This paper analyses microcredit demand and use to draw lessons how households appropriate microcredit services. It introduces qualitative analysis to a randomized study. Findings suggest that microcredit demand and use is shaped not only by agro-ecological conditions, but by two major pratially interrelated factors: debt-related norms articulated with the perception of the sanction in case of repayment default, and the "social life" of microcredit, namely, how social actors, credit officers and local leaders, engage with microcredit. On a conceptual perspective we argue that microcredit "markets" do not result from supply confronting demand, but instead, are historical, political and social constructs.
This article investigates the stock market integration within the Middle East region. We develop a regional dynamic version of the CAPM and estimate it using a multivariate GARCH methodology. We contribute to the financial literature by proposing the first empirical work that addresses the following three questions for emerging stock markets from Middle East region: (i) What factors determine Middle East regional stock market integration? (ii) Is exchange rate risk priced in Middle East emerging stock markets? And (iii) what are the relative contributions of regional and local risk factors to the total risk premium in Middle East emerging stock markets?
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