Search Results (304)

Financial inclusion can boost wealth, health, and quality of life. However, few studies have examined how women’s participation in community-based financial inclusion opportunities, such as village saving and loan groups (VSLGs), relates to household food security. Using program data from central Mozambique, this study examined whether low-income women’s participation in VSLGs directly increases household food availability, as well as indirectly through increased asset ownership. Employing a post-test-only comparison group quasi-experimental design, the study sampled 205 female VSLG participants and non-participants from three sub-villages in Mozambique’s Sofala province. Structural equation modeling (SEM) results indicated that low-income women’s participation in VSLGs is directly associated with a reduction in household hunger score (β = −0.21, p < 0.01), as well as indirectly associated through the mediating role of household assets ([Sobel indirect effect] = −0.06, p = 0.05). The VSLG participants showed a significant increase in household asset ownership compared to non-VSLG participants (β = 0.15, p < 0.05). Further, increased asset ownership significantly correlated with a lower probability of household hunger (β = −0.30, p < 0.01). The results suggest that community-based financial inclusion approaches could improve the availability of food through asset building among Mozambique’s low-income women. The study offers a potential strategy for policymakers and development experts to utilize community approaches to financial inclusion to improve rural and low-income women’s livelihoods. Full article

This study addresses a theoretical gap by examining how multiple livelihood assets collectively enhance rural communities’ adaptive capacity and contribute to rural resilience theory. Using structural equation modeling, data were collected from June to August 2024 from 372 randomly selected households in Karangrejo Village, Indonesia, to test whether livelihood assets significantly influence adaptive capacity in response to diverse economic, social, and environmental shocks. The findings reveal that human, natural, physical, and social capital show a strong, positive effect on adaptive capacity, whereas financial capital alone does not significantly enhance resilience. Despite the limited geographic scope, the results underscore that comprehensive asset combinations—rather than reliance on a single form of capital—strengthen a community’s capacity to withstand shocks. This integrated perspective suggests that balanced investments across multiple forms of capital foster sustainable and flexible adaptation strategies, enabling communities to navigate uncertainty and maintain stability. The study highlights the critical importance of diversifying livelihood assets to foster long-term rural resilience and improve quality of life, offering practical insights for policymakers, practitioners, and researchers in developing holistic interventions that support adaptive capacity. Full article

This study was conducted in Sawena district, located in the Eastern Bale Zone of Ethiopia, with the aim of analyzing climate variability and identifying adaptation strategies. Secondary data covering the period from 1984 to 2023 were utilized, along with structured and unstructured questionnaires. Primary data were gathered from 350 pastoralist households across six kebeles through a household survey. This study used the Mann–Kendall test, Sen’s slope estimator, the coefficient of variation, descriptive statistics, and a multivariate probit model to analyze climate variability and adaptation strategies. The Mann–Kendall test, Sen’s slope estimator, and coefficient of variation analysis results showed significant rainfall increases in September, October, and November, with high winter variability and an upward autumn trend. Temperature analysis revealed consistent warming, with the greatest increases in September (0.049 °C/year) and summer (0.038 °C/year), and an annual mean rise of 0.034 °C per year, indicating climate shifts affecting pastoralist and agro-pastoral livelihood strategies and water resources that lead the area toward vulnerability. The descriptive results indicated that pastoralist households have adopted various adaptation strategies: 45.1% participate in seasonal livestock migration, 26.3% rely on productive safety net programs, 19% pursue livelihood diversification, and 9.7% engage in agroforestry. Multivariate analysis indicates that education, age, credit access, livestock ownership, asset value, and media exposure influence these strategies. The findings highlight the importance of policies to enhance climate resilience through diversification, sustainable land management, and improved access to resources like credit and markets, alongside strengthened education and targeted extension services. Full article

