经济学Essay代写结构：Definitions & Functions of Micro Finance

本文是经济学专业的Essay代写范例，题目是“Definitions & Functions of Micro Finance（微型金融的定义和作用）”，小额信贷被认为是世界上消除贫困的良方。在每个人口结构不同的国家和地区，小额信贷正被用来消除贫困。在银行和金融部门，这是一个相当新的概念。

Microfinance is viewed to be a cure against poverty in the world. In each country and region having diverse demographics, microfinance is being utilized to combat poverty. It is a quite recent concept in banking and financial sectors.

Microfinance is to allot very small loans to poor people with the aim of aiding them to start their own enterprises so as they can come out of poverty. That is microfinance is not a hand out, instead it is a hand up that permit the poor, mostly women, to attain continuous financial triumph.

The Journal of Microfinance describes it as what “is arguably the most innovative strategy to address the problems of global poverty” (Woodworth and Woller, 1999). The General Secretary of the United Nations, Kofi Annan, stated in 2002 that microcredit is a critical anti-poverty tool and a wise investment in human capital (Annan, 2002).

《小额信贷杂志》将其描述为“可以说是解决全球贫困问题的最具创新性的策略”(Woodworth和Woller, 1999)。联合国秘书长科菲·安南(Kofi Annan)在2002年指出，小额信贷是一种关键的反贫困工具，也是对人力资本的明智投资(Annan, 2002)。

“Microfinance has evolved as an economic development approach intended to benefit low-income women and men. It refers to the provision of financial services to low – income clients, including the self employed” (Ledgerwood, 2000).

Microfinance is defined as formal scheme designed to improve the well being of poor through better access to saving and services loans (Schreiner, 2000).

The word “microcredit” was not existent before the seventies. But now it has turn out to be a buzz-word among the development practitioners. It is normally characterized as making small loans available directly to small-scale entrepreneurs to enable them either to establish or to expand micro-enterprises and small businesses. Microcredit is normally applied to target groups that would otherwise not qualify for loans from formal institutions. This includes the majority of those living below the poverty line (Commonwealth Secretariat, 2001).

Microcredit differs from microfinance in that microcredit refers to very small loans for unsalaried borrowers with little or no collateral, provided by legally registered institutions. Currently, consumer credit provided to salaried workers based on automated credit scoring is usually not included in the definition of microcredit, although this may change. Whereas Microfinance typically refers to microcredit, savings, insurance, money transfers, and other financial products targeted at poor and low-income people.

小额信贷与小额信贷的不同之处在于，小额信贷是指由合法注册的机构为无薪借款人提供的小额贷款，只有很少或没有抵押。目前，基于自动信用评分向工薪族提供的消费信贷通常不包括在小额信贷的定义中，尽管这可能会改变。而小额信贷通常指的是针对贫困和低收入人群的小额信贷、储蓄、保险、转账和其他金融产品。

Microfinance is a highly common way of lending as lot of people require to borrow money rapidly and in little amount. In the case of macro loans, banks enquire about the person’s credit history and people have to pass through lots of procedures before the approval of the loan amount.

CHARACTERISTICS OF MICROFINANCE

According to (Murray, U and Boros, R, 2002), there are many activities and characteristics are included in microfinance. Some are:

Small amounts of loans and savings.

Short- terms loan (usually up to the term of one year).

Payment schedules attribute frequent installments (or frequent deposits).

Installments made up of both principal and interest, which is amortized over the course of time.

Higher interest rates on credit (higher than commercial bank rates but lower than loan-shark rates), which reflect the labor-intensive work associated with making small loans and allowing the microfinance intermediary to become sustainable over time.

Easy entrance to the microfinance intermediary saves the time and money of the client and permits the intermediary to have a better idea about the clients’ financial and social status.

Application procedures are simple.

Short processing periods (between the completion of the application and the disbursements of the loan).

The clients who pay on time become eligible for repeat loans with higher amounts.

The use of tapered interest rates (decreasing interest rates over several loan cycles) as an incentive to repay on time. Larger loans are less costly to the MFI, so some lenders provide large size loans on relatively lower rates.

No collateral is required contrary to formal banking practices. Instead of collateral, microfinance intermediaries use alternative methods, such as the assessments of clients’ repayment potential by running cash flow analyses, which is based on the stream of cash flows, generated by the activities for which loans are taken.

MICROFINANCE CLIENTS

Microfinance is established as an efficient way to eradicate poverty by offering financial services to those poor people who cannot reach or are ignored by banks and financial institutions.

HOW DOES IT WORK它是如何工作的

Poor people have necessary skills and knowledge to start their own enterprise, the only thing is that they do not have resources (especially finance) to do so. Thus microcredit helps them to accomplish their vision by providing them with micro loans. According to Ahmad (2000), it is acknowledged that people living in poverty are innately capable of working their way out of poverty with dignity, and can show creative potentials to improve their situation when an enabling environment and the right opportunity exists. It has been noticed that in many countries of the world, micro-credit programmes, give access to small capitals to people living in poverty.

