jurídicos. Esses últimos mais detalhados, com os Fundamentos Constitucionais e Trabalhistas. / Economic globalization, technological development and speed of the media incited international competition and formed large groups of intense economic concentration profound imbalance in the relationship between capital and labor. These changes are embodied in a flexible production, which is represented by the strong production decentralization. Outsourcing are increasing and the formation of economic groups to cope with the cost reduction and optimization mechanisms that involve the entire production.Profits came to be appropriated by the big conglomerates in a diffuse but intense. The typical employer, that he appropriated directly profit by the exploitation of labor, once easily recognized, it is diluted in production networks, masked by various individuals and companies that stands in this relationship. No longer prevails axiom that all economic profit brings inherently risky. Large corporations have stratospheric profits and production risks are diluted on the way and often are borne by workers themselves, given the company filed bankruptcy. To address this imbalance we believe there is need for joint and several liability as an instrument for combating precariousness that reality has shown us. To this end, we support your application with pleas sociological, political and legal. These last detail, with the Constitutional Foundations and Principles of Employment Law. Even in legal reasoning, the tendency is demonstrated in the use of joint liability in other areas of law, not only as a means of realizing the right as a whole, but also to cope with the recognized risk society in which we live.

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The use of group lending for poverty alleviation is a widespread feature of modern microfinance. The structure of joint-liability credit - if one member defaults the others are held financially responsible - produces a natural tension between a borrower's social and economic interests. This study integrates theory from economics, sociology, and behavioural experiments to address the question, "How do social and economic mechanisms interact to shape a microcredit group's financial behaviour?" The empirical analysis involves an original dataset from a microfinance institution in Sierra Leone. The total dataset includes 7,025 joint-liability borrowers involved in 47,931 repayment transactions from 2005 to 2011. The empirical methods used are diverse: ethnographic fieldwork, GPS spatial analysis, social affiliation survey design, and multilevel statistical analysis of loan performance data. The original work is structured as three distinct papers. In the first paper, I examine social collateral, the formal use of a borrower's relationships as security against loan default. How does a group's spatial structure affect the efficacy of social collateral? Spatial concentration improves a group's economic performance up to a certain level after which the effect reverses and performance declines. The relationship is driven by a social trade-off between ability and willingness to enforce the loan. Further, groups that consist of multiple spatial fragments produce worse performance. Spatially fragmented groups are prone to splitting into social factions. In the second paper, I question what drives the self-selection process of microcredit group formation. The results show that group leaders prefer members with pre-existing social ties, who are spatially proximate, and have matching business types. The preference for socio-spatial factors is likely motivated by reducing the risk of strategic default by group members. In the third paper, I explore how economic cooperation in small groups evolves over years of repeated interaction. Despite the selective retention of better performing groups, average cooperation rates consistently decline, in terms of contribution and effort. Further, variance across groups continues to increase over 30 months of repeated interaction, suggesting that convergence to a stable cooperation rate has not occurred. Given that group lending exhibits many of the factors found to promote cooperation in laboratory experiments, it is surprising to find such a marked decline in this field setting. Overall, this thesis contributes to economic sociology by dissecting the difficult trade-offs between social and economic motives in group lending and offers policy implications for microfinance institutions regarding group formation heuristics, contract design, and loan management.

Le mécanisme de solidarité traverse le droit fiscal. D’essence civile, la solidarité est intimement liée aux moyens de recouvrement dont dispose l’administration. S’agissant du dirigeant de société, sa « responsabilité pécuniaire » ou « solidarité patrimoniale » est actuellement suspendue à la décision du juge. Or, deux textes prévoient la solidarité du dirigeant selon qu’il s’agisse du juge de la responsabilité (LPF, art. L. 267) ou du juge répressif (CGI, art. 1745). Si ces deux dispositions sont indépendantes l’une de l’autre au motif qu’elles n’ont ni la même cause, ni le même objet, ni le même demandeur, il y a lieu de s’interroger sur leur portée respective, souligner leurs écueils et présenter les voies d’une réforme de la solidarité du dirigeant au passif fiscal. Il s’agit à la fois à rendre davantage efficace l’action en recouvrement de l’administration et garantir les droits dont dispose le dirigeant. La prégnance de la situation actuelle impose le pragmatisme : recouvrer le passif fiscal formé essentiellement par la TVA et suspendre la solidarité à l’intentionnalité des manquements à l’origine du passif fiscal dès la procédure d’assiette. / Joint liability is a recurrent feature of tax law. It is essentially a civil law mechanism which is closely bound to the means of recovery available to the revenue authorities. With respect to the company director, his “financial liability” or “joint pecuniary liability” currently depends on a court ruling. Two items of legislation provide for the director’s liability according to whether the matter is being heard before the civil courts (Article L. 267 of the LPF tax code) or the criminal courts (Article 1745 of the CGI tax code).Although those two provisions are independent from one another since they have neither the same legal basis, nor the same purpose and the person bringing the action is different, it is appropriate to question their respective scope, underline their pitfalls and present avenues for reform of the corporate manager’s joint liability for tax liabilities.The aim is both to make the revenue authority’s action for recovery more effective and to secure the corporate manager’s rights. The current situation requires pragmatism, for recovering tax liabilities resulting primarily from VAT and for suspending joint liability for intentionally causing tax liabilities from the time of the procedure of the determination of the tax base.