Editorial Reviews. From Publishers Weekly. Veterans in economics and microfinance scrutinize Download it once and read it on your Kindle device, PC , phones or tablets. Use features eBook features: Read with the free Kindle apps (available on iOS, Android, PC & Mac), Kindle E-readers and on Fire Tablet devices. gets managed in this way—diverted into savings or used to pay down loans. In the .. ers, with a debt of $ to a microfinance institution and interest-free. Portfolios of the Poor: How the World's Poor Live on $2 a Day Download PDF Therefore is essential to understand how the poor manage their income in.
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Book: Portfolios of the Poor: How the World's Poor Live on $2 a Day Formаts: pdf , epub, a. Formаts: pdf, epub, android, ipad, ebook, audio, text News - Pittsburgh Post-Gazette Poverty - Wikipedia, the free encyclopedia. How would you handle emergencies and old age? Every day, more than a billion people around the world must answer these questions. Portfolios of the Poor is. Dec 28, This page intentionally left blank Chapter One THE PORTFOLIOS OF THE .. book has been composed in Minion Typeface Printed on acid-free paper. poor households often have to draw down savings andseek loans to.
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It is hard to imagine for those living in the developed part of the world that two fifths of people today manage to survive on two dollars a day.
Moreover, it is even harder to believe that poor people, who normally should lack financial sense, live rich financial lives and even manage to have their own "Portfolios". In the book Portfolios of the Poor: The data was collected by a team of skilled interviewers that recorded financial transactions and comments during visits to poor families from different slums of Bangladesh, India and South Africa.
The interviews took place at day intervals over the span of one year. Money management is a fundamental and well understood element of every-day life of people.
This statement doesn't alter when it comes up to people who don't have much to manage. The book argues that for poor people, managing money well is absolutely central to their existence - more than any other social groups of people. In the first chapter, the authors directly dismiss the assumption that readers may have - that very poor people live on hand-to-mouth practices, immediately consuming the small amount of resources once they get it. Typically, they save when they can and borrow when they cannot.
The authors clearly deliver the message that poor people have a need of good reliable financial services as much as people from the developed part of the world do.
They regard the people living in the part of the world where they conducted the research as suffering from a "triple whammy". New York Times regarded the "triple whammy" in the developed world a synergy of government cuts, declining corporate giving and less favorable tax. Portfolios of the Poor states that the poor are also subjected to the "triple whammy" - consisting of low incomes, irregularity and unpredictability and lack of tools.
The authors found that of all the commonalities the poor that were taking part in the research, the most fundamental were that households were coping with incomes that are not just low, but also irregular and unpredictable, and that too few financial instruments are available to effectively manage these uneven flows of cash.
As a result, households registered high levels of financial cash-flows in relation to income each household. Consequently, households with lower incomes require more rather than less financial management and financial institutions. When it comes to financial institutions, the authors found out that most of the household's transactions were carried out with informal partners rather than with formal institutions like banks and insurance companies. The informal sector has proven to be the best provider of borrowing and lending low amounts of money because of its flexibility and ease of use.
Moreover, many households refused the services of microfinance institutions because their main need is to save, and not to borrow.
Furthermore, surprisingly as it may seem to western people, the poor have to pay interest in order to keep their savings in the formal sector. Funerals, failed health, loss of employment, weddings, and religious celebrations, all of these require significant investments and require diverse access to capital. Saving and borrowing strategies used by poor households reveled in the book are quite different from the western part of the world.
Authors found out that the instruments that help them leverage their capacity to save into larger sums of money to be of two kinds. There is the "accumulators" that allows them to save regularly at fast rates ex.
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RoSCA and the "accumulators" that encourages them to save regularly to pay down large loans - "borrowing in order to save". In the last part of the book the authors described the changes in the semi-formal and formal financial sectors.
It focused on the Garmeen II's innovations impacts on what authors indentified as key financial needs that millions of poor families find difficulty in meeting - managing cash-flows and building lump-sums thorough long-term saving and through borrowing.
Also, the study reveals that the early hope of microfinance lending - that every loan would be invested in a microenterprise - has proven to be wrong. The book proved that most of the poor households rely on microfinance institutions in order to manage their cash-flows, only a small portion of them being actually invested in businesses that would generate incomes. Finally, I believe that the book is a good read. The really great thing about it is the fact that the research the authors made debunks many misconceptions that westerners have, like poor households hand-to-mouth practices; microfinance institutions lend money at a very low interest rate; microfinance institutions lend only to the development of microenterprises; the poor appreciate interest free loans, etc.
The truths in this book have greatly influenced the way I view microfinance, poverty and the development of the poor, moreover it turned around my view on the importance of financial tools in the developing world.
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Reading this book actually brought a new perspective of what the poor really needs as compared to what is deemed to be "common" or mainstream knowledge. Changes the way I see the issues now. Awesome read. Good book but has a lot of business jargon in it.
Can be a little difficult to understand if you don't have a good understanding of this.
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Overall, a great book and addresses world poverty very good. One person found this helpful.
Hardcover Verified Purchase. This book doesn't really tell a captivating story, but for someone with an academic interest in microfinance it offers a lot of good insights on how microfinance plays out in different communities. It is helpful to understand how the needs of different cultural groups affect the kinds of financing that are most helpful.
I also appreciated the point that people don't absolutely need outsiders to provide financing, and that they will organically come up with their own solutions for their biggest problems.
It teaches that outside development workers can learn a lot about what a community needs if they get to know what is already happening in that community before setting up their MFI using products that were developed in entirely different locales.
Needed it for school. See all 33 reviews. Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers.
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