穷人拥有创业所需的技能和知识，唯一的问题是他们没有资源(特别是资金)来创业。因此，小额信贷通过提供小额贷款帮助他们实现他们的愿景。根据Ahmad(2000)，人们承认，生活在贫困中的人天生就有能力以有尊严的方式摆脱贫困，并且在有利的环境和适当的机会存在时，可以显示出改善其处境的创造性潜力。人们注意到，在世界上许多国家，小额信贷方案使生活在贫困中的人有机会获得小额资本。

Microfinance is an promising tool for economic development, poverty lessening, empowering of low income communities and giving a new role in micro-entrepreneurship (Mondal, p.1-3). The MFIs take into account the need of their customers concerning micro loans so as they can carry on their enterprises.

There are two types of microfinance borrowers; Micro borrower and Micro entrepreneur. A micro borrower has mind like capitalist who is intend to gain profit while doing business. Therefore a micro borrower gets finances from MFIs, and after reimbursing, they will obtain finances again but only if the purpose is to earn profit and not any entrepreneurial achievement. In contrast, a micro entrepreneur funds his business and brings modernism, originality and distinction from others (Mondal, p.3).

有两种类型的小额贷款借款人;微借款人与微企业家。小额借款人的头脑就像资本家一样，做生意的时候想要获得利润。因此，小额借款人从小额信贷机构获得资金，偿还后，他们会再次获得资金，但前提是目的是盈利，而不是任何创业成就。相反，一个微型企业家资助他的业务，并带来现代主义，原创性和与众不同的其他人(Mondal，第3页)。

Microfinance bestow empowerment to women. Misra (p.3) describes empowerment as a strength to the people and self governance. He quoted “Empowerment builds self-reliance and strength in women, preparing them towards gathering the ability to determine the choice of life. This adds to the command over resources outwit insubordination and signify their social role.”

According to PREM,WB (2002,p.11), “Empowerment is the expansion of assets and capabilities of poor people to participate in , negotiate with , influence, control, and hold accountable institutions that affect their lives.”

MICROFINANCE INSTITUTIONS小额信贷机构

A microfinance institution (MFI) is an organization that offers minor loans to the needy people. The framework of the loan differs from organization to organization as every institution has their own procedures and conditions to supply credits. Nevertheless, the core purpose is to grant financial assistance to the underprivileged.

小额信贷机构(MFI)是一个为有需要的人提供小额贷款的组织。由于每个机构都有其提供信贷的程序和条件，贷款的框架也因机构而异。然而，核心目的是向弱势群体提供经济援助。

When talking about MFIs, we can think about non-governmental organizations (NGOs) which also provide loan facilities to the poor. During the 1990s, many NGOs were converted into formal financial institutions so as to access and on-lend client savings, as a result improving their outreach.

There are also other kinds of microfinance institutions such as credit union or cooperative housing society. These organizations are different in every country (Rehman, 2007). Nowadays even commercials banks are moving towards the concept of microfinance. They are doing this to attract new clientele who wants to start a business but does not have enough funding to do so.

CHARACTERISTICS OF MFIS小额信贷机构的特点

Formal providers are sometimes defined as those that are subject not only to general laws but also to specific banking regulation and supervision (development banks, savings and postal banks, commercial banks, and non-bank financial intermediaries). Formal providers may also be any registered legal organizations offering any kind of financial services. Semiformal providers are registered entities subject to general and commercial laws but are not usually under bank regulation and supervision (financial NGOs, credit unions and cooperatives). Informal providers are non-registered groups such as rotating savings and credit associations (ROSCAs) and self-help groups.

正式提供者有时被定义为那些不仅受一般法律约束，而且还受具体银行监管和监督的机构(开发银行、储蓄和邮政银行、商业银行和非银行金融中介机构)。正式的提供者也可以是任何注册的合法组织，提供任何种类的金融服务。半正式提供者是受一般法律和商业法律约束的注册实体，但通常不受银行监管和监督(金融非政府组织、信用合作社和合作社)。非正式的提供者是非注册的团体，如储蓄和信贷轮转协会和自助团体。

Ownership structures: MFIs can be government-owned, like the rural credit cooperatives in China; member-owned, like the credit unions in West Africa; socially minded shareholders, like many transformed NGOs in Latin America; and profit-maximizing shareholders, like the microfinance banks in Eastern Europe. The types of services offered are limited by what is allowed by the legal structure of the provider: non-regulated institutions are not generally allowed to provide savings or insurance. (www.cgap.com)

ISLAMIC MICROFINANCE

Accepting or paying interest while lending or borrowing money is forbidden according to the Islamic law. However the borrower will share the profit that he will obtain from his business with the lender.

