The Microfinance Collateralized Debt Obligation: a Modern Robin Hood?
The aim of this paper is to highlight a potentially very fruitful link between micro-entrepreneurs and the international capital markets. We discuss 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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|Date of creation:||18 Jun 2006|
|Date of revision:||21 Aug 2006|
|Publication status:||Published in World Development, 2008, pages 2109-2126.|
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"Great expectations: microfinance and poverty reduction in Asia and Latin America,"
33142, University Library of Munich, Germany.
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"Do interest rates matter? credit demand in the Dhaka Slums,"
33146, University Library of Munich, Germany.
- Dehejia, Rajeev & Montgomery, Heather & Morduch, Jonathan, 2012. "Do interest rates matter? Credit demand in the Dhaka slums," Journal of Development Economics, Elsevier, vol. 97(2), pages 437-449.
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GSIA Working Papers
2006-E31, Carnegie Mellon University, Tepper School of Business.
- 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.
- Bank for International Settlements, 2005. "The role of ratings in structured finance: issues and implications," CGFS Papers, Bank for International Settlements, number 23, Autumn.
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