Newsletter

Nr. 1 November 2008 Newsletter
Centre for European Research in Microfinance CERMi (Centre for European Research in Microfinance) was created in October 2007 at the initiative of the Centre Emile Bernheim (Solvay Brussels School of Economics and Management – ULB) and the Centre de Recherche Warocqué (Faculté Warocqué – UMH) in order to federate research projects in microfinance. It is based in Belgium (in Mons & Brussels) and has the objective to become a meeting point for all European researchers in microfinance. A complete description of CERMi (including an updated list of its members – permanent and associated) is available at www.cermi.eu. The present newsletter aims at informing the microfinance community of the activities led by CERMi’s members. Recent activity at CERMi •
08/10/2008 - Opening Ceremony at CERMi
Syed Hashemi has presented a conference on “Graduating the poorest out of chronic
food insecurity” during the opening ceremony of the European Microfinance
Programme. Syed Hashemi holds a PhD in Economics from the University of
California at Riverside, and is currently Senior Microfinance Specialist at the
Consultative Group to Assist the Poor (CGAP, the major public and private funding
institutions consortium).
Coming events at CERMi •
04/11/2008 - Scientific Cooperation Agreement
A Scientific Cooperation Agreement will be signed between the CERMi and the
Indian Institute of Management of Ahmedabad in the field of Microfinance. The main
purpose of this agreement is to facilitate exchanges of professors, scientists and
technical staff for short and medium periods of time and to encourage joint research
activities, organisation of conferences, seminars and symposiums. This agreement will
be officially signed in New Delhi, India, during the first week of November 2008.
This event will be honoured with the presence of His Majesty Albert II, King of the
Belgians. Professor Marek Hudon will participate to this event as CERMi
representative.
1 •
05/12/2008 – Round Table on savings and credit cooperatives : Daniel Côté
The CERMi organises a Round Table on savings and credit cooperatives (SACCO)
with the professor Daniel Côté. Daniel Côté is teaching in HEC Montréal on
management of cooperative organisations. He is a member of the Centre de gestion des
coopératives (HEC Montréal) and had managed this centre between 1992 and 1999.
Since 10 years, he is working on a New Cooperative Paradigm. A restricted group of
researchers specialised on SACCO will also take part in this Round Table.
08/12/2008 – Conference : Jonathan Morduch and CERMi research day
To encourage the exchange of ideas among its members and make the point on
the different ongoing research activities, CERMi organizes a one-day research
workshop. During the morning, a research seminar will be organised as part of
the ‘Tournesol’ scientific cooperation between CERMi and Université Lyon 2.
During the afternoon, different CERMi associate researchers will present their
papers.
Finally, at 6.00 p.m., the CERMi organises a conference with Jonathan
Morduch, professor at New York University (NYU) and co-author with
Beatriz Armendariz of the well-known book "The Microfinance Promise". He
is also the author of numerous articles that have had a tremendous impact in
research in Microfinance.
•
9/12/2008 – Honoris Causa : Jonathan Morduch
With the purpose of honour his contributions in the field of microfinance, Jonathan
Murdoch will be awarded the ULB Honoris Causa distinction on December 9th, 2008
at 4.30 p.m.
•
11/12/2008- Conference: Roy Mersland
In the occasion of a Research Seminar organized jointly by the RSAEM and CERMI,
Roy Mersland will make an intervention at 12.15 p.m. Roy Mersland is a Ph.D.
Candidate at the University of Adger, Norway. His main areas of interest are Microentrepreneurship, Microfinance, Microfinance in conflict areas, Self -help
microfinance systems (SHGs, ROSCAs, ASCA etc.), Rural Finance, Corporate
Governance. He has publications in major journals such as World Development and
Journal of International Development also has extensive management and consulting
international experience in Latin America, Asia, Africa, and Europe.
2 Demands and information from our members • 12-14 November 2008, Luxembourg : European Microfinance Week 2008 with the
theme 'Frontier Issues in Microfinance - opportunities and challenges for European
actors'. For more information, see : www.microfinance-platform.eu.
• 3-5 December 2008, Rome : Robert Lensink organises, with Leonardo Becchetti, two
sessions on microfinance at the Tor Vergata Conference on Banking and Finance,.
