Dissertations / Theses: 'Development finance institution'

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Garikayi, Francis Valentine. "Financing development or developing finance? A review of development impact evaluation systems used by development finance institutions in South Africa." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30361.

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The landscape of South African National Development Finance Institutions (DFIs) is comprised of twelve entities. Their institutional objectives range from supporting farmers, financing industrialisation, infrastructural development, and promoting financial inclusion. These DFI objectives fall under the umbrella of Private Sector Development (PSD) interventions. Literature established that the success of PSD is contingent on effective impact evaluation. Consequently, the main research question explored in this dissertation is: In what ways, and using what tools and systems, do South African DFIs measure the development impact of their investments? In support of the main question, two sub-questions were are also investigated. Firstly, whether impact evaluation systems provide credible, timely and relevant information. Secondly, whether impact evaluation systems support evidence-based decision making and learning. In response to these questions, a qualitative case study of six National DFIs was carried out. Semi-structured interviews were conducted with DFI staff members involved in impact evaluation. This was supported by secondary data from annual reports and organisational websites. It was established that, firstly, DFIs use non-uniform impact evaluation systems and tools to measure the impact of their investments. Secondly, the systems lack qualitative detail and focus on measuring outputs instead of outcomes. Thus, much emphasis is placed on monitoring instead of impact evaluation. This renders the impact evaluation systems and tools highly ineffective. Finally, whilst the avowed objective of DFIs is development, financial viability takes precedence when selecting projects. Therefore, an emerging conclusion was that systems in place do not support development impact evidence-based decision-making. These findings generated recommendations for changing the development impact evaluation tools and systems used by South African National DFIs. It is expected that recommended changes will maximise DFI socio-economic benefits.

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Senyakoe, Petros. "The challenges of financing municipalities' water and sanitation infrastructure by a development finance institution / Senyakoe M.P." Thesis, North-West University, 2011. http://hdl.handle.net/10394/7558.

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The purpose of the research is to investigate whether there are capacity challenges within the municipalities that essentially affect the bridging finance for the water and sanitation infrastructure by the Development Finance Institution (DFI). An extensive literature review has been conducted in order to get information regarding a variety of research work done in the areas of capacity constraints within the municipalities, in particular the municipalities in the North West Province and the funding from the Development Finance Institution, more important whether the two are linked. The research provides an investigation into how the DFI can link the funding with the project implementation capacity in pursuit of achieving strategic objectives. To collect the relevant information for the study, the researcher used a quantitative method, with a questionnaire that was distributed to potential respondents within the selected beneficiary municipalities, the DFI namely the DBSA, the Provincial Government (Department of Infrastructure), and community structures. A satisfactory response rate has been achieved, indicating reliability of the results. The data has been analyzed by using the statistical methodologies, and the results were interpreted to verify if they confirm or disapprove the research objectives. Key findings of the study are discussed and conclusions drawn based on the results. The results indicate that there are no capacity constraints and therefore the funding of the DFI is not necessarily affected. They disprove the hypothesis that the bridging finance is affected by capacity (project implementation) constraints within the beneficiary municipalities – it did not necessarily disprove it, but the literature supports the argument.
Thesis (MBA)--North-West University, Potchefstroom Campus, 2012.

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Than, Nguyen Vinh Hao. "Financial and banking development : the case of Vietnam." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E061.

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Le développement bancaire et financier au Vietnam fait face à de nouvelles conjonctures économiques. Il serait utile d'analyser ce développement dans de nouvelles conditions d'intégration imposées par les normes internationales. La thèse vise à soutenir deux idées : (1) le développement de la relation entre les banques commerciales et les entreprises non publiques, particulièrement les PME, qui résulte des changements de la structure économique du Vietnam - un pays en transition vers l'économie de marché et (2) la micro-finance qui est une innovation permettant une plus grande performance des institutions bancaires et financières vis-à-vis des imperfections du marché ainsi que la réduction de la pauvreté et la pratique de l'usure, dans les zones rurales en particulier.Les grilles théoriques se réfèrent principalement à la théorie néo-institutionnaliste de D.North, à celle du développement financier de King et Lévine, aussi bien qu'à la théorie des complémentarités institutionnelles de Hall & Soskice, et à celle des conventions de Boyer &Orléan. Parmi les principaux résultats que nous avons obtenus, le premier réside dans le résultat positif de la relation entre banques commerciales et les entreprises non-publiques, les PME en particulier. Les banques commerciales contribuent à dynamiser le secteur privé en allouant des crédits et sélectionnant des projets d'investissement et, par conséquent,deviennent un acteur économique important capable de réduire le chômage, promouvoir les affaires et dans une certaine mesure, orienter le développement industriel. A leur tour, les entreprises non-publiques deviennent des clients cibles des banques commerciales et contribuent à créer une nouvelle forme de demande de crédit, de projets d'investissement, du marché du travail, de changements de stratégies d'entreprise et d'évolution des cadres juridiques allant dans le sens facilitant les activités du secteur privé.Le second résultat confirme la corrélation entre le développement économique et le développement bancaire et financier. Le résultat est soutenu par une recherche empirique basée sur une analyse factorielle à partir des données de CEPII 2012. Nous avons réussi à dessiner une carte globale des systèmes bancaires et financiers et localiser la position du Vietnam. Nous observons que le Vietnam se situe dans la zone des pays en émergence, mais à la périphérie, loin des pays développés. Ceci implique qu'il serait utile de se déplacer vers la zone des pays à développement bancaire et financier avancé. Le troisième se trouve dans le résultat positif du rôle de la micro-finance. Cette pratique s'avère efficace dans la réduction de la pauvreté et l'empêchement de l'usure, en particulier dans les régions rurales. Cependant, l'accès au crédit n'est pas facile pour les populations défavorisées à cause de la communication, des spécificités culturelles, du niveau d'éducation,de l'expansion des réseaux ... La micro-finance constitue une innovation permettant de résoudre les problèmes d'asymétrie d'information et d'aléa moral, grâce au contrôle croisé des informations et à la responsabilité réciproque. Cette pratique apporte des preuves du mécanisme d'auto-renforcement prévu par la théorie des conventions, dans le cas de la micro-finance pour les pauvres. En conclusion, le Vietnam, en transition vers une économie de marché, se caractérise par un double changement institutionnel. D'une part, le changement de relation entre les banques commerciales et les entreprises non-publiques, en particulier les PME. Le pays s'oriente vers un secteur privé dont le rôle devient de plus en plus important pour s'adapter à la nouvelle structure économique. D'autre part, l'invasion de la micro-finance devient une alternative efficace pour répondre aux imperfections du marché du système bancaire et financier formel
The financial and banking development in Vietnam has recently known new challenging economic circumstances. It is useful to analyze this matter to deal with new conditions imposed by the integration process in international norms. This dissertation is devoted to defend two ideas: (1) the development of the relationship between commercial banks and NSOEs, especially SMEs, is a result of change of economic structure of Vietnam, a country intransition, on its way towards a fully market-based economy and (2) micro-finance is a form of innovation making financial-banking institutions more performing in response to market failures as well as in impeding usury and poverty alleviation, especially in rural areas.With different theoretical frameworks mainly based on new-institutionalist vision of D. North, financial development of King and Levine, institutional complementaries of Hall & Soskice, convention theory of Boyer & Orléan, we have had some key findings as following. The first key finding resides in the positive result of the relationship between commercial banks and NSOEs, especially SMEs, in the way that commercial banks contribute to dynamize the private sector by allocating loans and investment selection. Therefore, commercial banks become an important economic agent being able to reduce unemployment, promote businesses and orientate somehow industry development. In its turns, NSOEs, while become target customers of banks, contribute to shape credit demand, project investment, labor market, business strategy changes and legal evolution in the way of facilitating the privatesector.The second finding confirms that the correlation between economic development and financial-banking development does exist. It was proved by empirical study based on a factor analysis from CEPII 2012 databse. We was successful to draw a map and localize precisely the position of Vietnam in the financial-banking world map. And, we saw that Vietnam was located in areas of emerging countries, but merely in peripheral zone far away from developed countries. This suggests an implication that it would be useful to move closer to highly developed countries in the financial and banking sector.The third key finding resides in the positive result that microfinance is proved efficient in poverty alleviation and impeding usury, especially in rural areas; but the accessibility to credit is not easy for poor people due to communication, cultural characteristics, education level, extension of network ... Microfinance is a form of innovation in the way that information asymmetry and moral hazard are well resolved thanks to cross-screening and joint-liability. Micro-finance in Vietnam shows evidence of the process of self-reinforcing mechanism of the convention theory, for the case of micro-finance for the poor. We conclude that on its way to a fully market-based economy, Vietnam in transition is characterized by a double institutional move: on the one hand, the change in relationship between commercial banks and NSOEs, especially SMEs, is moving towards a more important role of the private sector in response to new economic structure; on the other hand, micro-finance invasion becomes an efficient alternative to remedy to market failures of theformal financial and banking system

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Abrahams, Candace. "The economic contribution of a development finance institution in South Africa : the economic contribution using the discounted economic profit model, and the social contribution using the social output index model." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52357.

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Development finance institutions have dual mandates, where they must contribute to development in the economy in which they serve, and simultaneously must maintain financial sustainability. The research explores the dichotomy; studies whether a tradeoff in the dual mandate exists, and goes beyond the traditional accounting approaches to appraising financial performance. The soundness of financial independence of development finance institutions in South Africa has been emphasised by both the national government, through the National Treasury department, and the capital markets from which these institutions borrow. Thus, their ability to create value for their stakeholders is one important aspect to their continued existence. In South Africa, value creation in development finance institutions has not been studied and serves as the primary motivation for this research study. The research has applied a value-based system, McKinsey s discounted economic profit model, to measure value creation or destruction of a development finance institution in its use of scarce capital resources. In addition to this, a theoretical framework has been applied to measure development impact, using the social output index model. The research design followed the holistic case study method, with a sample of one, employing the purposive technique. The findings of this research revealed that value is being destroyed in the deployment of capital resources by the development finance institution, with recommendations thereof proposed. Secondly, the findings revealed that development impact is not maximised, and the results provide insight to decision-makers regarding informed allocation of resources. In exploring the dichotomy between financial performance and development impact, the findings lastly indicated the trade-off relationship can neither be confirmed or refuted, as the results are inconclusive in this regard.
Mini Dissertation (MBA)--University of Pretoria, 2015.
pa2016
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted

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McKendry, Ian Michael. "The use of equity finance by development finance institutions in Malawi." Thesis, University of Sussex, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.320220.