Balancing ecological conservation and economic development is a significant global challenge, particularly in developing countries where rich natural resources often coincide with impoverished areas. This study used the Yunhe Terrace as a case, integrating remote sensing data and statistical analysis to quantify the ecosystem asset value and its changes before and after ecological conservation efforts. Additionally, we assessed the nonmaterial service value and conducted a questionnaire survey to explore the impact of nonmaterial service value on the socio-economic development of local residents. The key findings are as follows: (1) The ecosystem assets of the Yunhe Terrace include four main types: forests, grasslands, wetlands, and cultivated land. In 2020, the Yunhe Terrace ecosystem was primarily composed of forest (56.79%) and cultivated land (36.61%), showing a balance between natural and modified landscapes. (2) The monetary value of ecosystem assets was calculated based on the economic net benefits of ecosystem assets over their expected useful lifespan (20 years in this study). The value of the Yunhe Terrace ecosystem before and after it became a scenic spot was assessed. Results showed that the total value of ecosystem assets increased from 265 million CNY to 523 million CNY over a 20-year period, representing an increase of 257 million CNY. (3) The value of nonmaterial services, represented here by net revenues from eco-tourism, was calculated from 2018 to 2022, covering the period before and after ecological conservation efforts began in 2019. Results showed the value of nonmaterial services rose from 3.07 million CNY in 2018 to 8.90 million CNY in 2022, a growth of 189.77% after ecological conservation. (4) Field surveys and questionnaire analysis of stakeholders’ income sources suggest that ecological conservation and recreational development in the Yunhe Terrace ecosystem have increased household income in terms of both the number of income sources and monetary value. This study demonstrates that ecological conservation and tourism can enhance household welfare, contributing to a better understanding of the dynamics between conservation and economic development. Full article

This study examines the effect of the investment portfolio structure on insurers’ solvency, as measured by the Solvency Capital Requirement ratio. An empirical sample of 88 EU-based insurance groups was analyzed to provide robust evidence of the portfolio’s impact on the Solvency Capital Requirement ratio from 2016 to 2022. Linear regression and supervised machine learning models, particularly extra trees regression, were used to predict the solvency ratios, with the latter outperforming the former. The investigation was supplemented with panel data analysis. Firm-specific factors, including, unit-linked and index-linked liabilities, firm size, investments in property, collective undertakings, bonds and equities, and the ratio of government bonds to corporate bonds and country-specific factors, such as life and non-life market concentration, domestic bond market development, private debt development, household spending, banking concentration, non-performing loans, and CO₂ emissions, were found to have an important effect on insurers’ solvency ratios. The novelty of this research lies in the investigation of the connection of solvency ratios with variables that prior studies have not yet explored, such as portfolio asset allocation, the life and non-life insurance market concentration, and unit-linked and index-linked products, via the employment of a battery of traditional and machine enhanced methods. Furthermore, it identifies the relation of solvency ratios with bond market development and investments in collective undertakings. Finally, it addresses the substantial solvency risks posed by the high banking sector concentration to insurers under Solvency II. Full article

Despite the MFI insurgency, agricultural financing remains critically low, even though microcredit is widely accepted as both a substitute and compliment to formal credit. Zimbabwe is an agro-based economy and very little is known about the determinants of microcredit demand and microcredit size in smallholder resettled sugarcane farmers. Research is concentrated in short-term agriculture activities. Thus, this study aims to fill the unattended gap in lagged returns agriculture activities such as sugarcane production which takes at least a year to mature, hence, the greater need for agriculture financing alternatives such as microfinance. The study examined the determinants of both microcredit demand and loan size (magnitude of microcredit participation) by smallholder resettled A2 sugarcane farmers in Chiredzi. Primary data from 370 smallholder resettled sugarcane farmers (214 borrower participants and 156 non-borrower participants) were used. Probit and Tobit regression models were used for data analysis in STATA. Operational costs, interest rate, grace period, and land size significantly affect both the demand for microcredit and microcredit size, while education, household farming assets, extension services, and payback period significantly affect microfinance demand, and risk attitude/perception additionally determine microcredit size. Special microfinance schemes best suitable for the agriculture sector and crop/plant-specific agriculture financing schemes, currency, and macroeconomic stability are the major policy recommendations. Full article

