Strengthening housing finance in emerging markets: the savings and credit cooperative organisation (SACCO) model in Kenya

Abstract

Savings have long been an essential source of funding for credit. Whether in Europe, North America, Africa, Asia or Latin America, community-based financial institutions have relied on deposits to make financial services accessible to moderate-income borrowers. Despite the foundational role savings and loans have had in financial sector development, emerging markets have largely overlooked the important role these institutions can have in providing shelter credit in their own contexts. Savings and Credit Cooperative Organisations (SACCOs) in the Republic of Kenya illustrate the potential model for deposit-based lending to deliver housing finance for many of the country’s underserved prospective borrowers. This study draws upon the experiences of several savings and loan associations in the industrialized world with applications towards improving the Kenyan SACCO model that provides the most extensive credit union loans on the African continent. The article concludes community finance institutions merit strong consideration towards helping overcome the housing finance sector underdevelopment too often experienced in the developing world.     

室内照明统一眩光值(UGR)校准装置的研制

统一眩光值UGR是表征室内照明眩光程度高低和视觉舒适度的重要参数,在室内照明检测和照明设计中有着广泛应用。目前国内对于眩光测试仪的溯源方法一般只采用光亮度标准装置校准亮度值,而对于照明光源的亮度分布和几何位置信息都没有进行相关校准,造成眩光测量结果的失准和不统一。针对此问题,本文研制了一套统一眩光值UGR校准装置,介绍了装置原理和结构,并对其不确定度进行分析。该装置的研制对于保障眩光测量结果的准确统一,有效提升照明设计质量,保护视觉健康有着重要作用。     

A cash-constrained stochastic inventory model with consumer loans and supplier credits: the case of nanostores in emerging markets

We consider a small traditional retailer that is managing its inventory under strict cash constraints, mainly because typically informal loans are offered to customers. These stores are widely present in emerging markets, and we refer to them as nanostores (also called ‘mom-and-pop stores’). As the suppliers require immediate payments for goods delivered, a nanostore can only replenish products to the level for which it has on-hand cash available. To improve delivery efficiency, a supplier might offer a nanostore credit for its replenishments. However, currently, suppliers are often reluctant to do so as these nanostores quickly go bankrupt or disappear, hence defaulting on all outstanding credits. The objective of this paper is to determine when it is beneficial to offer supplier credits. We propose a multi-period, stochastic inventory model, and numerically compare scenarios with and without supplier credits. Our study shows that even in the presence of this risk, suppliers often have good incentives to provide these credits, even if interest is not incurred. For this to hold, the operations of the retailer should be (a little) profitable in the first place, for which we provide analytical conditions.     

Two-echelon multi-product multi-constraint product returns inventory model with permissible delay in payments and variable lead time

Supply chain is not limited to delivering products to the end-costumers since the defective products that are returned back to the producers by the consumers. The producers should be superior knowledge to utilize the return products effectively so as to maintain our natural resources and to provide better service to customers. In this paper, a distributor and a warehouse consisting of a serviceable part and a recoverable part supply chain problem is considered in which there are several products, the distributor has limited space capacity and budget to purchase all products. In this supply chain, the defective products are returned back to the warehouse by the distributor and the warehouse recovered those defective products into perfect products having the same value as the procured products. The lead-time of receiving products from a warehouse to a distributor is a variable which is controllable by adding extra crashing cost. For each product, a fraction of the shortage is backordered and the rest are lost. A mathematical model is employed in this study for optimizing the order quantity, lead time and total number of deliveries with the objective of minimizing system total cost. We show that the model of this problem is a constrained non-linear programme and present a simple Lagrangian multiplier technique to solve it. Numerical and sensitivity analysis are given to show the applicability of the proposed model in real-world product returns inventory problems.     

Does social capital reduce entrepreneurs' petty corruption? Evidence across Indonesian regions

Petty corruption is a barrier to entrepreneurship in emerging countries, justifying to investigate its determinants. Using data on 1,240 entrepreneurs across Indonesian regions, we analyse the effects of social capital. Two-evel ordered probit regressions show that weak-ties discourage entrepreneurs' bribing, strong-ties encourage it, whereas this latter effect is moderated by the quality of access to formal credit. Bribing banks or turning to relatives for external funding are alternative solutions for entrepreneurs facing poor access to formal credit, a common feature in emerging countries, and the second solution is preferred given the risk and psychological costs of corruption.     

