Foreign ownership in Latin American microfinance institutions: evidence and impact

Based on a unique dataset covering 84 institutions operating in 15 countries this paper provides evidence as to the impact of foreign ownership on microfinance sustainability and outreach in Latin America. Overall, we find that foreign-owned microfinance institutions have more borrowers than domestic-owned institutions. This suggests that foreign investors, mainly development finance institutions and other investors with close ties to the microfinance industry, exert governance in line with their stated policy goal: expanding financial inclusion among microentrepreneurs and poor households. In contrast to this, majority ownership of foreign investors neither provides a strong push towards the sustainability of microfinance institutions nor does it lead to “mission drift”, i.e. microfinance institutions issuing larger loans to comparatively wealthier clients.     

Combining Economic Forecasts

A method for combining forecasts may or may not account for dependence and differing precision among forecasts. In this article we test a variety of such methods in the context of combining forecasts of GNP from four major econometric models. The methods include one in which forecasting errors are jointly normally distributed and several variants of this model as well as some simpler procedures and a Bayesian approach with a prior distribution based on exchangeability of forecasters. The results indicate that a simple average, the normal model with an independence assumption, and the Bayesian model perform better than the other approaches that are studied here.     

Beyond single mothers: Cohabitation and marriage in the AFDC program

We investigate the extent and implications of cohabitation and marriage among U.S. welfare recipients. An analysis of four data sets (the Current Population Survey, the National Survey of Families and Households, the Panel Study of Income Dynamics, and the National Longitudinal Survey of Youth) shows significant numbers of cohabitors among recipients of AFDC. An even more surprising finding is the large number of married women on welfare. We also report the results of a telephone survey of state AFDC agencies conducted to determine state rules governing cohabitation and marriage. The survey results indicate that, in a number of respects, AFDC rules encourage cohabitation. Finally, we conduct an analysis of the impact of AFDC rules on cohabitation, marriage, and single motherhood and find weak evidence in support of incentives to cohabit.     

Gesundheitsförderliches Führungsverhalten bei un- und angelernten, kulturell diversen Belegschaften

One of the most important factors affecting inequitable health opportunities is the work activity. The respective supervisor exerts influence on the subordinates’ health and well-being. This study investigates health-promoting leadership behavior among low-skilled, culturally diverse workforces through interviews with employees and managers of the lowest hierarchical level (N?=?53). Information and approachability as well as appreciative feedback and showing interest of the supervisor are identified as relevant target group specific leadership behavior. Health-promoting effects of work design, learning opportunities as well as strain the supervisors themselves suffer from were also examined.     

Book reviews

E. Kofler, G. Menges: Entscheidungen bei unvollständiger Information. Lecture Notes in Economics and Mathematical Systems 136. Springer-Verlag, Berlin-Heidelberg-NewYork 1976, 357 S., DM 31.

B. S. Everitt: The Analysis ot Contingency Tables. Chapman and Han, London 1977, 128 S., £ 3.75.

O. Barndorff-Nielsen: Information and Exponential Families in Statistical Theory. J. Wiley & Sons, Chichester-New York-Brisbane-Toronto 1978, 247 S., £ 13.50; $ 28.50.

W. Gilchrist: Statisticai Forecasting. J. Wiley & Sons, London-New York-Sydney-Toronto 1976, 321 S., £ 9.50; $ 19.00.

J. M. Chambers: Computational Methods for Data Analysis. J. Wiley & Sons, New York Chichester-Brisbane-Toronto 1977, 279 pp., £ 11.30.

A. Hughes, D. Grawoig: Statistics: A Foundation for Analysis. Addison-Wesley Publishing Company, Reading-Menlo-Park London-Don Mills 1971, 525 S., $ 11.50.

K.Krickeberg, H.Ziezold: Stochastiche Methoden. Springer Verlag, Berlin-Heidelberg-New York 1977, 201 S., 13 Abb., DM 28.

Ch. Schneeweiss: Inventory-Production Theory. A Linear Policy Approach. Lecture Notes in Economics and Mathematical Systems 151. Springer Verlag, Berlin-Heidelberg-NewYork 1977, 122 S., 13 Abb., 9 Tab., DM 18.

S. Dworatschek: Grundlagen der Datenverarbeltung, 6., völlig neu bearb. u. erw. Aufl., Walter de Gruyter, Berlin-New York 1977, 538 S., 200 Abb., 212 Üb.Aufg., 59 Fotos, DM 38.

H. E. Steinhagen, S. Fuchs:Objekterkennung. Einführung in die mathematischen Methoden der Zeichenerkennung. VEB Verlag Technik, Berlin 1976, 436 S., 165 Abb., 32 Tab., 49,–.M.

G. Tinhofer: Mathematik für Studlenanfänger, Carl Hanser Verlag, München 1977, 464 S., 191 Abb., DM 38.     

The Third Shift? Gender and Empowerment in a Women’s Ecotourism Cooperative

Ecotourism is lauded as a path toward sustainable development and women’s empowerment in rural areas around the world, but little is known about how gendered expectations shape its processes and outcomes. This paper employs an in-depth qualitative case study of a female-only ecotourism cooperative in rural Mexico to investigate how local gender dynamics influence women’s opportunities to benefit from ecotourism development. Findings show that women’s family and work commitments prevent their ability to devote the resources and energy necessary to make the cooperative successful. In this context, women are first expected to be wives and mothers, and to fulfill the substantial daily expectations associated with those roles. In addition, most women work outside the home. This leaves little time or energy for a “third shift” as ecotourism entrepreneurs running their own cooperative. Women put their own interests and goals on the back burner, because of the demands of the first two shifts. If ecotourism is to empower women, localized gender structures must be understood and addressed. Overlooking these challenges can mean that ecotourism projects, even those specifically aimed at empowering women, may only further burden women and reinforce gender models that perpetuate inequality.     

PRODUCT DIVERSITY,DEMAND STRUCTURES,AND OPTIMAL TAXATION

This article studies optimal taxation in a general equilibrium macroeconomic model with endogenous entry. We compare the constant elasticity of substitution (CES) model to three alternative demand structures: oligopolistic competition in prices, oligopolistic competition in quantities, and translog preferences. Our economy is characterized by two distortions: a labor distortion due to the misalignment of markups on goods and leisure, and an entry distortion due to the misalignment of the consumer surplus effect and the profit destruction effect of entry. The two distortions interact in determining the wedge between the market‐driven and optimal level of product diversity. We show how optimal labor and entry taxes depend on the prevailing demand structure, the nature and size of entry costs, and the degree of substitutability between goods. (JEL E22, E61, E62)     

“No strings attached”: A qualitative exploration of gay and bisexual men’s motivations for and attitudes toward engaging in casual sex while on vacation

Prior quantitative research with gay and bisexual men (GBM) has documented high rates of sexual risk behavior during recreational travel. Although some associations are known (e.g., substance use at the tourist destination is associated with sexual risk), less is known about GBM’s motivations for travel and the cognitive and attitudinal factors that influence their sexual behavior while vacationing. In the present study, we conducted qualitative interviews with 46 GBM recruited from three popular gay tourist destinations. Using the Health Belief Model (HBM) as a guiding theoretical framework, the findings of the study revealed that the gay-friendly, tropical, relaxing environments resulted in men letting their guard down and engaging in more risk than when they are at home. Various barriers such as peer pressure and substance use affect GBM’s ability to engage in healthier behaviors while traveling, with condom negotiation and HIV status disclosure as additional issues that impact the sex practices of this population. Results highlight the applicability of HBM constructs to provide insight for intervention development for this population.