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Portfolios of the Poor: How the World's Poor Live on $2 a Day
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Portfolios of the Poor: How the World's Poor Live on $2 a Day [Format Kindle]

Daryl Collins , Jonathan Morduch , Stuart Rutherford , Orlanda Ruthven

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Descriptions du produit

Présentation de l'éditeur

Nearly forty percent of humanity lives on an average of two dollars a day or less. If you've never had to survive on an income so small, it is hard to imagine. How would you put food on the table, afford a home, and educate your children? How would you handle emergencies and old age? Every day, more than a billion people around the world must answer these questions. Portfolios of the Poor is the first book to systematically explain how the poor find solutions to their everyday financial problems.

The authors conducted year-long interviews with impoverished villagers and slum dwellers in Bangladesh, India, and South Africa--records that track penny by penny how specific households manage their money. The stories of these families are often surprising and inspiring. Most poor households do not live hand to mouth, spending what they earn in a desperate bid to keep afloat. Instead, they employ financial tools, many linked to informal networks and family ties. They push money into savings for reserves, squeeze money out of creditors whenever possible, run sophisticated savings clubs, and use microfinancing wherever available. Their experiences reveal new methods to fight poverty and ways to envision the next generation of banks for the "bottom billion."

Indispensable for those in development studies, economics, and microfinance, Portfolios of the Poor will appeal to anyone interested in knowing more about poverty and what can be done about it.

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  • Format : Format Kindle
  • Taille du fichier : 3167 KB
  • Nombre de pages de l'édition imprimée : 296 pages
  • Editeur : Princeton University Press (20 avril 2009)
  • Vendu par : Amazon Media EU S.à r.l.
  • Langue : Anglais
  • ASIN: B003TSEL14
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Commentaires client les plus utiles sur (beta) 4.5 étoiles sur 5  19 commentaires
42 internautes sur 42 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Brilliant approach to analyzing seemingly-impenetrable issues 20 juin 2009
Par R.T. in DC - Publié sur
I opened "Portfolios of the Poor" feeling dubious: multiple-authored works usually feel like the proverbial camel stitched together by a committee. And what's this about the world's poorest--who we all KNOW don't have anything resembling financial savvy--having "portfolios?" Within a few pages I was completely hooked, and since finishing this masterful work I can't stop pondering--and talking with friends & colleagues about--its many powerful insights.

Rather than the usual 30,000-foot opining about The Poor, the authors spent more than a year actually living in, and closely observing residents of, some of the earth's most wretched slums. Their experiences, as reported honestly and respectfully here, will profoundly affect your views of poverty--and of what we can do to help. I won't scoop the authors' ably-told tales, nor their eminently sensible recommendations. This is the first book I've read in a long, long time that has fundamentally changed my thinking on questions of international development. Read it!
19 internautes sur 21 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Thoughtful, provocative, and insightful. A must read! 16 août 2009
Par Jeremy Stone - Publié sur
Having worked in economic development for some time now, I have grown accustomed to studies concerning the use of capital by the global poor being stated in simply academic terms. Portfolios of the Poor though, brings the human element back into economics and gives a more intuitive understanding of the financial challenges that people face in their daily lives. Funerals, weddings, failed health, loss of employment, religious celebrations, purchase of a new home... all of these require significant investments and require diverse access to capital. This book not only describes how people react to those challenges, but also how they prepare for them beforehand with multilayered portfolios of equity and debt. Whether it be personal assets, rotating savings groups, or relationships with informal lenders, people all over the world use thoughtful and complex approaches to accessing capital when formal financial services are inaccessible. The authors' use of financial diaries prepared by struggling families in Asia and Africa proves that millions of individuals are prepared for the risks and rewards of financial services if they were only tailored to their needs. There is so much more that financial institutions can do, and this study is a significant building block in understanding how to develop financial products for even the poorest of the poor. Thanks for such a great book, and I hope to see more work like this.

One last comment - I don't think there's a single equation in the whole book! Finally, economics without algebra... it's like heaven.
10 internautes sur 10 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 Important questions answered about a troubling subject 4 mai 2010
Par Deb Nam-Krane - Publié sur
I have to disagree with a previous reviewer: this is a very easy to read book. I was going to say a high school student could read this, but really, with just a few exceptions, a middle school student could follow this, and that's a compliment.