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The main purpose of the thesis is to investigate one possible reason for the poor performance of Development Finance Institutions, and consequently to identify one possible way in which future performance might be improved. Financial Institutions can choose from two main investment instruments: loan and equity. Most DFIs have chosen to use loans almost exclusively. However, equity funding has a number of potential advantages over loans. One such advantage is equity's ability to compensate for risk, thus allowing a DFI to invest in higher risk projects which have the potential for higher returns. The research considers two DFIs in Malawi, both of which invest loan and equity finance. Five hypotheses are used to test whether equity's potential advantages have been of practical benefit. Each of these hypotheses is summarised below, followed by the result of the research. i Equity financed projects are more fully funded than are loan financed projects: not supported. ii The servicing cost of equity finance is more flexible, but the overall returns to equity are higher for the DFI: only the second part supported. iii Further funding is more likely to be provided in equity cases: only weakly supported. iv Some investments can only be financially justified by using equity: not supported. v More management help is given by the DFI in the case of equity investments: supported. A sixth hypothesis considers whether other factors, such as project appraisal methodology, external political pressure and internal operating procedures may have outweighed financial considerations such as the choice between equity and loan finance. (If so, then the potential advantages of equity would not have resulted in much practical benefit. ) There is evidence, although it is not conclusive, to support this hypothesis. The thesis concludes that the DFIs examined have hardly used the potential advantages of equity. The likeliest explanation for this appears to be that decisions on whether or not to use equity finance were dominated by the other factors identified in the sixth hypothesis.

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Lekatsa, Teboho. "The sustainability of microfinance institutions in South." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/29002.

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Microfinance targets the poor and very poor, both in urban and rural areas. It has become a common method of poverty alleviation in many developing countries. Several microfinance institutions have adopted a social mission to eradicate poverty by providing credit to the poor. In the past, microfinance organizations used to focus on farmers in rural areas. Modern microfinance programs are focused on the population that is largely neglected by the formal financial sector, specifically women. Due to the perceived risk in this type of uncollateralized lending, private equity markets are not keen on financing microfinance institutions. Furthermore, microfinance institutions are seen as socially motivated as opposed to being financially motivated. For that reason, their profitability and sustainability has come under question in the last decade. Two approaches to the issue of sustainability exist. The dominant institutionist approach argues that microfinance institutions should focus on being sustainable as this will improve their chances of alleviating poverty. The welfarist approach disagrees with this view by arguing that focusing on sustainability will result in the neglect of the poorest of the poor. This study analyses the sustainability of microfinance in South Africa by using a case study research approach. The study explores the challenges to sustainability in South Africa. The results of the study indicate that the microfinance institutions are not profitable nor self- sufficient. The most notable challenge to this sustainability is the high personnel costs. South African MFIs experience higher operating costs than their African counterparts. The study also indicates that the more financially sound microfinance institutions have a lower level of depth outreach than the more subsidy dependent institutions.

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Mulusa, Lucky Mabenga. "The financial sustainability of South Africa's National Development Finance Institutions." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/6096.

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Thesis (MDF (Development Finance))--Stellenbosch University, 2008.
ENGLISH ABSTRACT: Development Finance Institutions (DFIs) in South Africa can enhance their role as prime vehicles for the Government to achieve the social objectives of meeting the millennium goals. This can be achieved by ensuring that higher ratios of resources available to the DFIs are applied to development lending and that such DFls stay financially sustainable. DFls have served as conduits for channelling credit to priority sectors, often at concession terms, and have directed their strategies towards achieving social and economic goals that are believed to be neglected by market forces. The absence of structured monitoring and evaluation mechanisms for both impact assessment and the application of resources make it impossible to ensure that these DFIs exist to achieve the mandates for which they were created. The perception of market failure, however, justifies the allocations of scarce public resources to DFIs. DFIs are expected to be catalysts in financial intermediation, extending long-term credit and contributing to economic development through the removal of bottlenecks associated with credit shortage within communities of the Historically Disadvantaged Individuals (HDI). The application of scarce resources, however, calls for a financially sustainable DFI sector so that there may be a sustained provision of credit to the targeted sectors, in order to achieve optimum use and allocation of state resources. The government, through the ASGISA initiative, recognises the role the DFIs can play in halving poverty and unemployment by 2014, due to the labour intensive nature of the targeted priority sectors, such as agriculture. The performance of most of these DFIs, in terms of mandate achievement and financial sustainability, has not been well balanced, as evidenced by the past and present prevalence of the use of govemment guarantees including recapitalisation and future anticipated requests for such facilities. This study was initiated in response to the anticipated growth in the number of DFIs likely to seek either government guarantees or recapitalisation or both. At present, no mechanism is in place for the National Treasury (NT) to detect financial distress of any DFI long before it occurs, so that intervention measures can be put in place.
AFRIKAANSE OPSOMMING: Ontwikkelingsfinansiering Instellings (OFIs) in Suid Afrika kan hulle rolle versterk as primere voertuie om die sosiale doelwitte van die millennium te bereik. Hierdie doelwitte kan bereik word deur te verseker dat die hoer beskikbare verhouding en middele by die OFIs aangewend word vir ontwikkelingslenings en dat hierdie OFIs finansieel volhoubaar bly. "OFIs het as wee gedien vir die kanalisering van krediet aan prioriteit sektore, dikwels teen konsessionere terme, en het hulle strategies gerig om sosiale en ekonomiese doelwitte te bereik wat geglo is deur markkragte negelaar is. Die nie bestaan van gestruktureede monitering- en evaluasiemeganismes vir beide impak evaluasie en aanwending van hulpbronne maak dit onmoontlik om te verseker dat hierdie OFIs bestaan om die mandate waarvoor hulle geskep is te bereik. Die persepsie van mark versuim regverdig nietemin die allokasie van skaars openbare hulpbronne aan OFIs. Daar word van OFIs verwag om kataliste te wees van finansiele intermediasie, die verskaffing van langtermyn krediet en om by te dra tot ekonomise ontwikkeling deur van bottelnekke weg te neem wat geassosieer word met krediettekorte binne gemeenskappe van Voorheen Benadeelde Individue (VBI). Die aanwending van skaars hulpbronne vra nietemin vir 'n finansiele volhoubare OFI sektor, sodat die volgehoue voorsiening van krediet aan geteikende sektore plaasvind, om die optimum gebruik en allokasie en staatshulpbronne te verseker. Die regering, deur die ASGISA inisatief, erken die rol wat OFIs kan speel in die halvering van armoede en werkloosheid teen 2014, as gevolg van die arbeidsintensiewe aard van die geteikende sektore, soos byvoorbeeld landbou. Die prestasie van hierdie OFIs in terme van die bereiking van mandate en finansiele volhoubaarheid was nie goed gebalanseerd nie, soos bewys word deur die oorgewig van die gebruik in die verlede en huidiglik van regerings waarborge, insluitend herkapitalisasie en toekomstige versoeke vir sodanige fasiliteite. Die studie was geinisieer in reaksie tot die verwagte groei in die getal OFIs wat waarskynlike staastwaarborge of herkapitalisasie of beide gaan vra. Huidiglik is daar geen meganisme in plek vir die Nasionale Tesourie (NT) om die finansiele nood van enige OFI te identifiseer voordat dit plaasvind en om daardeur intervensie maatreels in plek te sit nie.

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Derrocks, Velda Charmaine. "Credit risk management in development finance institutions and SMME sustainability." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/14862.

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Small, Medium and Micro Enterprises (SMMEs) make a significant contribution to the South African Economy. Regardless of size, these businesses have the ability to create employment, make a generous contribution to tax collections, uplift communities and serve as a beacon of hope for those trapped in the cycle of poverty and unemployment. However, SMMEs lack access to much-needed financial resources that are critical for their growth. Development Finance Institutions (DFIs) aim to bridge the gap between the SMME’s financial needs and the development of the respective SMME businesses, by providing funding to entrepreneurs with potentially viable businesses and ideas. Debt funding to these SMMEs are based on sound commercial lending principles that take various non-quantitative variables into account. The sustainability of SMMEs is a primary concern to all participants in the economy, as it is known that SMME failure rates are high Therefore, the primary objective of this study was to investigate the impact that the credit risk management practices of DFIs have on the sustainability of SMMEs, by examining a case study of a typical DFI. An electronic questionnaire survey was considered as an appropriate measurement method for this study. The targeted population of the study included SMMEs in the Eastern Cape that are Trust for Urban Housing (TUHF) clients and 23 SMMEs were identified as part of the study sampling frame. A total number of 14 questionnaires were returned out of the 23 targeted SMMEs - giving a response rate of 61%. The quantitative data was processed using the STATISTICA program, leading to appropriate descriptive statistical analyses. In order to better understand the impact of credit risk management practices on the sustainability of SMMEs, a hypothesis was formulated and linear regression analysis was used to establish the statistical significance of certain credit risk principles and sustainability characteristics. The results of the empirical study revealed that credit risk management practises do impact on the sustainability of SMMEs. Further, by testing the hypothesis, it was also revealed that certain sustainability variables are regarded as more important than others.

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Kambole, Christopher Ngolwe. "Interest rate ceiling and financial sustainability of microfinance institutions in Zambia." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/29087.

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Interest rate ceilings are often considered as an effective way of preventing lenders from charging extortionate interest rates. However, setting the rates too low may cause institutions to fail to raise enough revenue to cover their costs. Low rates may pressure MFIs to reduce costs, increase loan sizes, withdraw services from areas where it is expensive to operate, or exit from the market altogether. A 42% interest rate ceiling was introduced in Zambia on the effective annual lending interest rate of MFIs in January 2013, which was later removed in November 2015. This research was aimed at investigating the effect of interest rate ceiling and microfinance direct costs on the financial sustainability of microfinance institutions in Zambia. The study used time series data from consolidated quarterly financial statements from March 2006 to September 2016 and employed Autoregressive Distributed Lags (ARDL) approach to analyse the effect of Yield on Gross Portfolio, Cost of Funds, Operating Expenses and Loan Loss provisions on Operational Self Sufficiency (OSS). OSS was used as a proxy for financial sustainability (dependent variable). Results of the time series analyses showed a positive and significant effect of Yield on Gross Portfolio and Cost of Funds on OSS in the long run. On the other hand, Operating Expenses and Loan Loss provisions had a negative relationship with OSS, albeit statistically insignificant. Trend analysis of the Yield on Gross Portfolio showed a downward trend and consequently the OSS also trended downwards, with the lowest OSS being recorded during the period interest rate ceilings were introduced. However, the trend showed that the microfinance sector was generally sustainable during the study period. The reduction in OSS following the introduction of the ceiling confirmed findings from prior studies regarding the negative impact of interest rate ceilings on the financial sustainability of MFIs. Although the study results showed that the MFIs were generally sustainable during the study period, it was evident that they were negatively impacted by the interest rate ceiling. Therefore the recommendation from this study is that interest rates must be set at levels where costs can be adequately covered. Furthermore, managing costs and loan delinquency should be core priorities among Zambian MFIs to ensure financial sustainability.