• 2-4 June 2009, Brussels : First European Research Conference on Microfinance. For
more information, see : www.cermi.eu.
• Robert Lensink and Niels Hermes are invited to edit a special issue of World
Development on microfinance.
• Marc Labie is coordinating a special issue of Reflets et Perspectives de la Vie
Economique on Microfinance.
Recent publications CERMi membership is indicated by an asterisk. Published ►
Ees H. van,, N. Hermes* and T. Postma, (2008), “Corporate Governance en de Vorming
van Ondernemingswaarde”, in: Stefan Peij (red.), Handboek Corporate Governance,
Dordrecht: Kluwer, pp. 173-197.
Gonenc, H. and N. Hermes*, (2008), “Propping: Evidence from New Share Issues of
Turkish Business Group Firms”, Journal of Multinational Financial Management, 18, 3, pp.
261-276.
Guérin* I., C. Fouillet*, M. Roesch, (2008), “La microfinance indienne : l’heure du bilan”,
Transcontinentales, n°6, pp. 125-146
Hermes* N. and R. Lensink*, (2008), “Does Financial Liberalization Influence Saving,
Investment and Economic Growth; Evidence from 25 Emerging Market Economies, 19731996”, in B. Guha-Khasnobis and G. Mavrotas (eds), Financial Development, Institutions,
Growth and Poverty Reduction, Basingstoke, Palgrave MacMillan, pp. 164-189.
Hermes* N. and R. Lensink*, (2008), “Commercialisering van Microfinanciering: Een
Goede Zaak?” RISK Magazine, 17, 3, pp. 28-32.
3 Hudon* M., (2008), “Book Review: “The Economics of Microfinance” by
B. Armendariz and J. Morduch” , Journal of International Development, 20, 2,
pp. 245-246.
Hudon* M., T. Ouro-Koura, (2008), “Etude des facteurs contingents du taux de
remboursement au sein d’une institution de microfinance : le cas du Togo”, Annals of
Public and Cooperative Economics, 79, 2 pp. 301 -322
Hudon* M., (2008), “Norms and Values of the Various Microfinance Institutions”,
International Journal of Social Economics, 35, 1, pp. 35-48.
Lensink* R. and I. Maslennikova, (2008), “Value Performance of European Bank
Acquisitions”, Applied Financial Economics, 18, 3, pp185-198.
Lensink* R., A. Meesters and I. Naaborg, (2008), “Bank Efficiency and Foreign
Ownership: Do good Institutions Matter?”, Journal of Banking and Finance, 32, 5, pp834844.
Lensink* R. and M. Kemperman, (2008), “State Capture, Income and Institutional
Quality”, Applied Economics Letters, 15, pp423-426.
Szafarz* A. (2008), “An Alternative to Statistical Discrimination”, Economics Bulletin, 10, 5,
pp 1-6.
►
Forthcoming Augsburg B. and C. Fouillet*, “The pressure of donors: How microfinance moves away
from its primary objective” in Perspective on Global Development and Technology.
Breman J., I. Guérin*, A. Prakash (eds) India's unfree workforce. Old and new practices
of labour bondage, New-Delhi, Oxford University Press.
Brière, M. and A. Szafarz*, “Crisis-Robust Bond Portfolios”, Journal of Fixed Income, Fall.
Fouillet* C. , “Microfinance, agriculture et analyse spatiale : le cas de l’Inde” in Exclusion et
liens financier, Paris, Economica.
Fouillet* C. and B. Augsburg , “La microfinance, un objet de pouvoir de plus ? Conflits en
Andhra Pradesh” in Conflit et rapports sociaux en Asie du Sud, Montreuil, Aux Lieux d’Etre.
Fouillet* C. and I. Guérin*, “Pluralité microfinancière et économie solidaire en Inde” in
Produire un autre monde. Quelles leçons tirer des expériences d’économie sociale et solidaire,
Geneva, Centre Europe-Tiers Monde.
Guérin* I., “Corridors of Migration and Chains of Dependence: Brick Kiln Moulders in
Tamil Nadu”, in J. Breman, I. Guérin, A. Prakash (eds), India's unfree workforce. Old and
new practices of labour bondage, New-Delhi, Oxford University Press.
