Savings and Development

ISSN 0393-4551

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A journal established by Giordano Dell’Amore Foundation (formerly Finafrica) in 1977. Handed over to the University of Bergamo, starting from issue n. 3, 2007.
Published by Sestante Edizioni-Bergamo University Press up to 2010, the journal is now published Open Access by Università degli studi di Bergamo.

Editorial and Advisory board

Managing Editor

Laura Viganò, Università degli Studi di Bergamo

Co-editor

Davide Castellani, Università degli Studi di Bergamo

Editorial board

O. Felix Ayadi, Texas Southern University
Sergio Bortolani, Università degli Studi di Torino
Yoichi Izumida, University of Tokyo
Victor Murinde, University of Birmingham
Paolo Mottura, Università Bocconi, Milan
Paul Wachtel, Stern School of Business, New York University

Advisory board

Hugh Patrick, Professor Emeritus, Columbia Business School
Jack M. Guttentag, Professor Emeritus, Wharton School, University of Pennsylvania

Honorary editors

Dale W. Adams, Professor Emeritus, The Ohio State University
Mario Masini, Università degli Studi di Bergamo
J.D. Von Pischke, Consultant

The Editor and the Editorial Team of Savings and Development are very sorry to announce that Prof. Arnaldo Mauri, who served as Editor of the Journal since its inception and for many years, passed away on November 21, 2016.
Prof. Mauri was a renowned expert in the field of finance in development. His professional contribution and his dedication to the success of the Journal will always be acknowledged by the scientific community to which Savings and Development is directed.

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Three decades (1874–1905) of moneylending in rural Japan

This study aims to analyze the lending activities of one family for a 32-year period (1874–1905) based on their books and notes in a village in Meiji Japan. By using long-term microdata from the supply side, we show the features, changes, and outcomes of informal moneylending. In particular, we elucidate the impact of financial improvement on assets distribution, one of missing points in a discussion of microfinance. We conclude that increasing access to modern finance does not always lead to...

Resilience of agricultural microfinance institutions to rainfall shocks

This paper adds nuance to our understanding of how precipitation shocks impact the financial performance of Microfinance Institutions (MFI). Using a unique longitudinal dataset of agricultural MFIs in Peru, Ecuador, and Mexico, the paper first shows that rainfall shocks have a statistically significant effect on indicators of credit risk and profitability. Next, it tests if such effects are influenced by the funding costs. The analysis is guided by the equilibrium conditions of a theoretical ...

Factors impacting geographical distribution of directed lending: a study of Indian banking

Mandatory directed credit program (DCP) or priority sector lending (PSL) program, which is part of the regulatory framework for commercial banks/ financial institutions in many countries, presently focusses mainly on achieving the national objective of balanced sectoral development. With a small change in the guidelines, it can also be made an effective instrument for reducing geographical inequalities in any federal structure of government. Since the program involves a significant proportion...

Perceived basis risk and the heterogeneous demand for weather derivatives in Southern Ethiopia

This paper investigates the role of basis risk in decisions to buy derivatives that protect against drought risk. We conducted a discrete choice experiment on a sample of Ethiopian farmers. The results suggest that there is an inverted U-shaped relationship between the contractual frequency of severe drought and the market share of insurance. In other words, when the contractual frequency differs from the average perceived frequency, demand decreases. This relationship is not verified for mod...

The informal system of remittances and currency board: complementarity or antagonism? the case of hawala transfers in Djibouti

We propose an empirical study analyzing the link between monetary regime (Currency Board) and informal monetary practices (hawala transfers) in Djibouti. The analytical and empirical results both from monetary accounting and econometric simulations, particularly from different tests for cointegration between the balance of payments, reserve money, and hawala transfers for the period 2002-2011, show that informal practices develop in harmony with the highly rigid monetary regime. The interacti...

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