O objetivo desta tese é avaliar empiricamente como as famílias pobres tomam decisões em relação à poupança. Mais especificamente, busca-se estudar a vida econômica das famílias pobres de assentamentos rurais, no norte do estado do Tocantins. Para atingir esse propósito, quatro objetivos específicos da pesquisa foram concebidos como eixos de investigação. O primeiro considera a abordagem do desenvolvimento como liberdade e expansão das capacitações dos indivíduos como aspecto fundamental para análise e estudo da pobreza. O segundo objetivo aborda o estudo da vida econômica dos pobres em várias dimensões. O terceiro objetivo considera os principais estudos na área da economia comportamental acerca das influências das barreiras cognitivas, em especial o viés do presente, sobre a tomada de decisão financeira. Por fim, o quarto objetivo analisa o desenvolvimento histórico e o contexto socioeconômico da região onde se realizou a pesquisa de campo. No que tange à estratégia de coleta de dados, foi realizada uma pesquisa de campo por meio de entrevistas semiestruturadas com responsáveis e corresponsáveis pela unidade familiar. As principais evidências da tese são: (a) não predomina nesses assentamentos a figura do agricultor tradicional; (b) as famílias adotam estratégias para obter diferentes fontes de renda; (c) a privação de liberdade dos assentados entrevistados vincula-se, entre outras coisas, ao não acesso aos serviços públicos essenciais; (d) a conversão de terras públicas em ativos financeiros negociáveis no mercado é uma prática comum entre as famílias; (e) emergências de saúde e necessidades financeiras somam-se aos eventos decorrentes dos conflitos agrários da região; (f) a maioria dos atos financeiros das famílias se processa em mercados imperfeitos com elevados custos de transação; (g) como forma de sobrevivência, as famílias adotam estratégias baseadas nas relações de confiança e reciprocidade para consolidação dos ativos sociais; (h) grande parte das famílias é excluída do sistema financeiro formal e depende de credores informais e de poupança não monetária para atender as necessidades de curto prazo. Conclui-se que a baixa capacidade a aspirar e o viés do presente, potencializados pela condição de pobreza, comprometem severamente a capacidade de poupança e tomada de decisão em relação ao futuro dessas famílias. As escolhas que fazem perpetuam sua condição de pobreza. Desse modo, algumas lições e sugestões são extraídas do estudo para o aprofundamento de pesquisas futuras e aprimoramento do desenho de políticas. / The purpose of this thesis is to empirically evaluate how poor households make decisions regarding savings. More specifically, it seeks to study the economic life of the poor families of rural settlements, in the north of the state of Tocantins. To achieve this purpose, four specific research objectives were designed as research axes. The first considers the development approach as freedom and expansion of the capacities of individuals as a fundamental aspect for analysis and study of poverty. The second objective addresses the study of the economic life of the poor in various dimensions. The third objective considers the main studies in the area of behavioral economics on the influences of cognitive barriers, especially the present bias, on financial decision making. Finally, the fourth objective analyzes the historical development and the socioeconomic context of the region where the field research was carried out. With regard to the data collection strategy, a field survey was carried out through semi-structured interviews with those responsible and co-responsible for the family unit. The main evidences of the thesis are: (a) the traditional farmer does not predominate in these settlements; (b) families adopt strategies to obtain different sources of income; (c) the deprivation of liberty of the settlers is linked, among other things, to the lack of access to essential public services; (d) the conversion of public lands into marketable financial assets in the market is a common practice among households; (e) health emergencies and financial needs add to the events resulting from the agrarian conflicts in the region; (f) the majority of households\' financial transactions take place in imperfect markets with high transaction costs; (g) as a way of survival, families adopt strategies based on relationships of trust and reciprocity to consolidate social assets; (h) most households are excluded from the formal financial system and rely on informal creditors and non-monetary savings to meet short-term needs. It is concluded that the low capacity to aspire and the bias of the present, potentialized by the poverty condition, severely compromises the capacity of savings and decision making regarding the future of these families. The choices they make perpetuate their poverty condition. Thus, some lessons and suggestions are drawn from the study to deepen future research and improve policy design.