4 Guérin* I., A. Bhukhut, K. Marius-Gnanou, Venkatasubramanian,
“Neobondage, Seasonal Migration and Job Brokers: Cane Cutters in Tamil Nadu” in J.
Breman, I. Guérin, A. Prakash (eds), India's unfree workforce. Old and new practices
of labour bondage, New-Delhi, Oxford University Press.
Guérin* I. “L’argent des femmes pauvres : entre survie quotidienne, obligations familiales
et normes sociales”, Revue Française de Socioéconomie, n°2.
Guérin* I., J. Palier, B. Prevost, “Femmes et microfinance. Espoirs et désillusions de
l’expérience indienne”, Paris, AUF Editions.
Guérin* I., M. Roesch, J-M Servet*, “Microfinance, financial inclusion and social
responsibility” in H.-C. de Bettignies, F. Lépineux (eds) Finance for a better world. The shift
toward sustainability, Palgrave MacMillan.
Hermes* N. and V. Thi Hong Nhung, “The Impact of Financial Liberalization on Bank
Efficiency: Evidence from Emerging Economies”, Applied Economics.
Hermes* N. and R. Lensink*, “De Effecten van Financiële Liberalisatie op de
Economische Groei, Investeringen en Besparingen”, in W. Boonstra and S. Eijffinger (red.),
Liber Amicorum voor Hans Visser.
Hudon* M., “Should Access to Credit be a Right? ”, Journal of Business Ethics.
Labie* M., “Book Review: “Managerial Economics in Non-Profit Organizations” by Marc
Jegers”, Public Management Review.
Lensink* R. and I. Naabor, “Banking in Transition Economies: A Study into Foreign
Ownership and Performance”, European Journal of Finance.
Le Tellier J., I. Guérin* “Accompagnement social et microfinance comme de résorption des
bidonvilles ? L’expérience marocaine”, Revue d’Economie Régionale et Urbaine.
Loc T.D., G.J. Lanjouw and R. Lensink*, “Stock-Market Efficency in Thin –Trading
Markets: The Case of the Vietnamese Stock Market”, in Applied Economics.
Medema L., R. Koning and R. Lensink*, “A Practical Approach to Validating a PD
Model”, Journal of Banking and Finance.
Roesch M., Venkatasubramanian, , I. Guérin* “Bonded Labour in the Rice Mills: Fate or
Opportunity?” in J. Breman, I. Guérin, A. Prakash (eds), India's unfree workorce. Old and
new practices of labour bondage, New-Delhi, Oxford University Press.
Serrokh* B., “Microfinance, street children and the capability approach” in J.Ballet,
M.Biggeri and F.Comim (eds) Children’s Capabilities: Child labour, education and
participation.
5 ►
Working Papers Bernal O., K. Oosterlinck and A. Szafarz*, “Observing bailout expectations during a total
eclipse of the sun”, WP-CEB: N°08-015.
Brière M., A. Chapelle and A. Szafarz*, “No contagion, only globalization and flight to
quality”, WP-CEB: N°08-018.
De Scheemaekere X. and A. Szafarz*, “The Special Status of Mathematical Probability: A
Historical Sketch”, WP-CEB: N°08-017.
Esquinas-Alcazar J.T. and C. Fouillet*, “Biodiversité et microfinance”, WP-RUME
September.
Fouillet* C. , “Grille d’analyse de l’innovation dans les institutions de microfinance : pour
une amélioration de la qualité des services microfinanciers” WP-RUME, August.
Gheeraert L. and R. Sukadi Mata*, “Remittances and Domestic Investment: An Analysis
of the Role of Financial Sector Development”, WP-CEB, N°07-039.
Hermes* N., R. Lensink* and A. Meesters, “Outreach and Efficiency of Microfinance
Institutions”, SOM research paper 08002, University of Groningen.
Labie* M., A. Périlleux*, “Corporate Governance in Microfinance : Credit Unions”, WPCEB, N°08-003.
Méon P-G. and A. Szafarz*, “Labour market discrimination as an agency cost”, WP-CEB,
N°08-019.
