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This report brings together the results of an eight-part series of presentations by leading experts in issues directly related to microfinance institutional sustainability. It is intended for microfinance institution (MFI) board members, managers, and staff members as well as for government regulators, supervisors, and donor staff members. The first four chapters include topics in risk management: (1) risk management systems, (2) good governance, (3) interest rates, and (4) micro-insurance. The last four chapters include four topics in new product development and efficient delivery methodologies: (5) housing microfinance, (6) micro-leasing, (7) disaster preparedness products and systems, and (8) new technologies. The objectives of the series were as follows: i) to strengthen MFIs by disseminating innovative approaches in risk management, cost control, governance, and new technologies; ii) to promote a South-South exchange of experiences and lessons learned; iii) to promote greater ties among the MFIs in the region and between MFIs and government supervisors and regulators; and iv) to highlight the Bank's ability to mobilize international technical expertise in microfinance.

This book's prime audience is government policy-makers. It provides a policy framework for governments to increase micro, small and medium enterprises' access to financial services?one which is based on empirical evidence from around the world. Financial sector policies in many developing countries often work against the ability of commercial financial institutions to serve this market segment, albeit, often unintentionally. The framework guides governments on how to best focus scarce resources on three things: ? developing an inclusive financial sector policy; ? building healthy financial institutions; and ? investing in information infrastructure such as credit bureaus and accounting standards. The book provides examples and case studies of how such a strategy has helped to build more inclusive financial institutions and systems in many countries.

Objective This study aims to examine the impact of official external financing on the performance of small and medium enterprises (SMEs) in industrial countries over the period 2007-2022. SME performance is measured using turnover and added value, while official external financing is represented by outstanding business loans, government loan guarantees, and venture capital.   Theoretical Framework: The study highlights the significant role of SMEs in economic support and emphasizes financing as a key factor affecting their performance amidst challenges.   Method: A descriptive-analytical approach is adopted, collecting data on financing mechanisms and SME performance. A case study methodology is used for practical insights, and quantitative methods analyze the relationship between financing and SME performance.   Results and Discussion: The results show a significant positive impact of outstanding business loans on both turnover and added value of SMEs. Specifically, an increase of one million USD in business loans leads to increases of 0.22347 million USD in turnover and 0.272525 million USD in added value. Government loan guarantees and venture capital had no statistically significant effect.   Research Implications: The study emphasizes the importance of outstanding business loans as a financing mechanism and advocates for policy development to enhance access to financing, as well as improving government loan guarantees and venture capital.   Originality/Value: This study contributes to the literature by providing empirical evidence on the impact of financing mechanisms on SME performance in industrial countries. It offers insights for policymakers to drive economic performance and enhance SME competitiveness.

PurposeThe purpose of this paper is to understand the factors determining the incidence and extent of indebtedness among agricultural households in rural India.Design/methodology/approachThis study is based on a nationally representative survey carried out under the 70th Round of the National Sampling Survey Office (NSSO) across rural India. Data on household characteristics, farming characteristics, indebtedness and extent of outstanding credit have been extracted from the comprehensive survey data. Four research hypotheses have been formulated and tested using simple statistical techniques. Further, using the Heckman Selection Model, the study assesses the factors determining the agrarian indebtedness among households in rural India.FindingsThe results from the descriptive analysis show that there is a significant difference in socio-economic and farm characteristics of indebted and non-indebted households. Further, the level of indebtedness differs across sources of the loan, landholding sizes and geographical locations among agricultural households. The results of regression analysis clearly indicate that household characteristics, farm characteristics and sources of loan determine both the incidence and extent of indebtedness among agricultural households.Research limitations/implicationsThe main limitation of the study is that only the data giving information regarding the amount of outstanding loans have been collected, and there is no information regarding the amount of credit availed, the purpose and the due date of payment. Further, there is scope to improve the robustness of the empirical model by adding and modifying explanatory variables.Originality/valueThere are only a limited number of empirical studies providing an understanding of the factors determining the indebtedness of agricultural households in rural India. Hence, this study is a good value addition to the existing literature.

The little data book on financial inclusion 2012 is a pocket edition of the global financial inclusion database published in 2012. The book also includes summary pages by region and by income group aggregates. Covering 148 economies, the indicators of financial inclusion measure the use of formal bank accounts, payments behavior, savings patterns, credit patterns, and insurance decisions. Access to financial services plays a critical part in development by facilitating economic growth and reducing income inequality. Inclusive financial systems allow poor people to smooth their consumption and insure themselves against economic vulnerabilities, from illness and accidents to theft and unemployment. Financial access enables poor people to save and to borrow-allowing them to build their assets, to invest in education and entrepreneurial ventures, and thus to improve their livelihoods. Inclusive finance is especially likely to benefit disadvantaged groups such as women, youth, and rural communities. For all these reasons financial inclusion has gained prominence in recent years as a policy objective to improve the lives of the poor. The little data book on financial inclusion 2012 is a part of the global findex suite of products offering access to the data.