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Maloba, Michelle. "Determinants of Agri-Lending Among Financial Institutions in Kenya." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28417.

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This study seeks to examine the factors that influence Kenyan financial institutions’ lending behaviour towards the agricultural sector. Secondary panel data from 15 licensed financial institutions (commercial banks and deposit-taking microfinance institutions) for a period of 6 years (2011-2016) was used after which a panel multiple regression model was estimated using random-effects to examine the significant determinants of agri-lending by financial institutions. The study found that financial institution equity and risk on credit were negative and statistically significant in affecting the gross agricultural loans ratio while financial institution size, return on credit and financial institution liquidity were insignificant. As a result, the researcher recommends that financial institutions should devise better risk management strategies in order to reduce volume of non-performing loans in agriculture. Furthermore, the Kenyan Government should enforce the requirement that regulated financial institutions should hold a minimum of 10%-15% agricultural loans in their portfolios. This would steer larger banks to increase their investments in the agriculture given the economic benefits that the country would receive as a result.

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Gantsho, Mandla Sizwe Vulindlela. "Corporate entrepreneurship in development finance institutions an experimental case study design /." Thesis, Pretoria : [s.n.], 2006. http://upetd.up.ac.za/thesis/available/etd-11152006-162242.

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Mekacher, Amal. "Duplixité de la finance islamique : une expression manichéiste de l’économie capitaliste ? Etude critique et analytique." Thesis, Paris, EHESS, 2017. http://www.theses.fr/2017EHES0170.

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Dans cette thèse, nous nous consacrerons à comprendre les nouveaux langages qu'adopte le monde économique dans sa machine à fabriquer la quantité. Pour cela, nous nous efforcerons, à travers une finance éthique aux principes islamiques, à déchiffrer ce qui paraît être de nouvelles expressions, traduites dans un double transfert qui s'opère entre l'esprit d'un capitalisme dont la critique est en crise, et le renouveau de l'esprit capitaliste dont les instruments sont désespérément refondés dans une moralisation, même religieuse, des actes parfois les plus immoraux. Ainsi et tout comme chez les protestants, en Islam, c'est « l'acte de commercer » qui sera mis au centre de la vocation «financière», encouragé tout en étant opposé à l'acte d'usure (ribâ dans le monde musulman), il sera le socle d'une légitimation religieuse de l'existence même d'une institution financière islamisée. Nous aurons alors à examiner, de manière plus approfondie, certains aspects de l’industrie financière islamisée, sa naissance, son organisation, ses promoteurs et ses instruments, alertés par des contradictions, des incohérences, voire même des incongruités, nous conclurons le plus souvent sur des contrastes, révélant des contextes aux politiques irrégulières, où souvent les signes d’une précarité alarmante se laissent maladroitement apprivoiser par une pseudo-modernité, parasitant une institution dépassée dans des décors incertains. Certains pays musulmans vont nous aider à entourer la question
In this thesis, we will focus on uderstanding the new langages adopted by the economic word in it quantity manufacturing machine. To this end, we will endeavour through ethical finance based on Islamic principles, to decipher what appear to be new expressions, reflected in a double transfer that takes places between the spirit of a capitalism whose criticism is in crisis, and the renewal of the capitalist spirit whose instruments are desperately recast in a moralization, even religious, of the sometimes most immoral acts. Thus, as with Protestants, in Isla, it is the « act of trading » that will be placed in the center of « financial » vocation, encouraged while being opposed to the act of usury (ribà in the Muslim world),it will be the basis for a religious legitimization of the existence of an islamized financial institution. We will then have to examine in greater depth, some aspects of the islamized financial industry, its birth, organisation, promoters and instruments, alarted by contradictions, inconsistencies, even incongruities, we will most often conclude with contrasts revealing contexts with irregular polisie, where often signs of alarming precariousness are clumsily tamed by a pseudo-moderity, parasiting an outdated institution in uncertain setting. Some Muslim countries will help us to sorround the issue

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Töpfer, Laura-Marie. "Mapping Chinese cross-border finance : actors, networks and institutional development." Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:ce96e7cd-870f-4ca5-9583-6864dceff86a.

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This research project explores the rise of Chinese cross-border finance. Cross-border investment programmes have been at the heart of China's financial liberalisation. Yet, we know little about what drives the expansion of these new market entry channels and the effects they have on global finance. This thesis explores the role that formal and informal institutions play in China's financial system, by addressing three main research goals: (1) to rethink analytical frameworks of global financial networks, by shifting the focus to channels of state power; (2) to investigate how such formal institutions shape competitive hierarchies in financial markets, both inside and outside of China; (3) to demonstrate that informal institutions such as a common cultural identity are equally important to explain behaviour and outcomes in Chinese cross-border finance. The thesis pursues this agenda through four substantive papers, each with its own subset of research goals and findings. The papers follow a three-fold structure. The thesis begins with an analytical focus on agents (micro-level), by examining the evolution of state-firm relations in Chinese cross-border finance. The first paper develops a politically sensitive framework of global financial networks, which conceptualises how bargaining dynamics within China's party-state shape competitive hierarchies in Chinese capital markets. Drawing on these theoretical insights, the second paper breaks new empirical ground, by explaining the asymmetrical nature of market access criteria for foreign investors. The third paper zooms out on the global consequences that Chinese state control has for money centres (macro-level). It sheds light on how state-firm relations shaped London's development as the first Western offshore trading centre for Chinese currency. The fourth paper shifts the attention to the role of informal social institutions in Chinese equity markets. It presents the first empirical study of how a common cultural identity with Mainland China governs the behaviour of different investor categories (group-level). The thesis distils the following findings: Bargaining conflicts inside the Chinese party-state have a decisive impact on competitive outcomes and behaviour in Chinese cross-border finance, both domestically and globally. Strategic state interests form an interdependent relationship with the resources supplied by foreign investors and domestic corporate players. Domestically, these resource interdependencies explain the asymmetrical nature of market access under China's cross-border investment schemes. Globally, the shift in state-firm bargaining dynamics from strategic alignment to an increasing bifurcation of interests explains the patchy integration of RMB finance into London's financial architectures. Informal social institutions equally shape competitive outcomes in China's capital markets. Whilst the literature identifies shared cultural identity as a source of local information advantage, this thesis finds the opposite: A common cultural background with national Chinese investors reduces information asymmetries for foreign investors but it does not equate to local information advantages. Overall, the four substantive papers add up to a multifaceted yet integrated perspective on the drivers, dynamics and consequences of Chinese cross-border finance. They clarify that the intersection of formal state governance and informal social forces is essential for understanding how the spread of neoliberal market forces unfolds across Chinese capital markets. This thesis thus affirms that space and place remain central to our understanding of financial market outcomes.

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Belbal, Nassira. "Micro finance et développement : étude de l'encadrement de la micro finance par le droit du développement." Thesis, Lyon, 2016. http://www.theses.fr/2016LYSE3003.

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Cette étude démontre l’évolution d’un outil spécifique devenu secteur : la micro finance. Véritable outil d’inclusion financière et de développement durable à destination des populations pauvres dans les pays en développement, sa croissance ainsi que sa maturation n’ont eu de cesse de révéler toute son importance à travers l’histoire. Ses institutions de micro finance, encadrées juridiquement dans la majorité des cas, par des statuts à parts, quasi- privé, constituent la représentation sur le terrain de ce secteur enclin à la transformation. La micro finance s’est frayée un chemin dans l’univers du secteur bancaire classique. La diversité de ses activités, la spécificité de ces réglementations et encore la technicité de sa mise en œuvre, prouve à quel point la micro finance produit d’incontestable effets sur la réduction de la pauvreté et par voie de conséquence sur le développement des Etats les plus pauvres. Malgré une certaine réponse aux objectifs du millénaire, la situation de pauvreté reste préoccupante mettant en exergue le besoin d’un réel cadre juridique général contraignant, inexistant au jour d’aujourd’hui. En effet, un tel cadre permettrait de résoudre la majorité des disfonctionnements de la micro finance et de relever une grande partie des défis qui se présentent à elle, pour faire fleurir une efficacité incontestable du mécanisme de développement
This study shows the evolution of a sector become specific: microfinance. Real key tool for financial inclusion to poor population in developing countries, its growth and maturation, historicly and constantly reveal its importanceMicro finance institutions’ (MFIs), legally framed by statutes, almost private, are the field representation of this sector prone to transformation. Microfinance has pioneered in the traditional banking sector universe. Diversity of its activities, specificity of these regulations and still technicality of its implementation, shows how microfinance product undeniable effects on reduction of poverty and consequently on the development of developping countries. Despite some response to the Millennium Goals, the poverty situation remains worrying highlighting the need for a real binding general legal framework, which does not exist actually. Indeed, such a framework would solve most dysfunctional of microfinance and meet many of the challenges presented to it, to flourish unquestionable efficiency of the development process

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Ntsaluba, Sango Siviwe. "Comparative analysis of financing instruments used by development finance institutions: lessons for Brics Development Bank." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/28993.

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Financing instruments are the means by which development finance institutions carry out their mandate of addressing the socio-economic needs of the country, group of countries or a region. It is of great importance that the development and application of financing instruments should be in line with the objectives for which the development finance institutions were established. The literature reviewed was intended to establish the reasons for the existence of development finance institutions and their role in private sector development. Furthermore, literature was reviewed to establish various financing instruments developed and applied by development finance institutions. The study is premised on the fact that new DFIs can be complementary thus an assessment of DFIs will provide instrument and sectoral gaps which the BRCIS Bank can take advantage of. As such, the study was to examine the financing instruments that development finance institutions (DFIs) use to address their economic objectives and identify lessons for the BRICS (Brazil, Russia, India, China and South Africa) Development Bank. The study employed the qualitative exploratory research strategy. Documents and in-depth interviews were used as data. The sample included major multilateral, regional and bilateral development finance institutions operating in developing economies, including BRICS countries. The author established that there are varied founding objectives of development finance institutions and that there is wide use of traditional financing instruments of debt and equity. However, there is limited use of innovative financing instruments such as project finance and those applied in Public Private Partnerships (PPPs). The main recommendation made is that BRICS Bank should take advantage of the existing instrument and sectoral gaps if it is going to survive not only as a competitor but a complementary DFI. In addition it should consider the introduction of innovative instruments that take into account developing and emerging economies realities. In light of mission drift and agency issues the BRICS Bank should have robust governance and monitoring and evaluation frameworks that will ensure that its founding objectives are pursued.

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Cornwell, Derekh D. F. "Institutions, policy environments, and LDC stock market development." [Bloomington, Ind.] : Indiana University, 2006. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pqdiss&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:3210042.