Périlleux* A., “Les coopératives d’épargne et de crédit en microfinance face aux
problématiques de gouvernance et de croissance”, WP-Centre de Recherche Warocqué:
N°2008/7. Recent or forthcoming contributions to conferences and seminars Brière M., A. Chapelle and A. Szafarz*, “No contagion, only globalization and flight to
quality”, Journée d’Etudes: Développements Récents en Finance et Economie, Strasbourg, 25
September.
Fouillet* C., “Microfinance et crédit rural en Inde”, Séminaire d’économie de la Chine,
Centre d’études sur la Chine moderne et contemporaine, Ecoles des Hautes Etudes en Sciences
Sociales, Paris, 15 April.
Fouillet* C., “Spatial analysis of agricultural finance and microfinance: the case of India”
Boulder Bergamo Forum On Access to Financial Services, Expanding the Rural Frontier,
Bergamo, 18-20 September.
6 Fouillet* C. and Th. Pairault, “La construction sociale de la microfinance : des
mots de la Banque Mondiale aux paysans chinois et indiens”, Les mots du développement :
genèse, usages et trajectoires, Université Paris IX – Dauphine, Paris, 13-14 November.
Fraisse L. Guérin* I. “Economie solidaire, action collective et espaces publics: regards
croisés France-Inde”, Seminar Action collective et dynamiques participatives à l’interface du
local/global. Regards croisés Nord-Sud, Maison des Sciences de l’Homme, Toulouse, 23
March.
Gheeraert L. and R. Sukadi Mata*, “Remittances and Domestic Investment: An Analysis
of the Role of Financial Sector Development”, WARSAW Tenth Annual Conference,
European Trade Study Group (ETSG), Warsaw, 11-13 September.
Gheeraert L. and R. Sukadi Mata*, “How Remittances Stimulate Long-Term Growth: An
Empirical Analysis of the Role of Financial Sector Development”, Economic Flexibility and
Social Stability in the Age of Globalization, Society for the Advancement of SocioEconomics (SASE), San José, 21-23 July.
Guérin* I. “Clientelism and Brokerage as Risk management in Microfinance, A case study
in Microfinance”, Seminars in Microfinance, CERMi, Brussels, 13 March.
Guérin* I. “Economie solidaire, finance solidaire et microfinance : une perspective
comparative ”, International Conférence Habitat social durable : Gouvernance urbaine,
ingénierie sociale et mécanismes de financement. Regards croisés Maghreb - Afrique de
l’Ouest (Algérie, Maroc, Sénégal, Tunisie), Caisse des Dépôts et de Gestion/Caisse des
Dépôts et Consignations, Rabat (Maroc).
Guérin* I. “Femmes, microfinance et empowerment: qui donne du pouvoir à qui? ”,
Seminar Genre et développement agricole et rural, Maison des Sciences de l’Homme,
Toulouse le Mirail, 14 May.
Guérin* I. “Group lending in South-India. A Gender Perspective”, Seminar on Gender
mainstreaming in Microfinance: current debates and innovation, CERMi, Brussels 16 May.
Guérin* I., M. Roesch, O. Héliès, Venkatasubramanian, “Microfinance, Indebtedness and
Over-Indebtedness, Lessons from rural India”, Boulder-Bergamo Forum on Access to
Financial Services: Expanding the Rural Frontier, University of Bergamo, Bergamo, 18-20
September.
Hermes* N., “Financial Liberalization, Regulation and Bank Efficiency”, Corporate
Finance Day, Erasmus University Rotterdam, September.
Hermes* N., “Outreach and efficiency of microfinance institutions”, 1s International
Worshop on Microfinance Management and Governance, Agder University, Norway, 3 June.
Hermes* N., “Outreach and efficiency of microfinance institutions”, XVII International
Tor Vergata Conference on Banking and Finance “Emerging Markets, Currencies, and
Financial Stability”, Roma, 3-5 December.
7 Hudon* M., “Fair Interest Rates in Microfinance: A Neo-Contractarian
Approach”, World Congress of Business Ethics, Cape Town, South-Africa, 13 July.