I imagine the first thoughts people in the "First World" have when they hear how many people survive on $2 (or less) per day is how overwhelmingly impossible and desolate that must be. If they get past that, one of the next thoughts might be, "who's paying them that every day?" It's easy to puzzle out that the very poor do not, most likely, get that money on a regular basis, and then the question of how they survive becomes even more unfathomable.

This work goes a long way toward answering that question. After following over 200 families in Bangladesh, India and South Africa, the researchers made a number of surprising conclusions. First, contrary to what we might assume, the very poor do not live hand-to-mouth, immediately consuming all of their very small resources as soon as they arrive. They are able to pay for participation in festivals, weddings, funerals, emergencies and education, just to name a few. Second, and most importantly, the poor are able to do this through a variety of financial instruments- formal, semiformal and informal- that show a level of sophistication that most wouldn't expect.

However, as one can easily imagine, both the small total amount of income and the irregularity with which it arrives creates stressful situations when those sums have to be raised. In many cases, they are raised, but most have to make more use of loans than savings. While many of those loans are even interest-free, the financial and social anxiety they create have costs of their own, which many are eager to avoid.

The authors frequently refer to the "Triple Whammy" that affects their subjects: not only are their incomes small and infrequent, but the majority of the very poor lack access to reliable, flexible financial tools that allow them to save their small funds over a long-period of time. They also lack access to reliable loans. While some might argue against the credit-worthiness of such individuals, the argument that these financial diaries make is that the majority of them have already demonstrated a capacity to make small, frequent payments; they are worthy lending risks, but flexible arrangements must be allowed.

This is not to say that there are no tools. There are an impressive variety of savings clubs, savings schemes and credit instruments. But many are fraught with risk; for example, the treasurer of one savings club in South Africa was murdered while she was transporting half of the funds to the bank.

The authors spent some time debunking some myths about money lenders, particularly the high interest rates. In essence, their argument is that the high rates quoted at the beginning of the transaction is intended to be both a deterrent and insurance, as many such loans are difficult to fully recover. However, the authors quoted a few anecdotes where the interest was renegotiated or forgiven once at least a partial payment record had been established.

It was clear to both the authors and the readers that health costs, whether in the form of a sudden event or a long-expected death, was a huge strain on their subjects, both in terms of lost income potential and the cost of treatment. Clearly, this issue needs to be addressed.

Microfinancing as pioneered by the Grameen Bank was discussed through much of the book, even getting its own chapter toward the end. Access to a better, more reliable saving and lending instrument did not always improve the financial position of their subjects, particularly in Bangladesh. The relative inflexibility of the loan payments and loan objectives (funding a microenterprise) made it less than ideal for most of them. However, the revised "Grameen II" objectives added not only more flexibility but also a mandated savings account. Those who enrolled in the program began enjoying more financial flexibility. However, Microfinance is still not a perfect solution, as it is still linked to business and not households. The authors were optimistic that this would change.

I found this book to be informative about a subject that has been, frankly, bothering me for some time. However, I was surprised that it wasn't until the end of the book that we got any information about the authors. Now knowing that one of the authors founded a microfinance organization of his own, I am even more skeptical about the frequent mention of that category of business in this work. Stating that upfront would have made the work more transparent.

Still, this is a groundbreaking work, and the methodology used can easily be replicated to further the work in this important subject.
4 internautes sur 4 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 Understanding the daily reality of global poverty 16 juillet 2012
Par Mal Warwick - Publié sur
Format:Format Kindle|Achat vérifié
This book makes a major contribution to our understanding of global poverty.

