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The Microfinance Collateralized Debt Obligation: A Modern Robin Hood?

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Author Info
Byström, Hans N.E.

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Abstract

Summary The aim of this paper is to highlight a potentially very fruitful link between micro-entrepreneurs and international capital markets. It discusses the role structured finance and credit derivatives could play in extending finance to micro-entrepreneurs on a much larger scale than today's mainly non-commercial microfinance industry. The mechanisms of so-called collateralized debt obligations (CDOs) are described and extended to the microfinance world. Finally, a hypothetical, but realistic, example of such a microfinance CDO (MiCDO) is used to discuss the implications of securitization and tranching of microcredits.

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File URL: http://www.sciencedirect.com/science/article/B6VC6-4SVM14N-9/2/6a1c8d2b42d9577efd021605d8899bf9
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Publisher Info
Article provided by Elsevier in its journal World Development.

Volume (Year): 36 (2008)
Issue (Month): 11 (November)
Pages: 2109-2126
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Handle: RePEc:eee:wdevel:v:36:y:2008:i:11:p:2109-2126

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Web page: http://www.elsevier.com/locate/worlddev

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Related research
Keywords: commercial microfinance structured finance collateralized debt obligation MiCDO Asia China;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Antje Berndt & Rohan Douglas & Darrell Duffie & Mark Ferguson & David Schranz, 2005. "Measuring default risk premia from default swap rates and EDFs," BIS Working Papers 173, Bank for International Settlements. [Downloadable!]
  2. John Weiss & Heather Montgomery, 2005. "Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America," Oxford Development Studies, Taylor and Francis Journals, vol. 33(3-4), pages 391-416. [Downloadable!] (restricted)
  3. Ingo Fender & John Kiff, 2004. "CDO rating methodology: Some thoughts on model risk and its implications," BIS Working Papers 163, Bank for International Settlements. [Downloadable!]
  4. Antje Berndt & Rohan Douglas & Darrell Duffie & Mark Ferguson, . "Measuring Default Risk Premia from Default Swap Rates and EDFs," GSIA Working Papers 2006-E31, Carnegie Mellon University, Tepper School of Business. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Byström, Hans, 2007. "Structured Microfinance in China," Working Papers 2007:18, Lund University, Department of Economics. [Downloadable!]
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