Hudon* M., “Interest Rates in Microfinance”, Micro-Ned Annual Conference, Den Haag,
The Netherlands, 24 June.
Hudon* M., Traca, D., “On the Efficiency Effects of Subsidies in Microfinance: An
Empirical Inquiry”, 1s International Workshop on Microfinance Management and
Governance, Agder University, Norway, 3 June.
Labie* M., “Is Corporate Governance in Microfinance a Risk or a Management Tool for
Institutional Development ?”, XXVth Symposium on Money, Banking and Finance,
Luxembourg, 18-20 June.
Labie* M., “Regulation and Rural Microfinance : General Perspectives”, séminaire
« Maturing microfinance and the challenge of rural microfinance in Central America :
Perspectives from the Fondo de Desarrollo Local in Nicaragua », Anvers, 9 May.
Labie* M., A. Périlleux*, “Corporate Governance in microfinance : Credit Unions”, 1s
International Worshop on Microfinance Management and Governance, Agder University,
Norway, 2-3 June.
Labie* M., A. Périlleux*, “Gouvernance des coopératives d’épargne et de crédit dans les
pays du sud : réflexions préliminaires”, Journées Internationales de Micro-intermédiation,
Orléans, 13-14 March.
Labie* M., L. Urgeghe*, “The influence of microfinance investment funds on the
governance of MFIs : a first approach”, 1s International Worshop on Microfinance
Management and Governance, Agder University, Norway, 2-3 June.
Labie* M., L. Urgeghe*, “Fonds de placement et pratiques de gouvernance en
microfinance : risques et potentiels”, Journées Internationales de Micro-intermédiation,
Orléans, 13-14 March.
Lensink* R., “International Diversification and Microfinance: SNS AM” Seminar on
microfinance, 10 April.
Lensink* R., “Symmetric and asymmetric joint liability lending contracts”, Seminar
Wageningen University, 29 June.
Lensink* R., “Symmetric and asymmetric joint liability lending contracts” Microfinance
conference in Kristinansand, Norway, 2-3 June.
Lensink* R., “Commercialization of microfinance: is there a trade-off between outreach
and financial sustainability”, CDS conference, University of Glasgow, 25-26 June.
Lensink* R., “Is microfinance an important instrument for poverty alleviation” PEGnet
conference, 11-12 September.
8 Lensink* R., “Is microfinance an important instrument for poverty
alleviation” CERMI seminar, 1st October.
Méon P-G. and A. Szafarz*, “Labour market discrimination as an agency cost”, Seminar on
Gender mainstreaming in Microfinance: current debates and innovation, CERMi, Brussels, 16
May.
Méon P-G. and A. Szafarz*, “Labour market discrimination as an agency cost” Journée
d’Etudes: Développements Récents en Finance et Economie, Strasbourg, France, 25 September.
Morvant* S. Guérin* I. “Lending groups’ strategies to make microfinance offer more
flexible: Evidence from Rural Mexico and India”, Boulder-Bergamo Forum on Access to
Financial Services: Expanding the Rural Frontier, University of Bergamo, Bergamo, 18-20
September.
Périlleux* A., “Gouvernance des coopératives d’épargne et de crédit dans les pays du Sud :
réflexions préliminaires”, XXVth Symposium on Money, Banking and Finance, Luxembourg,
18-20 June.
Serrokh* B., “Microfinance, street children and the capability approach” Seminar on child
labour, education and youth employment, UCW (ILO, UNICEF, World Bank) and Instituto
Figuerola de la Universidad Carlos III, Madrid, 11-12 September.
CERMi ‐ Newsletter Coordination Ms. Anaïs Périlleux Université de Mons‐Hainaut Faculté Warocqué Place Warocqué, 17 7000 Mons, Belgium Tel. : +32(0)65 37 32 77 Fax : +32 (0)65 37 30 54 [email protected]
CERMi ‐ Administrative Coordination Ms. Petra Solli Université Libre de Bruxelles SBS‐EM Av. F.D. Roosevelt 50, CP 145/01 B 1050 Brussels, Belgium Tel : +32 (0)2 650 66 01 Fax : +32 (0)2 650 60 20 [email protected] 9