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Annotated Bibliography Series
Series No. 3 Rural Finance Compiled By Tariq Md. Shahriar Institute of Microfinance (InM)
E-4/B, Agargaon Administrative Area,
Sher-E-Bangla Nagar, Dhaka-1207.
Bangladesh. May, 2007. CONTENTS General Topics 1
M Rural credit 57
M Formal Finance 77-148
n General 77
H Development Banks 89
H Commercial Banks 107
n Agricultural Finance 112
n Savings Mobilization 123
n Sustainability 137
n Repayment Behavior 145
? Informal Finance 149-187
n General 149
n ROSCA 163
n Self-Help Group 175
H Informal Lending 180
n Co-operatives 185 M Formal-Informal Finance Interlinkage 188 Other Topics 196 Index by Author 217 General Topics Adams, D.W.; Graham, D.H. & Von Pischke, J.D. (editors). (1984).
"Undermining Rural Development with Cheap Credit". Boulder: Westview Press. Adams, D.W. & Vogel, R.C. (1986). "Rural financial markets in low-income
countries: Recent controversies and lessons". World Development, Volume 14,
Issue 4, April 1986, Pages 477-487. Abstract: Recently some researchers have criticized traditional
agricultural credit policies in low-income countries. This article
identifies the major points of controversy between traditional views and
these new views and also summarizes the primary lessons learned from these
controversies. Savings mobilization, more flexible interest rate policies,
less loan targeting, and greater emphasis on improving the quality of
financial services in rural areas are new views that are emphasized. Adams, D.W. (1988) "Distinctive Features of Rural Financial Markets in
Asia". In Farm Finance and Agricultural Development. Tokyo: Asian
Productivity Organization. p. 25-40. Adams, D.W. (1988). "The Conundrum of Successful Credit Projects in
Floundering Rural Financial Markets". Economic Development and Cultural
Change 36(2): 355-367. Adams, D.W.; Chen, H.Y. & Lamberte, M.B. (1993). "Differences in uses of
rural financial markets in Taiwan and the Philippines". World Development
21, no. 4: 555-63. Abstract: Despite entering the post World War II period in similar economic
situations, by the early 1990s, the rural sectors in both Taiwan and the
Philippines differed greatly. The rural sector in Taiwan displayed many of
the features found in developed economies, while in the Philippines,
poverty was still widespread. This paper argues that the performance of
Formal Rural Financial Markets (FRFMs) in the two countries explains an
important part of the difference in rural development. The paper considers
the success of FRFMs as being indicated by the ability to provide a
sustained flow of services to an expanding number of people. The background
to the development of rural finance in the two countries is discussed,
taking the examples of cooperatives and government organizations as lending
agencies. The superior performance of FRFMs in Taiwan is seen as a result
of emphasizing the efficient allocation of resources, while in the
Philippines, FRFMs were used to handle target loans and subsidies. The
paper highlights 10 specific policies that help explain the superior
performance of rural financial markets in Taiwan. The paper concludes that
farmers in low-income economies will find it increasingly difficult to
invest without strong dependable FRFMs. Adams, D.W. (1995). "From Agricultural Credit to Rural Finance". Quarterly
Journal of International Agriculture 34, no. 2: 109-20. Abstract: Forty years ago, credit was thought to be a critical part of a
package of inputs needed to boost agricultural production. Initial results
of donor and government efforts to expand agricultural credit were so
encouraging that by the early 1950s some experts felt they could transplant
credit programmes from developed countries that would succeed in most low-
income countries. Optimism persisted for several decades until the early
1970s when problems began to surface in numerous credit programmes. The
gravity of these problems became more apparent and pessimism grew until in
the late 1980s major donors began to abandon agricultural credit efforts
and instead increasingly focused on rural finance. This contribution
discusses the evolution of agricultural credit into rural finance. It gives
also an explanation for why this evolution occurred, and then summarizes
the lessons that have been learned along the way. The paper concludes by
outlining the major challenges for future financial infrastructure building
in rural areas. Adams, D.W. (2001). "AfDB Policy Guidelines for the Rural Financial Sub-
sector". African Development Bank. 1 ADB. (1997). "Proposed Loan: Rural Financial Institutions Project. Kyrgyz
Republic". RRP: KGZ 28395. Manila: ADB. July. ADB. (2004). "Technical Assistance to the People's Republic of China for
Rural Finance Reforms and Development of Microfinance Institutions". Abstract: This document provides details of the Technical Assistance (TA)
proposed by the Asian Development Bank (ADB) to provide advisory support
for rural finance reforms and the development of microfinance institutions
(MFIs) in Inner Mongolia Autonomous Region (IMAR) and Guizhou Province of
the People's Republic of China. The document outlines some of the features
of the rural financial system of the IMAR and Guizhou Province:
* Rural Credit Cooperatives (RCCs) are the only financial institution
serving rural areas;
* RCCs have long been influenced by various levels of government and
suffer from problems such as unclear ownership structure, poor
corporate governance, inadequate business scope and internal control.