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Thesis (Ph.D.)--Indiana University, Dept. of Political Science, 2006.
Source: Dissertation Abstracts International, Volume: 67-03, Section: A, page: 1073. Adviser: Jeffrey Hart. "Title from dissertation home page (viewed March 16, 2007)."

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Nzila, Michelo M. "Cooperative financial institutions (CFIs) as a source of development finance - a case study on Sub-Saharan Africa." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/29056.

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The lack of access to finance is cited as one of the major barriers preventing developing countries from attaining economic development. While traditional sources of financing such as Official Development Assistance (ODA), Foreign Direct Investment (FDI) and Remittances have done much to alleviate the problem, they have left what is termed the missing middle; a financing gap created by failure to provide financing particularly for Micro, Small and Medium Enterprises (MSMEs) and for the poor in the subject countries. The major impediments have included lack of collateral, inadequate training and business knowledge and risk aversion on the part of traditional financial institutions such as banks. Further, domestic resource mobilization endeavours have concentrated on tax reforms to improve governments' revenue collection and administration, leaving personal savings aggregation unattended. This financing gap is despite knowledge that MSMEs possess the most potential for employment creation, thus poverty alleviation for the masses. Cooperative Financial Institutions have been in existence for a long time and have the potential to provide innovative solutions in addressing the problem at hand. They have however, received little attention and recognition and the historical association with agriculture and the older generation has limited their outreach and impact. This study is thus intended to explore whether CFIs can bridge the financing gap for MSMEs in Sub-Saharan Africa.

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Hasheela, Sem. "The impact of development finance institutions on the growth of Small and Medium Enterprises in Windhoek, Namibia." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/27438.

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Small and Medium Enterprises play a very big role in an economy by creating jobs and value addition. There is no universal definition of Small and Medium Enterprises. Despite this important role, Small and Medium Enterprises are faced by numerous challenges such as lack of access to finance among several others. To circumvent this challenge Namibia has developed Development Financial Institutions namely Development Bank of Namibia as well as Small and Medium Enterprise Bank to ease the access to funding. Development Finance Institutions are established to finance the projects or activities that commercial banks may shy away. The establishment of these two institutions is supposed to result in significant growth and increase of the Small and Medium Enterprises in Namibia economy. This study therefore investigates the impact of these institutions in supporting the growth of Small and Medium Enterprise. The research used a case study research strategy that followed a descriptive-exploratory research design. The sample of eighty participants that were drawn from the Small and Medium Enterprises that were duly registered with the Ministry of Industrialisation, Trade and Small and Medium Enterprises Development. Data analysis was done by means of descriptive statistics such as tables, frequencies and percentages. Data analysis showed that, access to finance is a key obstacle towards the development of Small and Medium Enterprises in Windhoek as development finance institutions are approving relatively a small number of Small and Medium Enterprises. Recommendations were also made in relation to what needs to be done to ensure that Small and Medium Enterprises grow and development in viable ventures. Thus, the paper therefore suggested that the loans should be more affordable for the Small and Medium Enterprises to acquire necessary equipment. The Small and Medium Enterprises also need to approach Development Finance Institutions to access funds available. The growth of the bank's loan book has showed a growth in access to funding among the Small and Medium Enterprises.

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Molewa, Kholofelo. "Is renewable engery a suitable investment choice for South African non-bank institutional investors?" Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/25172.

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The research set out to examine the investment & economic suitability of Renewable Energy ("RE") assets for South African institutional investors. Data was collected through a series of structured and semi structured interviews and further triangulated and cross-checked through a thorough literature review of available policy documentation and academic literature. The limitations concerning this study have much to do with the nascent nature of the renewable energy program and therefore the lack of availability of hard economic and financial historical data. Further there is very little academic literature on renewable energy investing pertaining to a South African context. To mitigate some of the risks presented by the aforementioned limitations, interviewees were mainly subject-matter experts on the issue of RE investing and therefore provided key insights through a series of structured and semi-structured interviews. Within a South Africa specific context, there is very little academic material dealing with RE or infrastructure finance and investment. The implications of this study are therefore crucial in helping set the basis for the development of future theories around this and related topics. Interview discussions and review of other material revealed key themes, which allowed the researcher to discern some key findings: Firstly, there's a cautious but emerging consensus that the economic and financial features of RE assets make them suitable (and even attractive) for consideration in asset class allocation decisions. Further and related: the merging view was that RE assets could offer the benefit of both reducing risk and increasing expected returns within a given portfolio. A key related sub-theme and finding was the need to establish a common set of nomenclature, which would describe and ultimately help benchmark the economic and financial features of RE assets – the ability to benchmark financial and economic data being a key aspect of the asset allocation framework. Secondly data collected indicated that there is strong institutional support for government's energy policy and how it has been implemented to date. Thirdly, in working out the suitability of RE assets investors tend to default to comparable proxies such as bonds, equities, REITS. The emerging theme coming out of the data is that RE assets are likely to resemble fixed income assets in their financial and economic characteristics. Lastly, for all the emerging consensus in support of the government's RE policy, many investors seem to hedge their optimism and remain generally unsure and in some instances sceptical of the overall sustainability of the program, citing the fact that there are still too many unknowns regarding RE assets and their respective futures. This research therefore has some useful practical applications for institutional investors, hopefully further demystifying a sector that could be a lynchpin of the South African economy for some time to come.

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Maynard, John E. "Influence of the soft state on the performance of development finance institutions." Thesis, Edinburgh Napier University, 1992. http://researchrepository.napier.ac.uk/Output/4488.

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Development finance institutions put money into capital projects where conventional intermediaries are reluctant to get involved, and/or where there is a political preference for this channel of investment. In the last few decades D.F.l.s have especially proliferated in developing countries. Unfortunately experience has been disappointing. Most D.F .1.s have got into financial difficulties, and have not done much for economic growth. A number of factors can be postulated as responsible for this record. However, the concept of the 'soft' state as a causal factor has not been applied in a structured manner to the problem. The following pages isolate 'soft' state effects on D.F.1. experience via substantial Kenyan and Zimbabwean case studies. The first part of the thesis is largely theoretical. The concept of the soft state is discussed, and then a consideration of (i) the place of financial intermediation in development, (ii) the normative goals that often bias government policy and (iii) the nature of financial systems in developing countries, leads to a delineation of a role for development finance institutions. The second part investigates the major 'general' D.F.1.s in Kenya and Zimbabwe in order to test the deductions made and the hypothesis postulated in Part 1. As necessary background to the D.F.1. analysis the history, the ideological bases, the economics and the financial systems of the countries concerned are discussed. The work on the D. F. 1. s themselves leads to some preliminary conclusions as to the effect of the soft state on their operations. The third part synthesises the material from the previous chapters, and draws some conclusions as to how soft state features have affected the structures and work of D.F.1.s in Kenya and Zimbabwe. A number of recommendations related to the role and behaviour of D.F.1.s in developing countries are made at the end, and some suggestions for further research. There are three appendices after the final chapter. The first analyses the concept of rent generation by and rent extraction from companies in developing countries and the second formulates a rule as to when D.F.1.s should sell profitable investments. The third looks briefly at some other developing country D.F.1.s.

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Kang’ombe, Mutale Matthew. "The role of Development Finance Institutions (DFIs) in economic growth in Zambia." Thesis, University Of Cape Town, 2018. http://hdl.handle.net/11427/29945.

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This study empirically investigates the role Development Finance Institutions (DFIs) play in the economic growth of Zambia from 1992: Q1 to 2015: Q4. The main aim of the study is to find out if DFIs enhance economic growth in Zambia and if the growth witnessed over the study period was in fact improved by these inflows. Additionally, a multiple regression is run against the exchange rate, inflation unemployment and interest rate to further analyse the interaction of these variables with DFI inflows and how they have impacted the growth levels experienced in Zambia. The findings show that the impact DFIs on the GDP are ambiguous. In current period and DFI lagged to 2 periods prior, has a depressing effect whilst DFI lagged one period has an encouraging effect on GDP levels. Furthermore, from the cointegration tests, it is evident that there is a long run relationship that exists, signifying that the positive effects of DFIs can be felt in future periods especially if deployed to key sectors. The regression results of the other variables are in line with macro-economic theory which suggests that DFI inflows need to be supplemented with stable macro conditions to boost the degree of positive impact on GDP. To ensure future benefit to Zambia from DFI inflows; recommendations preferred to authorities inferred from the findings include, directing of these funds to job and revenue generating sectors that can increase export revenue. These sectors may include agriculture and manufacturing. Furthermore, it is cardinal that institutional infrastructures are put in place that effect legal and monitoring framework to ensure efficient deployment of these funds within the economy.

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Ward, Tom. "The institutional development of the Irish Department of Finance - 1997-2011." Thesis, Queen's University Belfast, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.603557.

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This study examines the institutional development of the Irish Department of Finance both as part of Government and internally between 1997 and 2011. Using the framework provided by historical institutionalism and its account of the dynamics of institutional change it identifies and analyses formal and informal institutional changes which impacted upon the Department's influence in Government. In also includes an examination of institutional changes prior to 1997 which created enduring historical legacies which continued to impact on the Department's position and influence in Government in a path dependent manner. The study consciously adopts a 'moving picture' approach to the analysis of institutional change and seeks out instances of both punctuated and gradual change where often these tend to be examined in isolation. In this regard, it builds on Streeck and Thelen's (2005) and Mahoney & Thelen's (2010) typologies of institutional evolutionary change to present a single framework for analysing change, whether punctuated or gradual. The study's primary data emanated from 15 semi-structured interviews with elites who occupied key positions in the core executive in Ireland. They include former Taoisigh, Secretaries General, Cabinet members and political advisors. Their first-hand accounts provide a unique insight into a critical period in Irish Government. The study's findings illustrate the impact of formal and informal institutional change on the Department of Finance, some being punctuated changes, others gradual (or incremental) and that multiple change inducing variables were at play. An underlying theme which emerges from the research is that the Department of Finance institutionally drifted within the core executive for much of the period, but that the triple crises from 2008 onwards led to a re-setting of power relations in Government back in the Department of Finance 's favour, although in a new paradigm involving a proximate role for external actors in Irish domestic affairs.

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Murambadoro, Betty. "The Role of Development Finance Institutions and Aid Agencies in Zimbabwe’s achievement of Sustainable Development Goals." Thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28408.

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This research looked at external funding and its role in determining the success rate of the developmental agenda at country specific level. To undertake this investigation, the role of external funding was assessed alongside other factors largely viewed to be also relevant in discussing the success of the development agenda. The research relied on primary data collected from various participants deemed to be relevant stakeholders in development studies and its success drivers. The sample comprised bilaterals, multilaterals, aid agencies, private commercial sector, policy makers, regulators and the UN agencies. Extensive research was conducted using semi-structured questionnaires and also supported by interviews to probe further on the key sub-topics. The other factors explored alongside external funding in terms of their significance in influencing outcome of the development agenda are strong financial institutions, strong legal institutions, economic reform, competent human capital and international trade. While the factors linked to governance were ranked highly in terms of significance in driving Zimbabwe’ s achievement of sustainable development goals, the numeric difference on points scored were not materially significant. The research outcome highlighted the interconnectedness of the factors assessed in augmenting the impact of capital inflows in meeting the development agenda. In addition, it exposed the significance of broader stakeholder consultation and commitment at a national level.