O objetivo desta dissertação é proceder a uma avaliação comparativa das políticas de microfinanças no Brasil e na Colômbia, tendo como base a atuação das cooperativas de crédito nos países em estudo. Foram selecionados dois programas públicos de microfinanças que contemplam a atuação das cooperativas em suas estratégias de atuação, o Programa de Microcrédito Produtivo Orientado, no caso brasileiro, e o Banca de las Oportunidades, no caso colombiano. A avaliação foi realizada mediante a proposição e aplicação de um indicador capaz de sistematizar a atuação dos respectivos programas em cada país. Os critérios que permitiram a avaliação foram embasados na capacidade que os programas analisados têm de atingir os objetivos propostos, à luz da teoria sobre cooperativismo de crédito e microfinanças. / The aim of this dissertation is to proceed a comparative evaluation from politics of microfinances in Brazil and Columbia, basing the performance of the credit unions in the countries in study. Two public programs of microfinances had been selected that contemplate the performance of the cooperatives in its strategies of action, the PNMPO, in Brazil, and the Banca de las Oportunidades, in Colombia. The evaluation was carried through by means of applications of a pointer capable systemize the performance of the respective programs in each country. The criterion that had allowed the evaluation had been based in the capacity that the analyzed programs have to reach the considered objectives, to the light of the theory on credit unions and microfinances.

More than 168 million children work worldwide. While some types of work are beneficial for children, some types are detrimental for children's health, growth, education and future well-being. The theory defines poverty and lack of access to credit as main causes of child work. While there is no one-to-one replacement, work reduces the amount of education received by child workers as it competes for children's time. This mix-method dissertation explores child work in two studies: 1) a qualitative study of child work in Tajikistan and 2) a quantitative study of microfinance participation and its effect on global child work and education. The qualitative study of the child work is analyzed through narratives of child workers and their parents in Tajikistan. This study examined the pathways to child work and the families' understanding of child work experiences. Furthermore, the factors causing the increase of child work prevalence in the country and the consequences of children's involvement in the labor market were explored. The children and parent's narratives revealed several common themes. First, the families resort to child work due to financial need. Second, less explored and unconventional perspectives on child work were recorded. Children and parents describe employment as means to become independent and gain respect and status. Moreover, they list becoming socialized and prepared to adult life from early stages of life as a value added to labor market engagement. Child work was also described as means to stay physically healthy and as a protective factor from risk-taking behaviors. The quantitative analysis of this dissertation explores the topic through a broader perspective. The study evaluates the impact of microfinance programs on child economic activity and education globally, using macro data for 113 countries of the world for the period of 15 years (1995-2010). The results of the study suggest that there is a positive association between microfinance and secondary school enrollment. The relationship between microfinance and primary school enrollment, as well as primary school completion is ambiguous. No statistically significant relationship between microfinance and child work was found. Future research directions and implications for policy are examined.

Este trabalho apresenta uma investigação empírica sobre impacto do microcrédito no resultado operacional dos micro e pequenos empreendedores. Primeiramente, será realizada uma revisão da literatura sobre os conceitos do microcrédito, considerando o seu contexto mundial e nacional. Posteriormente, haverá a avaliação acerca da assimetria de informações, a Teoria Agente-Principal e a Teoria Geral do Emprego, do Juro e da Moeda. Na parte empírica, a partir de dados coletados junto ao Banrisul referente às operações de concessões de empréstimo a micro e pequenos empreendedores do Programa Gaúcho de Microcrédito (PGM), serão feitas considerações a respeito dos dados relativos ao período do início de 2012 até o final de 2014. O PGM é uma iniciativa pública que conta com a coordenação da Secretaria de Desenvolvimento Econômico, Ciência e Tecnologia. Utilizando a metodologia econométrica de regressão múltipla, o trabalho revela que o microcrédito é uma modalidade que contribui à economia gaúcha, especialmente se acompanhada de outras variáveis, como o grau de escolaridade, o gênero, a renda per capita e o valor emprestado pelo PGM. A amostra foi de 27.155 empréstimos do total já concedido em 2014 de 96.616 operações. A análise estatística dos dados demonstrou que o impacto do microcrédito na geração de renda e nos micro e pequenos empreendimentos não é desprezível. Os resultados deste trabalho demonstram que o Poder Público pode intervir positivamente com a modalidade do microcrédito a fim de promover uma política de geração de renda em escala estadual e federal dentre as alternativas econômicas para o Brasil. / This paper presents an empirical research on the impact of microcredit on the operating result of micro and small entrepreneurs. First, there will be a review of the literature on microcredit concepts, considering its global and national context. Later, there will be an evaluation of the asymmetry of information, the Agent-Principal Theory and the General Theory of Employment, Interest and Money. In the empirical part, from data collected from the Banrisul related to loan operations concessions to micro and small entrepreneurs of the Gaúcho Microcredit Program (PGM), considerations will be made concerning the data for the period from early 2012 until the end of 2014. The PGM is a public initiative with the coordination of the Economic Development, Science and Technology Department. Using econometric methodology of multiple regression, the study reveals that microcredit is a modality that contributes to the state's economy, especially if accompanied by other variables, such as level of education, gender, per capita income and the loan value by PGM. The sample consisted of 27,155 total loans already granted in 2014 to 96,616 operations. Statistical analysis of the data showed that the impact of microcredit on income generation and micro and small enterprises is not negligible. These results show that the Government can intervene positively in the form of microcredit in order to promote income-generating policy at the state and federal level among economic alternatives to Brazil.

