Papers by Beatriz Armendariz
Palgrave Macmillan UK eBooks, 2004
Microfinance institutions deliver financial services for low-income individuals via innovative te... more Microfinance institutions deliver financial services for low-income individuals via innovative techniques. This paper first explains the nature and scope of such techniques, and then delivers an overview of recent trends. In conclusion, the paper calls for international donors' and local governments' support in at least three main areas, so that recent innovations can further enable microfinance institutions to meet both their selfsustainability and social objectives.
El Trimestre Económico, 1993
Page 1. EL PRECIO DE LOS BONOS, LAS RAZONES DEUDA-EXPORTACIÓN Y LAS MORATORIAS EN EL SERVICIO DE ... more Page 1. EL PRECIO DE LOS BONOS, LAS RAZONES DEUDA-EXPORTACIÓN Y LAS MORATORIAS EN EL SERVICIO DE LA DEUDA EXTERIOR DE UN PAÍS: EL CASO DE MÉXICO* Beatriz Armendáriz de Aghion Introducción ...
RePEc: Research Papers in Economics, 1993
This essay discusses the resolution of the foreign-debt obligation of the former Soviet Union. It... more This essay discusses the resolution of the foreign-debt obligation of the former Soviet Union. It begins with the unprecedented G-7 proposal for joint-and-several responsibility of the republics for that debt, a historical novelty in the context of international debt that was signed on December 4, 1991, by eight of the fifteen republics. The essay examines five other cases, going back to the 1820s, in which indebted countries broke up and their debts were divided among the successor states. It reviews the “zero-option” proposal put forward by Russia as an alternative to the G-7 proposal, discusses possible alternative formulas for dividing international debts among successor states, and suggests the criteria relevant for choosing among those alternatives. The analysis suggests that the joint-and-several formula was a mistake, a verdict that would seem to have been confirmed by its abandonment in late 1992.
Based on stylized facts and empirical findings, this paper focuses on three questions pertaining ... more Based on stylized facts and empirical findings, this paper focuses on three questions pertaining to microfinance activity and outreach. We argue that robust evidence is lacking to sustain the hypothesis that the extent of poverty, the degree of international donor support, or high population densities determine microfinance activity and outreach. Instead, until now, the age of microfinance activity as proxied by the number of years since microfinance first emerged in a particular country seems to matter the most when we attempt to explain the scale, scope, and rapid growth of microfinance activity and innovation. This may in turn explain why accelerated microfinance growth is disproportionally concentrated in two relatively small economies, namely Bangladesh and Bolivia. By dispelling those three myths about microfinance, we attempt to guide empirical research in a direction largely unexplored so far. In particular, we suggests that: a) current empirical research should systematica...
In the 1970s, an innovative approach to fighting poverty in the de-veloping world was initiated i... more In the 1970s, an innovative approach to fighting poverty in the de-veloping world was initiated in Bangladesh. Since then this technique has gained wide popularity around the world. This novel approach is generically called “microfinance, ” and it has been widely discussed by practitioners and by members of the academic community. In 2005, two scholars attempted to synthesize the considerable literature that has evolved on the subject in The Economics of Microfinance. Not only were these scholars trained economists, but they also had considerable experience in working with microfinance institutions in Third-World countries. They defined microfinance as “a collection of banking practices built around providing small loans (typically without much collateral) and accepting tiny savings deposits ” (Aghion-Morduch, 1). Microfinance was pioneered by a Bangladeshi economist, Muhammed Yunus, who began the practice in a village called Jorba by making small loans from his personal resources. ...
Vol. 60 1999 79–104 www.elsevier.comrlocatereconbase On the design of a credit agreement with pee... more Vol. 60 1999 79–104 www.elsevier.comrlocatereconbase On the design of a credit agreement with peer monitoring
Ž . This paper develops a model of a laissez-faire decentralized banking system in which banks ar... more Ž . This paper develops a model of a laissez-faire decentralized banking system in which banks are shown to both underinvest in, and undertransmit expertise in long-term industrial Ž . finance. Government support for one financial institution ‘the development bank’ can serve to reduce these problems, but unqualified government support alone is not enough. The efficiency of government sponsorship can be enhanced if certain conditions are attached to that sponsorship. Crucially, these include targeting of development bank intervention, co-financing arrangements andror co-ownership with private financial institutions. The relevance of the analysis for LDCs is discussed by contrasting the successful historical development banking experience of France with the more recent unsuccessful experience of Mexico. q 1999 Elsevier Science B.V. All rights reserved. JEL classification: 016; D82; G20
Économie internationale, 2004
Dans Économie internationale Économie internationale 2004/4 (n 2004/4 (n o o 100) 100), pages 27 ... more Dans Économie internationale Économie internationale 2004/4 (n 2004/4 (n o o 100) 100), pages 27 à 38 Éditions La Documentation française La Documentation française
The World Economy, 1993
I See Crawford (1987) for an extensive survey on implicit contracts and international debt.