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Gitonga, Loise. "Financial inclusion: A look at the institutional and credit organisational enablers in the South African market." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/28998.

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To serve the underserved markets successfully companies have to re-evaluate their strategies and approach towards the poor; this is also true for financial institutions and governments seeking to address financial exclusion or looking to fully bank the under banked in their economies. This study examines the regulatory enablers put in place by the South African government; the organisational enablers in form of financial institutions; and the products or services these institutions offer the under banked or unbanked in the society. In examining the products and services offered four factors were taken into consideration i.e. availability, acceptability, affordability and target market awareness of the product. The study was carried out using a deductive qualitative approach; the hypothesis was 'some of the macro and micro enablers required when seeking to serve the underserved are missing in South Africa'. From our analysis; there are very specific positive steps being taken to enhance the macro environment. Hopefully as these undertakings are established the micro-environment will improve. Such improvements are expected to include; increase in strong, reliable national players serving the underserved; increase in providers of good and safe services for the underserved and enhanced awareness among consumers on the products available for them.

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Lopes, Ana Margarida Simões. "As instituições financeiras de desenvolvimento (IFDS) e a sustentabilidade : o caso da Sofid." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19684.

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Mestrado em Desenvolvimento e Cooperação Internacional
Esta dissertação pretende explorar o papel das Instituições Financeiras de Desenvolvimento (IFDs) na Agenda 2030 para o Desenvolvimento Sustentável e perceber como é que estas, através da mobilização de recursos privados, procuram contribuir para se cumprir os Objetivos de Desenvolvimento Sustentável (ODS). Analisa-se em particular o caso da IFD pública portuguesa, SOFID - Sociedade para o Financiamento do Desenvolvimento, Instituição Financeira de Crédito, S.A criada em 2007 e cujo principal objetivo é apoiar o investimento do sector privado em países em desenvolvimento (PED). Este trabalho procura avaliar o seu impacto em termos de atração de investimento privado de forma a responder às necessidades financeiras para se alcançar os ODS.
This dissertation intends to explore the role of Development Financial Institutions (DFIs) in the 2030 Agenda for Sustainable Development and understand how they, through the mobilization of private resources, seek to contribute to meeting the Sustainable Development Goals (SDGs). In particular is analyzed the case of the Portuguese DFI: SOFID - Sociedade para a Financiamento do Desenvolvimento, a Financial Credit Institution, S.A, that was created in 2007 and whose main objective is to support private sector investment in developing countries. This work seeks to assess its impact in terms of attracting private investment in order to meet the financial needs to achieve the SDGs
info:eu-repo/semantics/publishedVersion

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Maredi, Lydia. "Investigating the causes of delays at border posts: A focus on institutional and infrastructural factors at Beitbridge Border Post." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/29037.

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Beitbridge is regarded as the busiest and the most inefficient border post in Sub-Saharan Africa due to its poor state of systems and infrastructure. It takes travellers more than two hours to cross the border on a normal day, and a minimum of two days during holidays. Trucks spend up to five days trying to get cleared and cars queue for kilometres from the immigration buildings. These cause problems of delays, corruption and revenue leakages at the border. This research investigated how institutional and infrastructural factors contribute to delays at the Beitbridge Border Post and identified possible solutions to these delays. Using the "border theory" as a theoretical framework, the research documented and focused on major issues around delays and problems at the Beitbridge Border Post, and possible solutions. Being an exploratory study, the research used an inductive qualitative approach to using primary and secondary data sources to understand issues that contribute to delays at the border post and to come up with a possible policy recommendation. The findings revealed that most institutional problems causing delays at the border are duplication of tasks between different agencies operating at the border post and resistance to procedures due to failure of following instructions by users. Infrastructural problems causing delays at the border include, amongst others, the usage of a single bridge that causes congestion and convergence of traffic at the gate; and the reason that there is no enough parking on both sides of the border. These findings support the border theory in terms of how borders impact people's daily lives.

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Mulunga, Anna Magano. "Factors affecting the growth of microfinance institutions in Namibia." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/8504.

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Thesis (MDF)--University of Stellenbosch, 2010.
The level of poverty in Namibia is relatively high. Access to finance is cited as one of factors hampering economic growth and poverty alleviation. Microfinance is seen as one of the effective tools that can address poverty alleviation by engaging the poor in sustainable economic activities. Microfinance services have existed in Namibia since the late 1990s, yet they have not attained growth. The main providers of microfinance services consist mainly of Micro-lenders, Non-Governmental Organizations (NGOs), Savings and Credit Cooperative Societies (SACCOS), Public Financial Institutions (PFI) and to a less extent Commercial Banks (CB). This research report aimed to study and identify the problems that impact on the growth of microfinance finance institutions (MFIs) in Namibia. The findings of this study revealed that lack of regulatory and policy framework, lack of capital and high operational costs were the main problem areas hampering the growth of MFIs in Namibia. The study made recommendations which are aimed at enhancing the growth of microfinance institutions.

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Saviye-Chirawu, Maureen. "The constraints limiting the growth of microfinance institutions in Namibia." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/8442.

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Thesis (MDF)--Stellenbosch University, 2008.
ENGLISH ABSTRACT: This study focuses on the factors that hinder the growth of the microfinance industry in Namibia. The actual issues of the sector are not known as not much research has been undertaken on it. However, it is possible to establish the constraints that limit the growth of the microfinance environment in the country. The study presents the identified limitations with associated solutions as experienced in different countries and reported by various authors and academics. The desired situation would be for the microfinance sector to operate effectively by serving the poor and unemployed but economically active people. Although this is not the all encompassing solution to the plight of the rural and urban poor, it is, however, the beginning at the attempt to move out of poverty. The questions that the respondents answered were designed specifically to clarify which sector of the low income section of society that was accessing the loans available on the market. This fact will enable policymakers to focus on resolving the hindrance that will produce the most results than taking haphazard actions that bring minimal results. The results could also be useful to microfinance providers in that they can use the information to identify business opportunities for the diversification of the products they offer. Finally, the constraints hindering the growth of microfinance such as the restrictive regulatory environment for one are not unique to Namibia. Hence, the experience and solutions from other countries are available for study. However, the local industry would have to initiate their own solutions to match and meet local conditions.
AFRIKAANSE OPSOMMING: Hierdie studie fokus op die faktore wat die groei van mikrofinansies in Namibie belemmer. Die werklike probleme is nie bekend nie omdat baie min navorsing nog in hierdie verband gedoen is. Dit is egter wel moontlik om die beperkinge tot groei van die mikrofinansies industrie in Namibie te bepaal. Die studie bied 'n oorsig van bekende beperkinge en moontlike oplossings soos ervaar in verskillende lande en soos gerapporteer deur verskeie outeurs en akademici. Die ideale situasie sal wees dat die mikrofinansies sektor effektief funksioneer deur die armes en werkloses, maar ekonomies aktiewe, gemeenskap te dien. Hoewel dit nie 'n alomvattende oplossing bied vir die behoeftes van plattelandse en stedelike armes nie, is dit egter 'n poging om hierdie mense uit armoede te lig. Die vrae wat respondente moes antwoord het spesifiek gepoog am te bepaal watter sektor van die samelewing die lenings wat beskikbaar is in die mark gebruik. Hierdie kennis sal wetgewers in staat stel om te fokus op probleme wat die grootste struikelblokke is, eerder as om lukraak probleme aan te spreek met minimale resultate. Die bevindinge mag ook van belang wees vir mikrofinansies voorsieners wat die inligting kan gebruik om besigheidsgeleenthede te identifiseer om sodoende hulle produk-reeks te diversifiseer. Laastens, die beperkinge in die mikrofinansies sektor soos die beperkende regulatoriese omgewing is nie uniek tot Namibie nie. Dus, die oplossings vanuit ander lande kan toegepas word in Namibie. Die Namibiese industrie sal egter hulle eie oplossings moet vind om die plaaslike omstandighede die hoof te bied.

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Laurenceson, James Stuart. "China's financial sector reforms and their impact on economic development /." St. Lucia, Qld, 2001. http://www.library.uq.edu.au/pdfserve.php?image=thesisabs/absthe16239.pdf.

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Brown, Kenneth J. "The Impact of a Race-Based Intervention Program on One African American Male at a Predominately White Institution: An Autoethnographic Study." University of Toledo / OhioLINK, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=toledo1596715098658363.

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Derban, William Kwesi. "A study of loan repayment performance among community development finance institutions in the UK." Thesis, Nottingham Trent University, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.415110.

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Adams-Kane, Jonathon. "Essays in international finance and development : institutions, crises and reform / by Jonathon Adams-Kane." Diss., Digital Dissertations Database. Restricted to UC campuses, 2008. http://uclibs.org/PID/11984.

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Nkosi, Thabiso. "The risk appetite of development finance institutions (DFIs) and funding for start-ups in South Africa." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/27369.

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Using publicly available data from three South African Development Finance Institutions (DFI's), this study examines the risk appetite of Business Partners (BP), the National Empowerment Fund (NEF) and the Small Enterprise Finance Agency (SEFA). This study analyses data between 2011 and 2015 to determine the DFI's risk appetite and to identify key determinants of risk appetite with regard to funding SMEs, specifically startups. The study's findings reveal that South African DFI's have a high to extremely high-risk appetite level and that state-owned DFI's, NEF and SEFA have a higher risk appetite for funding SMEs specifically startup related loan products than private DFI BP. The study's findings also illustrates that South African DFI's risk appetites have a weaker negative relationship with shorter-term financial products than longer-term financial products indicating a higher risk appetite for funding shorter-term financial products.

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Zhu, Lin. "Law, politics and finance." Thesis, University of Macau, 2012. http://umaclib3.umac.mo/record=b2580077.

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Yang, Ludan, and Qubo Chen. "NORDIC DEVELOPMENT FINANCE INSTITUTIONS IN AFRICA : ANALYSIS BASED ON THE CONTROL OF INVESTMENT THROUGH FUND." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-53116.