ABSTRACT This paper examines the relationship between microfinance institutions and the poor in Beira-Mozambique and the benefits accruing from the established relationships. The study focuses on access to credit and the promotion of entrepreneurship among the target group. The study concludes that the institutions and the target group, especially active clients, treasure close long-term relationships and strive to build and sustain such relationships. However, the relationships have thus far had only a limited, albeit promising, impact on the sustainability of the institutions, access to credit and the promotion of entrepreneurship among the target group. Another major finding is that clients already in the credit relationship do not have serious problems accessing credit upon successful repayment of previous loans. However, those seeking to enter credit relationships face strict entry requirements. In short entering credit relationships is more difficult than staying in them.

Limited access to financial services is known as a major constraint to agricultural development (FAO, 2002). Farmers need liquidity to face agricultural expenses throughout the production cycle but mainly at the beginning. Mainstream financial institutions are reluctant to serve the agricultural sector for several reasons. First, they consider the sector to be highly risky with low performance. Also, agricultural activities depend on the weather, they take place in remote rural areas, and commodities prices are volatile. All these aspects make it hard for standard banks to reach their profit goals when lending to farmers. Since microfinance was conceived, it has generated a lot of hope for alleviating poverty in low-income countries. Microfinance provides the poor with access to affordable capital by granting low-income individuals with loans they would not otherwise have access to, because of economic and geographic constraints. The goal of the dissertation is to examine the role and the importance of microfinance in the agricultural sector of developing countries. A survey took place in October 2017, in both rural and urban areas of Benin and involved 750 agricultural households. Three different agricultural zones were selected: the North-East (cotton zone); the Center (tubers and cashew nut zone) and the South (a region with special crops such as vegetables, pineapple, palm tree, exotic plants). The study focuses on agricultural loans. It includes clients of the major microfinance institution in Benin: FECECAM - Faîtière des Caisses d’Epargne et de Crédit Agricole Mutuel. This research contributes to the literature in several ways. The study allows shedding light on the effects of agricultural loans, specifically, on households’ efficiency and labor employment, which are mostly overlooked in the microfinance literature. To overcome selection bias in microcredit evaluation, the research employs a pipeline design. Control and treatment groups consist of individuals who have chosen to participate in the microfinance program. The loan treatment considered is the experience with loans which includes program entry timing, loan take-up frequency, and the average amount of loan obtained over the 2012-2017 period. The study employs a cluster analysis technique to create reliable comparable groups. Multiple variables and indicators are analyzed. A descriptive analysis of loan impact on farmers’ labor input choices shows that past loans have residual effects on both hired and family labor use. Farm loans, especially those obtained for farm machinery significantly reduce expenditure on hired labor but more family labor is employed using machine loans while other loan categories reduced the use of family labor. The evaluation of the whole-farm efficiency of borrowers in the presence of agricultural loans reveals significant technical and allocative errors leading to profit loss in all studied regions. However, experience with loans significantly increases farmers’ whole-farm efficiency, particularly in the North. Finally, the assessment of well-being indicators suggests that those farm loans have a significant positive impact on sampled recipients’ net farm income, food security and food quality statuses. Agricultural loans also have a positive impact on women’s empowerment. The monitoring and implementation mechanism of FECECAM played a crucial role in the success of its loan programs.

The inability of small and medium enterprises to access microloans from microfinance banks is a major concern in business growth and development in Nigeria. The purpose of this descriptive phenomenological study was to explore strategies for accessing microloans from microfinance banks by owners of small and medium enterprises for business growth and survival. Using the conceptual framework on social capital theory, I selected 20 small and medium enterprises owners who have accessed microloans from microfinance banks and have operated their businesses beyond 5 years with significant growth were interviewed using face-to-face semistructured interviews. Data were collected using semistructured interviews and reviews of company documents. The use of member checking strengthened the trustworthiness of the interpretation of the participants' responses. A phenomenological approach was used for the qualitative interview with data analysis using a descriptive method. Nine themes emerged from this study: Obtaining a saving account before accessing microloans, group members serving as collateral, business social networks, business sustainability strategies, historical financial health, maintaining loan repayment deadlines, archiving business documents, use of competent guarantors, and strength and weakness analyses. The findings of the study may contribute to positive social change to create awareness among SMEs leaders in federal and state government, and individuals on how to gain access to microloans, thereby improving profitability, generating employment, reducing poverty, and enhancing standards of living among SME owners in Nigeria.

