1,720,985 research outputs found
Monetary Policy Spillover into a Developing Country When the US Federal Fund Rate Rises: Evidence on a Bank Lending Channel
No full textAcquisition of Microfinance Institutions by Commercial Investors: Evidence on Its Impacts on Outreach of the Cambodian Microfinance Institutions
Full text linkRecent developments in the microfinance sector have attracted a large inflow of capital investment. At the same time, there has been an increasing number of cases of acquisition of microfinance institutions (MFIs) by domestic and foreign private investors, especially commercial banks. This study investigates the current state of acquisition of local Cambodian MFIs and examines the impact of the recent acquisition cases on the lending behavior of local MFIs. The analysis employs unique data on Cambodian MFI lending at the MFI-district-pair level, and applies a robust difference-in-differences approach to estimate the impact of acquisition. The study finds that the acquisition cases have contributed to increases in the loan portfolios of MFIs and a shift in MFIs ’credit allocation from rural to urban areas after acquisition. Thus, changes in ownership and organizational structures through acquisition by commercial investors could more or less cause mission drift among MFIs. The results of the analysis may suggest that investment by impact investors should be facilitated to ensure the sustainability of social lending to the poor.近年、発展が顕著なマイクロファイナンスセクターでは多くの資本投資が集まっており、それに伴い国内外の商業銀行を始めとした民間投資機関によるマイクロファイナンス機関（MFIs）の買収が多く発生している。本研究では、カンボジアのMFIの買収状況を調査し、近年の買収がMFIの貸出行動に与える影響を分析した。分析では、カンボジアのMFI貸出に関するデータをMFI-地区レベルの粒度で収集し、差と差の分析(Difference-in-differences analysis)を用いて買収の影響を推定した。分析の結果、買収されたMFIの貸出ポートフォリオは買収されていないMFIに比べ増加する傾向にあることがわかった。また、買収されたMFIの貸出が農村地域から都市地域へとシフトする傾向にあることも示された。つまり、買収を通じて所有構造や組織構造が変化し、MFIの本来の目的である貧困向け貸出の割合が縮小した可能性があることが考えられる。本研究の結果から、MFIを通じての貧困層貸出の持続可能性を確保するためには、より公的あるいは社会性志向の高い投資機関による投資が促進されていく必要があると考えられる。departmental bulletin pape
Monetary Policy Spillover into a Developing Country When the US Federal Fund Rate Rises: Evidence on a Bank Lending Channel
No full textMonetary PolicyBanks in developing countries are highly dependent on funding sources from abroad, and such
high dependency on external funding could cause vulnerability to the sector by channeling the
effects of foreign monetary policies to domestic bank lending. In this paper, we study the
international transmission of monetary policy of US and banks’ major shareholders’ home
countries into bank lending in Cambodia, using data on banks’ loan disbursement and balance
sheets from 2013Q1 to 2019Q2. Cambodia is one of the least developed countries in the
south-east Asian region, while its economy is highly dollarized and capital movement is free.
This environment is likely to allow banks to transmit financial shocks into domestic lending.
As a result, we find that US monetary policy affected domestic lending through the channel of
foreign funding exposure, suggesting that Cambodian banks with foreign funding exposure are
likely to reduce lending when there is a rise in the cost of funding from abroad. We also find
that an increase in the US monetary policy rate is associated with increases in loan
disbursements in secured loans, USD currency loans, and retail loans, suggesting the monetary
transmission also affected loan reallocations by changing risk-taking behavior in bank lending.
In addition, we find that these results are robust for US monetary policy effects, but weak and
not robust for monetary policies of banks’ major shareholders’ home countries.JICA Ogata Sadako Research Institute for Peace and Developmen
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Are the Operations of Microfinance Institutions Different Across Countries? A Comparative Analysis of Cambodia and the Philippines Using DEA and PCA
Full text linkAbstract
Of all the Southeast Asian countries, Cambodia and the Philippines have well-developed microfinance institutions (MFIs). However, the environments in which MFIs operate differ considerably between the two countries. Our study investigates the differences in management characteristics and efficiency of Cambodian and Philippine MFIs during the period of 2009-2015 using Data Envelopment Analysis (DEA) and Principal Component Analysis (PCA) and measures the key management characteristics and efficiency levels of local MFIs. Our study found that Cambodian MFIs tend to target sustainability (profitability) oriented management, and Philippine MFIs tend to target outreach (financial service to the poor) oriented management. Second, MFIs in the Philippines had a tendency to shift toward more outreach-orientated management over the period of our analysis. Third, while there are no clear differences in the capital-intensity of MFI operations between the two countries, over time capital-intensity improved in both. We further examined the relationship between country-specific factors, management characteristics and efficiency. We found that overall efficiency, outreach-orientation, and labor-intensive management were associated with the initial conditions of deposit-to-GDP ratio in the period of our analysis. This suggests that the development paths of MFIs are dependent on the development of traditional financial institutions in the early period of MFI development.departmental bulletin pape
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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