The document then identifies some of the issues faced by the two regions:
* Long distances and economic disparity;
* Limited operational scale, poor financial performance and weak
institutional capacity;
* Policy constraints;
* Poor corporate governance.
Finally, the document provides details of the methodology, costs and
implementation arrangements for the TA. AFRACA. (2004). "Financial Sector Reforms, Central Banks and Rural
Finance". Abstract: This document focuses on financial sector reforms in Africa and
their impact on the role and rural finance policies of central banks. As
structural adjustment progressed through the 1980s an 90s, it became
apparent that central banks and governments still have a positive role to
play in rural financial activities:
* One of the key objectives of the "reformed" central banks is to
promote the development of financial markets;
* 70-90% of population lives and works in rural areas;
* There are appropriate policies for the promotion, regulation and
supervision of semi-formal and informal rural finance institutions.
The book adresses these issues with the experiences of 11 participants from
English speaking sub-Saharan in a 1999 conference. It offers a further
focus on the safety of savings in microfinance institutions (MFIs) and the
potential threat for financial sector stability due to failures of MFIs. Agabin, M. & Daly, J. (1996). "An Alternative Approach to Rural Financial
Intermediation, The Phillippine Experience". Chemonics International
occasional paper, May. Ahmed, M.U. (1984). "Financing Rural Industries in Bangladesh". The
Bangladesh Development Studies, Vol.12, No 1&2, Special Issue on Rural
Industrialisation in Bangladesh. Alvarado, J. & Galarza, R. (1999). "ANED, Bolivia: Pioneering Rural
Microleasing". Inter-American Development Bank (IADB). Abstract: Featured as chapter 10 in the IDB publication Promising Practices
in Rural Finance, this case study examines the microleasing programme that
ANED (Asociación National Ecuménica de Desarollo) began in 1997. ANED's
financial leasing programme is an innovative mechanism for small producers
of Bolivia's rural areas to finance investment capital such as tractors,
farm ploughs, motorised pumps and other fixed assets. By financing the
acquisition of fixed assets, and ANED's practice of purchasing directly
from the supplier, this alternative to credit circumvents some of the most
important bottlenecks small producers often face in expanding their
production and productivity possibilities. Inherent to this financial
product is a solution to the lack of collateral that often limit small
producers' access to financial services. Financial leasing also lowers
portfolio risks for ANED. The results of this programme are analysed from
the perspective of its outreach and financial performance. This case study
demonstrates how ANED has succeeded in creating an innovative financial
product that was well received and appears to have great perspectives for
future consolidation as an alternative for a large sector of small rural
producers. The study also identifies challenges to the expansion of this
programme (e.g., funding availability, product 2 promotion, market exploration, training for inexperienced clients, legal
framework and regulation, insurance mechanisms for leasing products) and
draws conclusions based on these challenges. Arias, D. & Covarrubias, K. (2005). "Agricultural Insurance in Mesoame