<p>Introduction: Poverty is today a global problem which is getting more and more attention. Organisations as UNDP, OECD and World Bank have a common target of cutting poverty in half by year 2015. But if this target is going to be feasible it is important to understand poverty. Nobel Prize winner Amartya Sen argues that standard of living should be expressed in quality of life not in terms of quantity of goods and other economic factors. Sen has developed theories concerning poverty that is commonly used in today debate. One way to diminish poverty is microfinance. Microfinance is small loans given to poor people as a way for them to start or develop a business of some kind. Microfinance programs often combine the loans with education and social activities. Aim: Investigate if microfinance can contribute to permanent poverty alleviation, develop a model and apply it in rural Vietnam. The following questions will help to achieve our aim: - How do microfinance effect poor women in rural Vietnam? - What happens if one applies Amartya Sen's theories of poverty in rural Vietnam? </p><p>Results: Microfinance is a good tool in the struggle to diminishing poverty. We found many examples where microfinance had improved the women’s life in different areas. But to make the microfinance even more effective it is important it is effective education and right members participating. Under ideal circumstances the process of microfinance work as in the NORAN-model, however in reality it is not so easy. But if you are aware of the problems and try to avoid them, microfinance can help many women. Thus our conclusion is that microfinance certainly can and already do contribute to permanent poverty alleviation.</p>

<p>Within the field of microfinance, there has been an ongoing debate about whether microfinance institutions should be commercialized. One side argues that a business that very much can earn profits at the same time as it helps the poor, is not justified to receive charity, but should be run with the risks and benefits of any other profit-seeking business.</p><p>The other side argues that the outreach to the ones who most need microfinance, is severely hampered if firms are profit-seeking; arguing that they only target the individuals who allow them to make profits.</p><p> </p><p>This study is a case study based on India, one of the world’s largest nations, and home to millions of people living below the poverty line[1]. Microfinance is widespread in India, and with one of the researchers speaking Hindi, India became our choice of case study. A grounded theory methodology is applied in order for us to learn as much as possible about the context of microfinance in India. Within the context, we look for the mission and the impact of the various institutions. Analysis is done through the constant comparison method; with comparisons within and between different organizations. Each organization is individually analyzed to find recurring themes, always being open to the emergence of new themes. Then, the organizations are compared with others of the same legal form, and finally with all other forms of organizations.</p><p> </p><p>Several different kinds of institutions are identified, working directly or indirectly with providing small loans to low-income individuals. These institutions include banks, local area banks, section 25 companies, NGOs, and cooperative societies. Each one of the institutions has, by law, different areas of restriction and the study finds that the missions of the various organizations can be linked to their legal form; the mission indicating which form they currently operate under or which legal form they are striving to achieve. The major difference between the various legal forms is their methods of accumulating finances, and how they manage their revenue. Although banks actually earn profits, they have not yet been fully commercialized, as they are restricted from attracting mainstream international capital.</p><p> </p><p>The conclusions indicate that in India, microfinance has not reached the point where it has been fully commercialized, but rather the passion for their work and visions of the founders very much guide the work of the various organizations. This can be seen in the missions that guide the organizations and the services provided to fulfill the mission. Commercialization is however, far from a non-issue. If legislation regarding IPOs is changed, the level of commercialization and competitive scene for microfinance in India could change dramatically.</p><p>[1] Can be measured in different ways, but used here symbolically, indicating a very low amount; discussed in more detail in the paper.</p>

<p>Offering financial services to the unprivileged is a complex task and past attempts have been rather unsuccessful. One commendable effort that has sprung from the failures of commercial banks is microfinance and thanks to innovative ideas microfinance institutions have managed to cope with many of the challenges previously experienced by the formal bank sector in the 1970’s through the 90’s.</p><p>The “new” approach has successfully managed to overcome obstacles such as lack of collateral and information asymmetry. By using joint-liability schemes and by requiring frequent installments microfinance institutions have managed to reduce their risk exposure and by outsourcing the screening process to the borrowers they have dealt with the lack of information on their clients.</p><p>The purpose of this thesis is to investigate what microfinance institutions do that make them more suitable for delivering financial services to the poor. We will look at the supply driven efforts carried out in the past and see how they differ from the demand driven approach taken today.</p><p>We will evaluate some of the most common mechanisms of microfinance and assess their potential contribution to achieving the high repayment rates that many of these institutions obtain today.</p><p>The main finding is that group lending subject to social sanctions should improve the repayment rate. Other mechanisms that may enhance the performance are the use of dynamic incentives and regular repayment schedules. The effect of targeting women and social programs on repayment rates are ambiguous although their empowerment effect is notable.</p><p>By joining forces with NGOs, local authorities and the commercial financial sector microfinance has emerged as a viable poverty reduction tool alongside traditional aid.</p>