The reality of climate change associated with anthropogenic emissions is now widely acknowledged by the scientific community. Its potential devastating future harms are equally well perceived and as stated in the Copenhagen Accord major nations agree on the need to jointly and urgently combat climate change. The international community is also quite aware that stabilizing atmospheric concentrations of green-house gases (GHG) at supportable levels will require a drastic reduction in GHG emissions within a limited period of time. Undertaking such an enormous effort triggers several interlinked challenges: (1) technically mitigating GHG emissions to the required level; (2) implementing these solutions in countries where the required amount of emission reduction is most realistically and efficiently achievable in particular through involving and using in full the large potential of developing countries; and (3) mobilizing the large amount of financing needed to ensure that the corresponding projects and programs can be effectively implemented. Furthermore, these challenges must be simultaneously addressed in a way that is acceptable to all the parties involved. This means in particulars that any arrangement designed to meet the global GHG emission reduction challenge must be consistent with the principle of the common but differentiated responsibilities of developed and developing countries.

A practical guide to managing fiscal risk in privately financed infrastructure projects. This resource helps governments make informed decisions about offering guarantees, which can be essential for attracting private investment but pose significant fiscal risks. Drawing on finance, history, economics, and psychology, it reviews the history of government guarantees and identifies cognitive and political obstacles to good decisions. It develops a framework for judging when governments should bear risk, explains how to value guarantees, and discusses public-sector management modifications to improve decision quality. Benefits include: * Improved risk allocation in public-private partnerships * Better management of fiscal risks * Enhanced decision-making regarding guarantees This is for governments, policymakers, infrastructure investors, and public finance professionals seeking to optimize infrastructure financing and manage fiscal exposure.

Developing countries need additional, cross-border capital channeled into their private sectors to generate employment and growth, reduce poverty, and meet the other Millennium Development Goals. Innovative financing mechanisms are necessary to make this happen. 'Innovative Financing for Development' is the first book on this subject that uses a market-based approach. It compiles pioneering methods of raising development finance including securitization of future flow receivables, diaspora bonds, and GDP-indexed bonds. It also highlights the role of shadow sovereign ratings in facilitating access to international capital markets. It argues that poor countries, especially those in Sub-Saharan Africa, can potentially raise tens of billions of dollars annually through these instruments. The chapters in the book focus on the structures of the various innovative financing mechanisms, their track records and potential for tapping international capital markets, the constraints limiting their use, and policy measures that governments and international institutions can implement to alleviate these constraints.

A crucial analysis of Mongolia's economic crisis and path to recovery. This World Bank study offers a deep dive into Mongolia's economic landscape between 2008 and 2010, a period marked by a severe downturn triggered by collapsing copper prices and dwindling external demand. Discover the structural weaknesses and policy missteps that amplified the crisis, and the government's response. Mongolia Economic Retrospective: 2008-2010 reveals: * How expansive fiscal and monetary policies, coupled with a pegged currency, led to macroeconomic instability. * The impact of the mining sector, including the risks of \"Dutch disease.\" * The importance of fiscal stability and banking sector reform for sustainable growth. For policymakers, economists, and anyone interested in economic development, this retrospective provides valuable lessons for managing commodity-dependent economies and navigating future challenges.

A dynamic and vibrant private sector is crucial to economic growth, with firms making new investments, creating jobs, improving productivity, and promoting growth. Entrepreneurial activity is pivotal to the continued dynamism of the private sector, with the generation of new businesses fostering competition and economic growth. This study uses data from the new 2012 World Bank entrepreneurship survey conducted to gauge new firm growth in the formal sector in Armenia and data from World Bank enterprise surveys to analyze innovative activity in existing firms. Armenia has by far the highest level of entrepreneurial activity among the three South Caucuses countries that were studied. Armenia's entrepreneurial culture is built largely on the very strong math and science foundation established during the Soviet era. However, several factors hinder business growth and entrepreneurship. The government could remove bottlenecks from the general business environment that impede able entrepreneurs with good ideas from starting a new venture and creating jobs. This would include strengthening the business environment to allow failure and company exit as a necessary part of entrepreneurial learning, company incentives that favor entrepreneurs with good ideas, instruments that enable entrepreneurs to access capital for startups, and flexible labor market policies that enable firms to expand by attracting the best talent from outside the firm or the country. The ease of paying taxes index and other business surveys continue to cite weaknesses in the country's tax administration, and arbitrary, corrupt behavior by tax officials is a major impediment to the formation and success of Small and Medium Enterprises (SMEs). The Armenian law on bankruptcy prohibits a bankrupt natural person from starting or partnering in a new business for five years, thus hampering the fresh start that should be the goal of a personal insolvency regime. Further, it requires the bankrupt debtor and 'affiliated persons' to submit property and income statements for three years, according to a regulation to be issued, which can serve as a disincentive to follow through with an insolvency proceeding.