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Nordic Development Finance Institutions (DFIs) play an important role in providing sustainable development for Africa which accordance with their mandates. By investing in private equity Funds in Africa, investee companies have covered various sectors inAfricawhich may not only improve economic development but also increase employment. Additionally, investing in a Fund can spread risk through diversifications and help DFIs to share knowledge with Fund manager in local presence. This study analyzes the management control systems (MCS) of DFIs’ investing in private equity Funds, wherein we mainly focus on output control and behavior control which are two types of control widely discussed in previous research and literature. Hereby we set three hypotheses based on our research and get findings to support the research questions, which are: 1. DFIs use output control mechanism with contractual framework to secure their investment. Output control sets standards as to targets. It plays a fundamental role in the control process, as the contractual framework is short of standardized in private equity industry and Fund managers are selected strictly during screening process. 2. DFIs use behavior control to interact with Fund managers. Behavior control means appropriate instruction and guidelines imposed as results become foreseeable during the monitoring process. It becomes a central element where DFIs have to interact with Fund managers to track the investment progress & development effect, including investment decision making. 3. DFIs’ syndicated investment affects their control activities. Nordic DFIs’ investment strategy is making co-investment in Funds. When more parties are involved, the monitoring and control process become different compared with only one investor and it is affected by syndicated investment. While we did not deeply explore the control mechanism and process under syndication investment by either quantitative & qualitative method or case studying approach, we conclude that it does exist based on communication with interviewees. The word “Control” looks like a bureaucratic word. However, we found that Alignment is essential in control process for each partners while behavior control helps to assure the alignment. We think that control process become less difficult when previous strict selection of trust partner is successful. We suggest that the alignment between DFIs and other investors as well as Funds should be strengthened in the control process, so that investment objectives can be well realized. Besides Nordic DFIs, Africa also benefits from others such asChina’s “going global” strategy to encourage outward FDI. China-Africa Development Fund (CADFund) is the first Fund focused specially on large scale investment in Africa among Private Equity Funds inChina. China Development Bank (CDB) is the shareholder of CADFund, who provide resources and support to CADFund. By briefly comparing Nordic DFIs and CADFund, we found they use similar investment instruments and also similar strategies, such as investment in less developed countries inAfricato improve economic conditions, support home companies investing in Africa etc. Including an analysis on CAD as well as the comparison with Nordic DFIs not only strengthen the understanding of DFIs’ activities in Africa, but also clarify the different investment characteristics of Western and Eastern investors in Africa. We also suggest that Nordic DFIs and CADFund can share experience and knowledge to promote sustainable development for Africa.
Nordic Development Finance Institutions (DFIs) spelar en viktig roll för att skapa en hållbar utveckling för Afrika i linje med dess mandat. Genom att investera i private Equity-fonder i Afrika har investeringsföretagen täckt olika sektorer i Afrika, något som inte bara kan förbättra den ekonomiska utvecklingen, utan även öka sysselsättningen. Dessutom kan investering i fonder sprida risker genom diversifiering och hjälpa instituten för DFI att sprida kunskaper från fondförvaltare på lokal närvaro. Denna studie analyserar ledningskontrollsystemet för DFIs’ investeringar i private Equity-fonder och vi fokuserar främst på produktions- och beteendekontroll, Dessa är de två typer av styrning som allmänt diskuteras i tidigare forskning och litteratur. Härmed ställer vi upp följande tre hypoteser som är baserade på relevant forskning och slutsats för att stödja nedslående hypoteserna: 1. DFIs använder en produktionskontrollmekanism med avtalsram för att säkerställa sina investeringar. Produktionskontroll-mekanismen är en metod som sätter standard enligt målet. Denna metod fungerar som den mest grundläggande i kontrollprocessen, eftersom avtalsramarna redan är standardiserade i privata Equity-fonder och fondförvaltaren är omsorsgsfullt valda i den initiala urvalsprocessen. 2. DFIs använder kontroll av beteende för att interagera med fondförvaltare. Beteendekontroll används beroende på utfall av investesteringen, och i denna kontrollprocess verkställs lämpliga instruktioner och riktlinjer efter resultat. DFI och fondförvaltaren samarbetar här för att följa investeringsprocessen och utvecklingseffekten, däribland också att fatta investeringsbeslut. 3. DFIs' saminvesteringar i fonder kommer att påverka dess kontrollverksamhet. DFI investeringsstrategier är att göra saminvesteringar i fonder. När flera partier är inblandade blir spårande- och kontrollprocessen annorlunda jämfört med endast en investerare och detta är påverkad av sammarbetsinvesteringar. Även om vi inte gjorde en djup undersökning av kontrollmekanism och processen under sammarbetsinvestering gällande kvantitativ och kvalitativ metoder eller fältstudier. Men vi sammanfattar detta att det existerar via kommunikation med intervjuer i föreliggande studie kan vi sammanfattningsvis slå fast att styrningen via fonder påverkas av att en DFI inte ensamt investerar i en fond. Ordet "kontroll" (på svenska snarare ”styrning”) kan låta byråkratiskt, men vi kommer fram till att kontrollprocessen huvudsakligen sker i samförstånd för varje part, medan beteendekontroll underlättar samförståndet. Vi tror att kontrollprocessen blir mindre komplicerad när val av godtrogna parter lyckas. Vi föreslår ett utökat samarbete mellan DFIs och andra investerare och fonder under kontrollprocessen, så att investeringsmålen kan uppnås. Förutom investeringar från nordiska DFIer drar Afrika också fördel av andra initiativ, såsom Kinas "going global"-strategi för att uppmuntra direkta utlandsinvesteringar. Den Kinesisk-Afrikanska Utvecklingsfonden (CADFund) är den första fonden som fokuserar speciellt på strategiska investeringar, med det största antalet private Equity-fonder i Kina, medan Kinesiska utvecklingsbanken (CDB) är aktieägare till CADFund, och förser fonden med resurser och stöd. Genom en kort jämförelse av Nordic DFIs och CADfund fann vi att liknande investeringsinstrument med samma strategi används, såsom investering i mindre utvecklade länder i Afrika för att förbättra de ekonomiska villkoren, hjälpa företag från respektive hemland att investera i Afrika etc. Detta kan också stärka förståelsen för DFIs verksamhet i Afrika. Vi har valt att även analysera CADFund samt göra en jämförelse med de nordiska DFIs, vilket inte bara stärkt vår förståelse av DFIernas aktiviteter i Afrika, men också hjälpt till att förstå och klargöra skillnader mellan investerare från väst respektive öst när det gäller investeringar i Afrika. Vi föreslår även att nordiska DFIs och CADfond kan dela erfarenhet och kunskap för främjande av den hållbara utvecklingen i Afrika.
摘要北欧发展金融组织构成了为非洲提供可持续发展的重要组成部分，这也符合其运作的使命。通过投资在非洲的私募股权基金，受资公司覆盖非洲的各行业，这不仅促进了当地经济的发展，而且也增加了就业机会。与此同时，投资于基金能够分散风险，并且北欧金融组织能够和当地的基金经理分享投资经验与知识。本文分析了北欧发展金融组织投资私募股权基金采用的管理控制流程，我们重点研究产出控制和行为控制，这两种控制方法在以前的研究和文献中也被广泛提及。同时我们基于相关理论提出三种假设并得出结论来支持研究问题，它们是： 1.北欧发展金融组织采用产出控制方法及一系列合同及框架条款来保证他们的投资. 产出控制指的是一种根据目标设立标准的控制方法，它在控制控制中起着基础性的作用，因为合同条在这个行业已经基本标准化，而且它们在筛选基金经理时有严格的条件。 2.北欧发展金融组织采用行为控制方法来影响制约基金经理。行为控制指当结果可以预知时，在控制过程中采用适当的规范和准则.当北欧发展金融组织与基金经理互动来跟踪投资进展，发展效应，以及做投资决定时，它就变得至关重要。 3.北欧发展金融组织的联合投资将会影响到他们的控制行为。北欧发展金融组织的投资策略是与其他组织共同投资于基金。当多方参与时，跟踪和控制流程就与只有一个投资者参与时不一样，而且其受联合投资的影响。虽然我们没有用定性和定量的方法甚至案例来深入研究在联合投资下的控制机制和流程，但是根据多方面的采访我们认为这个影响确实存在。 “控制”一词虽然听起来官僚，但是我们发现在控制流程中各方的精诚合作至关重要，同时行为控制也能加强这种合作。在这种情况下，我们认为在前期选择好合作伙伴后控制流程就变得相对简单。我们的建议是北欧发展金融组织和其他投资者以及其与基金的合作应该加强，从而实现更好的投资目标。除了北欧发展金融组织外，非洲也受益于中国的“走出去”对外投资战略。中非发展基金是第一只也是中国最大的专注于非洲投资的私募股权基金。国家开发银行（国开行）是中非发展基金的股东,它可以为该基金提供项目资源与支持。通过对北欧发展金融组织和中非发展基金的简单对比，我们发现他们采用类似的投资工具和策略, 比如投资于非洲的不发达国家来改变当地的经济状况,支持本国企业在非洲投资等.这也将加强读者对北欧发展金融组织在非洲的认识。我们同时也建议北欧发展金融组织和中非发展基金之间能交流投资经验和知识来更好地推动非洲的可持续发展。

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Adolfssson, Alexander, and Marie Åström. "Development Finance Institutions’ Effect on The Fund Manager’s Investment Decisions : Balancing Financial Performance Goals and Development Impact Objectives." Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-124744.

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Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduced by the DFIs is examined to understand its effects on fund managers’ decision-making and if it exists a trade-off between this objective and financial performance. An understanding of how DFIs control fund managers to act in accordance to their objective as well as how they determine compensation schemes to incentivize them to pursue high return on investments, is discussed in relation to the agency theory. Furthermore, stakeholder/shareholder consideration is examined in relation to the subject. The aim of this study is to examine how the behavior of fund managers is affected by the involvement of a DFI investor and try to add to the understanding of their significance as institutional investors in developing markets. Previous studies have been more focused on determining the financial performance of socially responsible investments by using very similar quantitative data collection methods. This thesis undertakes an in-depth approach with the purpose to understand the fund manager’s drives as well as how a DFI involvement affects the behavior and decision-making process. This thesis undertook a qualitative research strategy and semi-structured interviews were used as the tool to understand the fund managers’ personals beliefs and perceptions of how the relationship with DFIs affect them. The selection criteria for the fund managers was that they needed to work in a fund in which a DFIs has invested. We also included DFI investors in order to understand their point of view. The interview was recorded, transcribed and later divided into themes in accordance with the thematic approach, following six steps. Our findings show that Development Finance Institutions plays an important role in emerging markets and affect fund manager behavior to a certain extent. They did not perceive a trade-off between financial performance goals and development impact objectives. We conclude that DFIs increase fund manager focus on ESG/SEE elements in the investment process. DFIs requirements and reporting obligations is used as a tool to ensure that the fund manager act in accordance to DFI objective. The fund managers were neither willing to sacrifice commercial return in favor of development impact. Lastly, the interest among the DFIs and commercial investors is fairly similar, hence reducing the conflict of interest between investors.