Portfolios of the Poor reports the findings of a series of detailed, year-long studies of the day-to-day financial practices of some 250 families in India, Bangladesh, and South Africa, including both city-dwellers and villagers. The authors conducted monthly, face-to-face interviews with each family, focusing on money management and recording every penny spent, earned, or borrowed in ¡°diaries¡± that formed the principal source for their observations. In the process, they made discoveries that will surely be surprising to some readers:
¡öThe poor rarely live from hand to mouth. ¡°[N]o matter where we looked, we found that most of the households, even those living on less than one dollar a day per person, rarely consume every penny of income as soon as it is earned. They seek, instead, to ¡®manage¡¯ their money by saving when they can and borrowing when they need to.¡±
¡öLack of money is just one of the financial characteristics of poverty. It¡¯s equally important that poor people¡¯s income is both unpredictable and irregular. Crops come in two or three times a year, yielding whatever the weather may permit and the market may bear; between-times a family may have no cash income at all. A son might get a job for a day but not again for a week or a month. Illness or injury may interrupt a family¡¯s income. And so forth.
¡öRather than helpless victims of their poverty, the authors found, the poor are remarkably sophisticated about the financial circumstances of their lives. ¡°We came to see that money management is, for the poor, a fundamental and well-understood part of everyday life.¡±
¡öMicrolending is just one of the financial services needed by the poor to lift themselves out of poverty. ¡°[W]e saw that at almost every turn poor households are frustrated by the poor quality ¡ª above all the low reliability ¡ª of the instruments that they use to manage their meager incomes. This made us realize that if poor households enjoyed assured access to a handful of better financial tools, their chances of improving their lives would surely be much higher.¡±
¡öMost observers regard money-lenders as simply a scourge of the poor, as they are so very often. However, given the dearth of mainstream money-management alternatives, there are many circumstances in which it¡¯s logical for poor people to turn to money-lenders for short-term cash loans. ¡°One of the lessons from the diaries is that interest paid on very short-duration loans is more sensibly understood as a fee than as annualized interest.¡±

Scholars, activists, and policymakers alike have quarreled over the question of global poverty and what to do about it for more than half a century. More often than not, the disputes they air in official policy debates, in the news media, and in scholarly journals are grounded in statistics developed by the United Nations and the World Bank ¡ª figures that usually represent worldwide averages. Therein lies much of the trouble.

The most widely accepted benchmark for world poverty today is $2 a day per person, as determined by the World Bank. However, you have to dig deeply before you can understand what the World Bank and the United Nations actually mean by ¡°$2 a day.¡± They¡¯re not referring to those two one-dollar bills you may have crumpled up in your pocket or purse. To correct for economic differences from one country to another, they use the concept of Purchasing Power Parity (PPP).

In theory, PPP takes into consideration the sharp differences in how much $2 will buy in any given country as compared to the global norm. But in practice the experts have widely differing views on what method should be used to calculate PPP and, in effect, what is the global norm. As if that isn¡¯t bad enough, the most commonly used techniques to calculate PPP are based on each country¡¯s economy-wide standard of living. In other words, the definition of poverty might depend in part on the price of big-screen TV sets and BMWs or their equivalent. In hopes of correcting that problem, scholars have been writing papers for several years about ¡°poverty-based PPP,¡± excluding anything but goods and services commonly demanded by people living at subsistence level, but none of the approaches they¡¯ve proposed has yet been officially adopted.

The whole question of PPP, then, is so confusing ¡ª and so confused ¡ª that the authors of Portfolios of the Poor have rejected the concept. They base all their calculations simply on the prevailing exchange rates between local currencies and the U. S. dollar. To which I say, amen.

The four co-authors of this book are an intriguing bunch. Two are men and two women. (Daryl Collins, the lead author, is female.) All four are products of elite universities: Oxford, Cambridge, Harvard, and the London School of Economics, though only one, Jonathan Morduch, is currently an academic. Morduch teaches development economics at NYU¡¯s Wagner School of Public Policy in New York; he is an expert in microfinance. Daryl Collins, Stuart Rutherford, and Orlanda Ruthven are all development practitioners with practical field experience ¡ª Collins with a Boston-based global consultancy, Rutherford with a microfinance institution he founded in Bangladesh, and Ruthven with DFID, the UK equivalent of USAID.