The Economics of Transition, 2000
Microlending is growing in Eastern Europe, Russia and China as a flexible means to widen access t... more Microlending is growing in Eastern Europe, Russia and China as a flexible means to widen access to financial services, both to help alleviate poverty and to encourage private-sector activity. We describe mechanisms that allow these programs to successfully penetrate new segments of credit markets. These features include direct monitoring, regular repayment schedules, and the use of non-refinancing threats. These mechanisms allow the programs to generate high repayment rates from low-income borrowers without requiring collateral-and without using group lending contracts that feature joint liability.
Journal of International Economics, 1990
This paper shows that whenever banks negotiate sequentially with debtor countries for debt resche... more This paper shows that whenever banks negotiate sequentially with debtor countries for debt rescheduling, they have an incentive to establish a reputation as tough bargainers in early renegotiation rounds Typically, the banks face a tradeoff between acquiring reputation for toughness but losing debt repayments, and rescheduling to maintain a positive probability of repayments. This tradeoff explains the empirical fact that only the major debtors have received new loans since 1982.
Understanding Poverty, 2006
This essay attempts to break the divide between growth and development economics. Using the examp... more This essay attempts to break the divide between growth and development economics. Using the example of India over the past decades, it argues that innovation and/or productivity growth have been main engines of poverty reduction in that country. It also argues that new growth theories can shed light on this process and explain why growth and poverty reduction have not occurred in Latin America. The remainder of this essay is organized as follows. The second section summarizes what is currently known about the evolution of growth and poverty indicators in India since the 1960s. The third section provides a very brief presentation of new growth theory and of some of its main predictions. The fourth section uses the description of new growth theory to analyze the reform process in India. The fifth section shows that the 1991 reforms had unequalizing effects on productivity and profitability across industries and states. Finally, it reflects upon the contrasting experiences of Asia and ...
Http Www Theses Fr, 1990
L'objet de cette these est d'analyser l'evolution de negociations sur la dette exteri... more L'objet de cette these est d'analyser l'evolution de negociations sur la dette exterieure des pays latino-americains depuis le 19eme siecle jusqu'a nos jours. L'approche suivie est a la fois theorique -explorant certains developpements recents en theorie des jeuxet historique basee sur plusieurs series de donnees empiriques couvrant la periode susmentionnee. L'une de ces series decrit l'evolution du prix de la dette mexicaine pendant la periode 1824-1930; l'analyse econometrique permet de deceler une relation negative entre ce prix et le ratio dette-exportation. Partant de cette observation. Un modele theorique d'effacement de la dette est propose, alternatif a l'approche developee recemment par krugman. Le chapitre suivant etudie les politiques de renegociation unilaterales mises en oeuvre par le chili, le mexique et la colombie pendant la periode 1936-1942. L'interet est notamment porte sur la facon dont ces pays debiteurs ont pu exploiter le manque de coordination existant entre leurs creanciers internationaux. L'avant-dernier chapitre insiste sur le role joue par le considerations de reputation dans le negociations sur la dette entre banques creditrices et pvd notamment depuis la crise de 1982. Le dernier chapitre, enfin, pose le probleme de la creation d'un cartel des pays debiteurs.
OECD Development Centre Working Papers, 1991
Repurchases of defaulted debt were a way to eliminate costly lending mistakes. By removing the re... more Repurchases of defaulted debt were a way to eliminate costly lending mistakes. By removing the residue of non-performing loans from the market, it would be possible to list new issues on the Stock Exchange and to get the lending process restarted....." Eichengreen and Portes (1989), "Dealing with Debt in the 1930s and 1980s."
OECD Development Centre Working Papers, 1991
The New Institutional Economics and Third World Development, 1995
Book description: The new institutional economics is one of the the most important new bodies of ... more Book description: The new institutional economics is one of the the most important new bodies of theory to emerge in economics in recent years. The contributors to this volume address its significance for the developing world. The book is a major contribution to an area of ...
OECD Development Centre Working Papers, 1992
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Papers by Beatriz Armendariz