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Zainir, F. "Private savings, financial developments and institutions in emerging economies." Thesis, Coventry University, 2012. http://curve.coventry.ac.uk/open/items/49c61e95-2367-4ace-8f9f-92f5ac8cf5c7/1.

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In the 1950s and 1960s, after gaining independence from their colonial powers, most developing countries adopted “market substitution” as their policy for economic development and growth. In essence, this was an industrialisation strategy followed by these developing economies to concentrate on home-grown products and nurture their expertise in order to reach the status of industrialised nations. However, by the end of 1970s, many developing countries began to realize the failures of their inward-looking approach to industrialization when their economies were mired with high unemployment, inflation and chronic external debt. By the middle of 1980s, many of these countries began to change their policies and reorient themselves into market economies. However, with financial crises and economic recessions that resulted from pursuing market driven liberalization policies, these economies began to realize the flaws of the market driven approach to industrialization. Nevertheless, they continued with the liberalised policies incorporating market as well as non-market (institutional) reforms, aimed at strengthening regulation, improving corporate governance and curbing corruption to avoid the destabilising consequences of financial liberalization. The evolving economic policies that influenced financial development and growth in developing economies came about with the objective of enhancing household and private sector‘s savings. These policies have been designed to influence financial development and economic growth (which can impact upon private savings) in two different ways: (i) by increasing saving due to households taking precautionary motives, or (ii) negatively by spending more due to increase in overall expenditures. Theoretically, the combined effect on private saving is therefore ambiguous. The purpose of this thesis is to assess empirically the importance of various economic factors influencing private sector savings in emerging market economies. In addition, the influence of non-market institutional factors on savings is explored from the incorporation of newly institutional measures into these countries economic policies. Several econometric methodologies are employed with empirical analysis conducted on data for twenty emerging economies across three primary regions in the world, i.e. Asia Pacific, Middle East and North African (MENA), and South America. The twenty countries also include other emerging economies that are proximate to MENA regions such as South Africa, Turkey and Israel. In general, the findings based on SUR (Seemingly Unrelated Regression) methodology show that per capita growth, financial development, government savings, and trade openness have a positive impact on private savings; while youth and old dependency-age groups, real interest rate, and urban growth have a negative effect on private savings. In general, most of these results are consistent with previous studies for other countries. Additionally, causality tests are conducted using Vector Autoregressive (VAR) methodology as well as Pedroni and Johansen cointegration methods within the Vector Error Correction (VEC) model to determine both short-term and long-term causality effects between financial development and economic growth. The results indicate that in the long run financial development has a causal effect on growth; however, in the short run the results are quite mixed. For example, the short run result using the VAR method shows that income growth has Granger causality effect on financial development, but the F-test result for the VEC method shows evidence of bivariate causality. The long-term causality results also confirm the finding of previous research about the importance of developing financial sector in order to spur the country‘s economic growth. The final empirical investigation is to conduct panel data regression to test the impact of non-market institutions on private savings. The main result here is that sound institutional factors based on respect for property rights (e.g. bureaucracy, accountability and regulation quality) have a positive effect on aggregate private savings. Furthermore, political stability is found to have a negative impact on savings while efficient bureaucracy has a positive impact on savings. It can be construed that with an uncertain political environment, i.e. diminishing political stability, the public in general would save more than spend. On the other hand, efficient bureaucracy would boost public confidence about the country‘s governance, which can lead to increased overall savings by the public.

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Román, Lisa. "Institutions in transition : a study of Vietnamese banking." Doctoral thesis, Handelshögskolan i Stockholm, Internationell Ekonomi och Geografi (IEG), 1995. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-880.

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The ongoing transformation of centrally planned societies into market economies poses many difficult questions regarding large scale institutional reform. How far to go, how fast, and in which order? Until now, the debate has been mainly theoretical. As the reforms progress, however, we need to compare the theoretical predictions with the empirical evidence. Financial intermediation is one sector in which the gap between socialism and capitalism is particular large, and the development of commercial banking has often proved to be a bottleneck in the reform process. Empirical examination of financial reform is therefore urgent. This dissertation explores the development of the Vietnamese state banks during the early 1990s. It highlights the lengthy process of altering the formal model and informal rules governing the bank organizations. The official socialist ideology is the source of many problems. First, it means that state ownership remains, enabling the government to intervene easily in the banks’ operations. The ideology’s informal role is arguably even more important, because it leaves unclear how bankers should act when profit maximization conflicts with social responsibility. Uncertainty will prevail as long as bankers and banking authorities have only partially converted to a new set of norms. Accordingly, the formal financial sector will fail to florish.

Diss. Stockholm : Handelshögsk.

A revised version of this dissertation has been published as: Román, Lisa, Institutions in Transition – Vietnamese State Bank Reform, Kluwer Academic Publishers, Boston 1999.

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Appleyard, Lindsey Jemma. "Overcoming financial exclusion : Community Development Finance Institutions (CDFIs) and the balancing of financial and social objectives." Thesis, University of Birmingham, 2008. http://etheses.bham.ac.uk//id/eprint/386/.

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This thesis explores Community Development Finance Institutions (CDFI) as an alternative vehicle for the supply of debt finance to financially excluded enterprises. CDFIs are part of a broader approach to addressing financial exclusion that is experienced by commercial and social enterprises in the US and UK. The thesis explores US and UK CDFI lending processes to develop an understanding of how financial and social objectives are balanced in the lending process and the ways in which CDFIs become embedded in local financial and business support networks. The analysis is based upon detailed comparative research of CDFIs located in the US and the UK; interviews were undertaken with CDFIs, their clients and a quantitative analysis of a CDFIs loan portfolio was undertaken. The research concludes that CDFIs are complex dynamic organizations as they have to balance a double or triple bottom line which has the potential to undermine the firm’s long term survival or mission. The danger is that over time a CDFI will reduce its exposure to risk and become more like a mainstream bank. The tensions with the CDFI business model implies that they will only ever provide a partial solution to the enterprise finance gap.

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Emenalo, Chukwunonye Obi-Ogulo. "Institutions and financial system development in Africa." Thesis, University of Hertfordshire, 2014. http://hdl.handle.net/2299/14436.

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Recent research suggests that financial system development is important for economic development and for reducing financing constraints of firms (Levine, 2005). Consequently, researchers started investigating the factors that determine financial system development. A group of factors that have been identified are institutional factors. Many researchers have investigated the theoretical and empirical links among historical institutional factors, current institutional factors, and financial system development (Beck and Levine, 2005). There are, however, few studies that have investigated extensively the theoretical and empirical links among institutional factors and financial system development within the African context. Africa provides an interesting context to empirically validate and refine many of the theories that have been postulated to explain the relationships among historical and current institutional factors and financial system development. This is because Africa is in the process of developing its institutions and reforming existing ones and offers an opportunity to examine the impact of institutional factors on financial system development in nascent contexts. Therefore, this dissertation investigated the following research question: To what extent are institutional factors determinants of financial system development in Africa? To answer this research question, this study empirically evaluated the effects on financial system development of historical institutional factors that have been identified by four theories: legal origins theory, disease endowment theory, religion-based theory, and ethnic fractionalisation theory. Moreover, current institutional factors identified by the law and finance theory as possible determinants of financial system development were empirically examined. Furthermore, the links among historical and current institutional factors were empirically studied. The results show that the disease endowment variables are the only historical institutional factors that explain cross-country variation in financial system development in Africa. Additionally, this study finds that the institutional enforcement quality and efficiency of the judicial system are the only current institutional factors that explain cross-country variation in financial system development in Africa. Current institutional factors such as the efficiency of the legal property system and the quality of the credit information infrastructure do not appear to have effects on financial system development. Moreover, the institutional enforcement quality seems to be one of the possible channels through which disease endowment affects financial system development in Africa. This study also reveals that there are few statistically significant links among historical and current institutional factors within the African context. To my knowledge, this is the first study to show some of these empirical links among historical institutional factors, current institutional factors, and financial system development for the African context. The main conclusion of this dissertation is that institutional factors seem not to be determinants of financial system development in Africa to a large extent. In essence, institutional factors appear to matter for financial system development in Africa, but not as much as might have been expected judging from many calls for institutional reforms from the World Bank and others. The theoretical and policy implications of the findings of this dissertation are discussed, and future areas of research are also proposed.

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Gazdar, Kaouthar. "Institutions, développement financier et croissance économique dans la région MENA." Thesis, Reims, 2011. http://www.theses.fr/2011REIME002/document.

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Cette thèse examine (i) l'impact du secteur bancaire et des marchés financiers sur la croissance économique, (ii) l'effet de la qualité institutionnelle sur la détermination du développement financier, (iii) Comment la qualité des institutions affecté la relation entre le développement financier et la croissance économique. A cette fin, nous construisons un indice de qualité institutionnel pour les pays de la région MENA. Appliquant la méthode d'estimation des moindres carrés généralisés (MCG) pour un échantillon de 18 pays de la région MENA pour la période de 1984-2007 nous constatons que ni le secteur bancaire ni les marchés financiers ne contribuent à la croissance économique et qu'ils l'affectent même négativement. Adoptant l'approche d'estimation sur données de panel et celle des variables instrumentales (IV) nos résultats montrent l'importance de l'environnement institutionnel dans la détermination du développement financier de la région MENA. En outre, nos résultats montrent que la qualité des institutions a un important effet dans la relation entre développement financier et croissance économique. Plus précisément, elle permet d'atténuer l'effet négatif du développement financier sur la croissance économique. Par conséquent, nos résultats fournissent une évidence empirique, que pour que le développement financier puisse contribuer à la croissance économique, les pays de la région MENA doivent avoir un certain niveau de développement institutionnel. Examinant l'effet non-linéaire de la qualité des institutions sur la relation entre développement financier et croissance économique nos résultats montrent que la relation entre développement du secteur bancaire et croissance économique présente la forme du "U-inversé", par contre cette forme n'est pas observée lorsque les marchés financiers sont considérés
This thesis examines (i) the impact of banks and stock markets on economic growth (ii) the effect of institutional quality in determining financial development and (iii) how institutional quality affects the finance-growth nexus in the MENA region. To this end, we construct a yearly institutional index for MENA countries. Applying the generalized method- of-moments (GMM) estimators developed for dynamic panel data for a sample of 18 MENA countries over 1984-2007 period, we find that both bank and stock market development are unimportant or even harmful for economic growth. Considering both a panel data and the instrumental variable (IV) approaches of estimation, our results outline the importance of institutional quality in determining financial development in MENA region. Moreover, our results show that institutional quality affects the finance growth nexus in MENA countries. In fact, it mitigates the negative effect of financial development on economic growth. Therefore, our results provide empirical evidence that in order for financial development to contribute to economic growth, MENA countries must possess certain level of institutional quality. Examining the non-linear effect of institutional quality on the finance-growth nexus, our results show that banking sector development and growth exhibit an inverted-U shaped relationship. However, we do not find the same pattern in the stock market-growth relationship

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Aponsu, Goniya Malamage Indrajith. "The effects and constraints of state influenced finance sector development in the process of industrialization and economic growth : the experience of Sri Lanka /." Thesis, Hong Kong : University of Hong Kong, 1999. http://sunzi.lib.hku.hk/hkuto/record.jsp?B21254011.