钢中非金属夹杂物标准评级图法解析及修订建议

从标准图谱、术语、夹杂物类型和系列的划分、级别评定和检验方法深入剖析了GB/T 10561-2005《钢中非金属夹杂物标准评级图显微检验法》存在的问题，提出对标准评级图片修订和评定方法完善的具体建议，以规范评定方法，消除歧义，推进标准修订工作。     

Performance analysis of empirical models for predicting rock mass deformation modulus using regression and Bayesian methods

Deformation modulus of rock mass is one of the input parameters to most rock engineering designs and constructions. The field tests for determination of deformation modulus are cumbersome, expensive and time-consuming. This has prompted the development of various regression equations to estimate deformation modulus from results of rock mass classifications, with rock mass rating (RMR) being one of the frequently used classifications. The regression equations are of different types ranging from linear to nonlinear functions like power and exponential. Bayesian method has recently been developed to incorporate regression equations into a Bayesian framework to provide better estimates of geotechnical properties. The question of whether Bayesian method improves the estimation of geotechnical properties in all circumstances remains open. Therefore, a comparative study was conducted to assess the performances of regression and Bayesian methods when they are used to characterize deformation modulus from the same set of RMR data obtained from two project sites. The study also investigated the performance of different types of regression equations in estimation of the deformation modulus. Statistics, probability distributions and prediction indicators were used to assess the performances of regression and Bayesian methods and different types of regression equations. It was found that power and exponential types of regression equations provide a better estimate than linear regression equations. In addition, it was discovered that the ability of the Bayesian method to provide better estimates of deformation modulus than regression method depends on the quality and quantity of input data as well as the type of the regression equation.     

Optimal load rating-based inspection planning of corroded steel girders using Markov decision process

Steel girder bridges are vulnerable to corrosion. To maintain their safety above a predefined target level, the load rating can be computed from the inspection results and guide the following maintenance actions. Optimizing inspection and maintenance based on load ratings has substantial practical and economic relevance. Load rating-based strategies can be categorized based on whether the inspection interval and replacement criteria are fixed or flexible. Existing studies focus on fixed inspection intervals throughout the service life. In general, their results are not optimal for inspection planning. To reduce life-cycle cost, aged steel girders may be inspected and repaired in an adaptive manner. To this end, a method based on Markov decision process (MDP) is proposed to compare the life-cycle cost of four load rating-based policies (i.e. uniform or adaptive non-uniform inspection interval, and fixed or adaptive replacement threshold). Load rating-based inspection planning is formulated as MDP and the optimal plans are obtained using dynamic programming. The conventional approach to discretize states cannot accurately approximate the non-stationary deterioration process, while state augmentation is successful in doing this but will increase computational cost. A comparison of two approaches is made to investigate their effects on life-cycle cost. A bridge girder under corrosion attack is used as an illustrative example. The results show that the load rating-based plan with an adaptive non-uniform inspection interval and fixed replacement threshold obtained using the state augmentation technique can be near-optimal.     

关于会计诚信建设的思考

会计信息是国家进行宏观调控和微观管理的重要资料来源，也是企业进行科学管理和准确预测、决策的主要依据。文章分析了会计信息失真和企业造假的原因及危害，并提出了会计诚信建设的几方面对策。     

我国矿业权人勘查开采信息公示工作进展、存在的问题及相关建议

矿业权人勘查开采信息公示制度自实施以来,对于落实矿业权人责任,加强诚信建设,提高政府监管效能发挥了重要作用。本文从2018年信息公示工作基本情况入手,介绍了信息公示工作的进展情况、取得的经验以及存在的问题等方面内容。在实际调查研究基础上,对做好信息公示工作提出了以下4点建议：完善信息公示附表；加强制度建设研究；完善公示系统；加强督导检查力度。