Money is not an asset for earning profit (Duhmale, Sapcanin, p.1). Islam emphasizes on social, ethical, moral factors for distribution of wealth and guide towards social and economic justice. Islam encourage profit rather than interest because earning profit evolve productive activity and involve in profit and risk sharing between lender and borrower (Dhumale, Sapcanin, p.1-2). The purpose of Islamic microfinance is to provide small loans to poor people without interest. This concept benefits the borrower as microfinance interest rates are relatively high.

There are several means to proceed with the interest-free microfinance but we will talk about three of them which are:

MUDARABA (Participation Financing)

Here deal takes place between the lender and the borrower. No interest will be charged, however profit will be shared by both the loan provider and the borrower. According to Zaher, Kaber, ” Mudaraba is a trust based financing agreement whereby an investor(Islamic bank) entrusts capital to an agent(Mudarib) for a project. Profit will be shared on an agreed ratio and the contract is similar to a western type of limited partnership where one is injecting money and the other one controls the business. In case of losses, the lender receives no return and the borrower no recompense for his work (Segrado, 2005, p.11).

MUSHARAKA

According to Segrado (2005), ” Two parties provide capital for a project which both may manage. Profits are shared in pre-agreed ratios but losses are borne in proportion to equity participation”. As we can see, here it is not established on profit sharing but depends on evaluation and administration competence and part in business.

MURABAHAH

Here the lender will purchase goods and sell them to the borrower after adding a reasonable profit. The lender will stay the proprietor of the goods until imbursements are cleared. Dhumale, Sapcanin (p.10) describe Murabahah as “the Murabahah contract is similar to trade finance in the context of working capital loans and to leasing in the context of fixed capital loans”.

在这里，贷款人将购买货物，并在增加合理的利润后出售给借款人。在还清欠款之前，贷款人仍是货物的所有人。Dhumale和Sapcanin(第10页)将Murabahah描述为“Murabahah合同在流动资本贷款方面类似于贸易融资，在固定资本贷款方面类似于租赁”。

MICROCREDIT AND POVERTY ALLEVIATION

THE GRAMEEN MODEL

The terms “microfinance” and “micro credit” were not on screen before 1980s 0r 1990s (Robinson, 2001). It all started with the return on Muhammad Yunus to Bangladesh after teaching in the U.S for a few years.

In 1974, during a trip in a relatively poor village in Bangladesh, Muhammad Yunus came across Sufiya , a stool maker, who had to borrow money from a local lender so as to buy raw materials. She had to repay the lender with high interest rates which sometimes exceeded the initial amount. After repayment, she was left with practically nothing to meet her basic needs. Dr. Yunus was disappointed by what he saw and lent a small amount of money to 42 rural basket-weavers. He found that his action encouraged them to work more and they were enthusiastic to repay their loan (Roy, Mark A, 2003).

After two years, there came the establishment of the Grameen Bank where Dr. Yunus introduced the “Grameen Model” which is now the buzzword in the world of microfinance. Since its start in 1976, it has grown to over 1084 national branches in over half the villages of Bangladesh. The concept of this model is to provide loan facilities to poor people, especially women, so that they can carry out their small enterprises and manage their livelihood (Roy, Mark A., March 2003).

The procedure of the “Grameen Model” is that borrowers should form a group of five members. After the loan application, the first two people will obtain the loan. If they repay their loan successfully, then the other two members will get their loan amount. The last member will be granted the loan when the previous two members clear their debts. If this group was a good payer, therefore they will be eligible for future loans. However, if one of them fail to pay the loan, the whole group will be disqualified for further loan (Rehman, 2007).

“格莱珉模式”的程序是借款人应组成一个五人小组。申请贷款后，前两个人将获得贷款。如果他们成功偿还贷款，那么其他两个成员将得到他们的贷款金额。在前两名成员还清债务后，最后一名成员将获得贷款。如果这个群体是一个良好的偿还者，因此他们将有资格获得未来的贷款。然而，如果其中一人未能偿还贷款，整个组将被取消进一步贷款资格(Rehman, 2007)。

As we can see, the approach of group lending is applied. This approach has many advantages. Firstly, members of a group are acquainted to each other, therefore if one is absent in the group meeting, another one can pay its installments. Furthermore in South Asia, especially in Bangladesh, there exists some kind of social pressures. If a member of a group does not repay his loan, he will be pressurized by the other members and also his neighborhood will get to know about it. So he will have to make an effort to repay his loan to avoid this kind of situation (Sengupta, Aubuchon, 2008).

如我们所见，采用了群体借贷的方法。这种方法有很多优点。首先，一个小组的成员彼此都很熟悉，因此如果一个人缺席小组会议，另一个人可以分期付款。此外，在南亚，特别是在孟加拉国，存在着某种社会压力。如果一个团体的成员不偿还他的贷款，他会受到其他成员的压力，他的邻居也会知道这件事。所以他将不得不努力偿还他的贷款，以避免这种情况(Sengupta, Aubuchon, 2008)。

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