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Trew, Alex William. "Towards the microfoundations of finance and growth." Thesis, St Andrews, 2007. http://hdl.handle.net/10023/331.

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Noholoza, Alex. "An investigation on the role of Development Finance Institutions (DFI) in building small emerging enterprises for property development initiatives in South Africa." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020646.

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Purpose of this treatise: The aim of this treatise is to identify the challenges facing emerging entrepreneurs in accessing funding for property development initiatives which results in high levels of declined loans thereby limiting participation in the property market as well as the interventions necessary to improve access to finance. Design / methodology / approach: The questionnaires were emailed to funding institutions and emerging property developers. The questionnaire investigates the respondents‟ perception of importance and evidence of questions on property development, finance and managerial skills drawn from the literature. Findings: The findings of this study are consistent with and support the findings of previous local and international literature on constraints that SME‟s have in accessing finance for various initiatives. The findings indicate that the emerging property developers in South Africa are characterised by insufficient number in representation in the property sector, high risk averse financial institutions that requires collateral to lend. The findings of the study indicate that broader and bolder initiatives aimed at improving the emerging property developer's representation in the market needs a holistic and collaborative approach from the various institutions to aide these entrepreneurs. Value of paper: The research is of importance to all stakeholders involved in the property sector, financial institutions and economic development of the SME sector. The results of the study will contribute to the understanding of the current financing limitations facing SMEs and will assist funding institutions to better understand the role and importance of effective collaboration in improving access to finance to emerging property developers.

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Mawocha, Tineyi Emmanuel. "The disintermediation of commercial banks by non-bank financial institutions in Swaziland." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/985.

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Thesis (MDF (Development Finance))--University of Stellenbosch, 2009.
ENGLISH ABSTRACT: This research is influenced by and starts from the work carried out by the IMF in Swaziland, wherein they comment about the significant growth in the use of savings and credit co-operatives compared with that of commercial banks. They also report the lack of growth of the financial sector resulting in sluggish economic growth. This report sets out to establish through a survey, the attitude of the Swazi public towards commercial banks, and to establish if indeed there is a deliberate move away from commercial banks to non-bank financial institutions in general. In the process the reasons for migrating from commercial banks are established. In addition, the ultimate use of funds borrowed in general, is also investigated. Specifically for those people who use non-bank financial institutions (NBFIs), the research further probes the uses of such funds, and whether or not such funds are likely to affect economic growth. The survey is augmented by results from questionnaires responded to by selected microfinance institutions (MFIs) as a means of cross-checking and validating results obtained from the public survey. Findings are that in Swaziland, while the growth of savings and credit co-operatives (SACCOs) is acknowledged, there does appear to be a tendency to still use commercial banks by the economically active population. Borrowing tends to be for school fees, followed by the purchase of building materials for constructing rural homes on ancestral land, as well as for personal use and business activities. It also appears that the majority of users of financial intermediaries are civil servants, which comes as no surprise as government is the largest employer. The conclusion is that Swaziland’s problems with sluggish economic growth appear to be from more than a shallow financial sector, but a myriad of other reasons that have not been explored in this study.
AFRIKAANSE OPSOMMING: Die navorsing is gebaseer op die uitkoms van die werk uitgevoer deur die Internasionale Monetêre Fonds (IMF) as vertrekpunt, waarin hulle meer beduidende groei in die gebruik van spaar en krediet-kooperatiewe gevind het in vergelyking met die trae groei in die gebruik van kommersiële banke. In dieselfde verslag haal hulle ook aan dat die gebrek aan voldoende groei in die finansiële sektor onderliggend is aan die stadige ekonomiese groei. Hierdie verslag bepaal deur middel van ‘n opname, die gesindheid van die Swazi-publiek teenoor kommersiële banke om vas te stel of daar ‘n opsetlike voorkeur vir nie-finansiële instellings is, bo kommersiële banke. Die studie ondersoek ook die spesifieke gebruik en toepassing van fondse verkry vanaf nie-finansiële kooperatiewe en of die gebruik daarvan ‘n negatiewe impak op ekonomiese groei het. Die uitkoms van hierdie ondersoek word bevestig deur die bevindinge van vraelyste wat deur geselekteerde mikro-finansiële instellings voltooi is, te vergelyk met die bevindinge van publieke opnames. Die bevindinge vir Swaziland is dat alhoewel daar groei is in die spaar-en krediet-kooperatiewe, daar steeds ‘n tendens onder die ekonomies aktiewe populasie is om gebruik te maak van kommersiële banke. Lenings word hoofsaaklik gebruik vir die befondsing van skoolgelde, daarnaas vir die aankoop van boumateriaal vir die konstruksie van landelike huise in voorvaderlike gebiede wat deur stamleiers toegeken word, sowel as vir persoonlike gebruik en besigheidsfinansiering. Dit wil ook voorkom asof die meerderheid van die leners staatsamptenare is. Dit is te verwagte, aangesien die regering die grootste werkgewer is. Die gevolgtrekking van die ondersoek is dat Swaziland se trae ekonomiese groei meer onderliggende beperkende oorsake het as bloot net die oppervlakkige uitwerking van die (kommersiële) finansiële sektor. Hierdie onderliggende redes word nie verder ondersoek as deel van hierdie studie nie.

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Brown, Chelsea Denise Booth John A. "The road to development is paved with good institutions the political and economic implications of financial markets /." [Denton, Tex.] : University of North Texas, 2008. http://digital.library.unt.edu/permalink/meta-dc-6131.

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47

Cumbi, Gonqalo M. T. "The sustainability of microfinance in Mozambique." Thesis, Stellenbosch : University of Stellenbosch, 2011. http://hdl.handle.net/10019.1/14638.

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Thesis (MDF)--University of Stellenbosch, 2011.
In the microfinance discourse, sustainability can relate to organisational, managerial and financial aspects. However, what is in vogue in mainstream analysis is the financial sustainability of MFIs throughout the world, especially in Africa, Asia and Latin America. What has attracted controversial debate on the self financial viability of MFIs is the extent they have maintained the balance between achieving substantial levels of profitability (through employing the institutionalist approach), and being agents of poverty-alleviation (through the welfarist approach). Analysing the mixed fortunes of the five MFIs in Mozambique between 2005 and 2009, this study explores the scope and patterns of outreach programmes as an essay in service-delivery by the MFIs, the repayment capacity of the different stripes of clients, the cost-control regime adopted by the MFIs and the ultimate variegated levels of success realised, and the challenges faced by the MFIs in different provinces.

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Ndulu, John Kimuli. "Factors affecting institutional transformation : a case for a microfinance regulatory framework in Kenya." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/8474.

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Thesis (MDF)--University of Stellenbosch, 2010.
Regulating microfinance activities has been an important policy concern in improving financial inclusion and extending financial services to all. However, introducing a regulatory framework of any kind pushes targeted institutions to change. In this case, microfinance regulatory framework that came to effect in 2008 has created three tiers of microfinance institutions: prudentially regulated deposit-taking institutions, credit only and unregulated informal groups. Those undertaking deposit-taking business were required by this regulation to transform their operations to comply with the requirements. Though many institutions wanted to be allowed to mobilise public deposits, only three institutions had managed to obtain at least a provisional license two years after the regulation became operational. The purpose of this research is to establish the factors affecting this microfinance transformation process in Kenya. Experiences around the world indicate that microfinance regulatory frameworks are dogged with a myriad of challenges that, at times, has limited the enjoyment of benefits of regulation. These challenges affect both the regulator and institutions being regulated. This study identifies several important factors affecting the transformation process of microfinance institutions in Kenya. These include the ability to meet capital requirements, restructuring existing ownership and getting new shareholders, ability to raise funds for transformation, acquiring suitable information systems, motivation to be regulated, governance issues and managerial inertia. These factors explain why certain institutions have moved faster than others in the transformation process and why some have opted to remain credit only.

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Leo, Terrance. "The development of a financial performance measurement framework for South African education institutions." Thesis, Port Elizabeth Technikon, 2003. http://hdl.handle.net/10948/217.

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Limited research has been conducted on financial performance indicators in South Africa. In European countries, Australia and the United States of America, literature has shown that there has been extensive research and implementation of performance indicators, to measure the achievements of objectives. A literature study was conducted for this research on the usage of PI’s, with a view to pinpointing the financial indicators. The literature study was used to develop a questionnaire. The questionnaire was distributed to universities and Technikons in South Africa, to obtain a measure of relevance and agreement on the performance indicators. The findings of the questionnaire culminated in a model that only consists of those indicators with a high level of concurrence among respondents. Performance indicators can serve as a management tool to measure performance and as a means to enhance transparency and accountability.

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Kuhlengisa, McIntosh M. "An evaluation of the regulation and supervision of co-operative financial institutions in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/18200.

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Thesis (MDF)--Stellenbosch University, 2011.
Co-operative financial institutions (CFIs) as a concept has been in existence in South Africa for a number of years either as credit unions, “stokvels”, savings and credit co-operatives and/or FSC‟s. As a result, regulators have long realized the need and potential of the CFI concept, with an exemption notice promulgated in 1994 and the Co-operative Bank specific legislation in 2007, allowing institutions modeled around a common bond to take deposits within certain conditions, to ensure the safety and soundness of such institutions and to facilitate financial inclusion. The study provides an overview of the regulatory and supervisory frameworks for CFIs in South Africa, noting the roles of various regulatory stakeholders as well as the perceptions of the regulated institutions. The study finds that despite the small size relative to the overall economy, and the low penetration rates, the CFI sector in South Africa is providing financial services to marginalized communities. However, capacity is a major constraint in the development and growth of the sector. As a result, any supervisory interventions will be pointless in the absence of appropriate capacity interventions. Despite the existence of various regulators, regulatory and supervisory oversight is considered weak. There is lack of clarity on the various roles of the different regulators within the sector, raising scope for regulatory arbitrage. In addition, the role of the representative body has been called into question, with some CFIs querying its relevance. Regulations have been put in place to address some of these anomalies, and these were evaluated in the context of recommending appropriate supervisory frameworks to enhance the safety and soundness of the sector and minimize regulatory arbitrage. The recommendations are also aligned to the nature and size of such institutions within the broader national strategy of promoting access to financial services in a safe and sound manner.

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Dissertations / Theses on the topic 'Development finance institution'

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