2 internautes sur 2 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Thoughtful, insightful and best of all - it debunks many misconceptions westerners have. A must read!, 23 février 2012
Par Prisacaru Dan - Publié sur
Format:Format Kindle|Achat vérifié
It is hard to imagine for those living in the developed part of the world that two fifths of people today manage to survive on two dollars a day. Moreover, it is even harder to believe that poor people, who normally should lack financial sense, live rich financial lives and even manage to have their own "Portfolios". In the book Portfolios of the Poor: How the World's Poor Live on $2 a Day, the authors Daryl Collins, Jonathan Morduch, Stuart Rutherford and Orlanda Ruthven describe the findings of a detailed study and give an inside on how people live on so little resources. The data was collected by a team of skilled interviewers that recorded financial transactions and comments during visits to poor families from different slums of Bangladesh, India and South Africa. The interviews took place at 15-day intervals over the span of one year.
Money management is a fundamental and well understood element of every-day life of people. This statement doesn't alter when it comes up to people who don't have much to manage. The book argues that for poor people, managing money well is absolutely central to their existence - more than any other social groups of people. In the first chapter, the authors directly dismiss the assumption that readers may have - that very poor people live on hand-to-mouth practices, immediately consuming the small amount of resources once they get it. The research data clearly concluded that even families living on less than $1 a day per person rarely consume every penny of income as soon as it was earned. Typically, they save when they can and borrow when they cannot.
The authors clearly deliver the message that poor people have a need of good reliable financial services as much as people from the developed part of the world do. They regard the people living in the part of the world where they conducted the research as suffering from a "triple whammy". New York Times regarded the "triple whammy" in the developed world a synergy of government cuts, declining corporate giving and less favorable tax. Portfolios of the Poor states that the poor are also subjected to the "triple whammy" - consisting of low incomes, irregularity and unpredictability and lack of tools. The authors found that of all the commonalities the poor that were taking part in the research, the most fundamental were that households were coping with incomes that are not just low, but also irregular and unpredictable, and that too few financial instruments are available to effectively manage these uneven flows of cash.
The book clearly explains that when a person lives on $2 a day that person may get $1 a day for months at a time and then get $3 a day for a period of time and then even make nothing. Because of the unpredictable income, interviewed households saved/lent money and borrowed when in need. As a result, households registered high levels of financial cash-flows in relation to income each household. Consequently, households with lower incomes require more rather than less financial management and financial institutions.
When it comes to financial institutions, the authors found out that most of the household's transactions were carried out with informal partners rather than with formal institutions like banks and insurance companies. The informal sector has proven to be the best provider of borrowing and lending low amounts of money because of its flexibility and ease of use. Moreover, many households refused the services of microfinance institutions because their main need is to save, and not to borrow. Furthermore, surprisingly as it may seem to western people, the poor have to pay interest in order to keep their savings in the formal sector.
Funerals, failed health, loss of employment, weddings, and religious celebrations, all of these require significant investments and require diverse access to capital. Saving and borrowing strategies used by poor households reveled in the book are quite different from the western part of the world. Authors found out that the instruments that help them leverage their capacity to save into larger sums of money to be of two kinds. There is the "accumulators" that allows them to save regularly at fast rates (ex. RoSCA) and the "accumulators" that encourages them to save regularly to pay down large loans - "borrowing in order to save".
In the last part of the book the authors described the changes in the semi-formal and formal financial sectors. It focused on the Garmeen II's innovations impacts on what authors indentified as key financial needs that millions of poor families find difficulty in meeting - managing cash-flows and building lump-sums thorough long-term saving and through borrowing. Also, the study reveals that the early hope of microfinance lending - that every loan would be invested in a microenterprise - has proven to be wrong. The book proved that most of the poor households rely on microfinance institutions in order to manage their cash-flows, only a small portion of them being actually invested in businesses that would generate incomes.
Finally, I believe that the book is a good read. The really great thing about it is the fact that the research the authors made debunks many misconceptions that westerners have, like poor households hand-to-mouth practices; microfinance institutions lend money at a very low interest rate; microfinance institutions lend only to the development of microenterprises; the poor appreciate interest free loans, etc. The truths in this book have greatly influenced the way I view microfinance, poverty and the development of the poor, moreover it turned around my view on the importance of financial tools in the developing world.
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