Panic selling causes long-term losses and hinders investors’ return to the market. It has been explained using prospect theory aspects such as loss and regret aversion. Additionally, overconfidence and overreaction contribute to the disposition effect, leading investors to sell stocks prematurely. However, the framing effect, another disposition effect attribute, has been underexplored in the context of panic selling. This study investigates how the framing effect influences panic selling, particularly during market crises, when investors perceive information differently, depending on its positive or negative framing. Utilizing data from a collaborative survey, we examine Japanese investors’ behavior during the COVID-19 market crisis. Negative framing is negatively associated with complete or partial sale of securities, whereas positive framing has the opposite effect. During market crises, investors presented with negative framing are less likely to panic sell, whereas those presented with positive framing are more prone to it. Other significant factors include gender; men tend to engage more in panic selling. Conversely, higher education, financial literacy, and greater household income and assets are associated with a reduced likelihood of panic selling. These findings underscore the critical role of framing in investor behavior during market crises, providing new insights into the mechanisms underlying panic selling. Full article

The revitalization of idle homesteads is an essential element in stimulating rural land resources and assets and promoting the integrated development of urban and rural areas. However, existing studies have paid less attention to the relationship between the differentiation of farm households and revitalization intention. Therefore, exploring the relationship between farmer differentiation and revitalization intention has become the key to improving the revitalization intention. The differentiation of farmers in the process of urbanization is an important factor affecting the intention of farmers to revitalize idle homesteads. This study defines “farmer differentiation” as a second-order factor and is based on the theoretical analysis framework of “farmer differentiation (FD)–farmer cognition (FC)–revitalization intention (RI)” to systematically reveal the relationship between FD and RI with a multi-dimensional perspective. At the same time, we analyze the mediating role of FC in the relationship between FD and RI. The data collected from 881 Shaanxi, China, farmers are analyzed through structural equation modeling (SEM). The results of the study show that (1) The dimensions of farmer differentiation (FD) are wealth capital differentiation (WCD) and reputation capital differentiation (RCD). (2) The formation of farmers’ intention to revitalize follows the logical relationship of “FC–RI” in the Extended Theory of Planned Behavior (ETPB), and subjective norms (SN) are the critical factor. (3) The logical relationship of “FD–FC–RI” in the ETPB has been confirmed. In addition to the direct positive effect of the WCD and RCD on farmers’ intention to revitalize idle homesteads, WCD will indirectly affect RI through the four sub-dimensions of behavioral attitudes (BA), subjective norms (SN), perceived behavioral control (PBC) and homestead dependence (HD) under the FC conception. Meanwhile, the chain mediating role of the WCD and FC sub-dimensions in the RCD effect on the intention to revitalize cannot be ignored. Therefore, to increase farmers’ intention to revitalize Idle homesteads, policymakers need to focus on increasing WCD and RCD and helping farmers establish proactive FC. Full article

The government of China has implemented the Southern Shaanxi Disaster Resettlement program since 2011, which aims to address the problems of reduced livelihood resilience, increased livelihood risks, and single-risk management strategies caused by the frequent occurrence of natural disasters. This study considers the specific situation of disaster resettlement in Ankang Prefecture, southern Shaanxi Province, and draws on Quandt’s measurement idea to quantify livelihood resilience at the household scale in terms of five types of capital assets: natural, physical, human, financial, and social. A coarsened exact matching model was used to control confounding factors in the observational data to reduce sample selection bias, and then multinomial logit regression models were used to examine how livelihood resilience affects risk management strategies; moreover, the effects of different indicators of livelihood resilience, relocation characteristics, and follow-up support measures on risk management strategies were analyzed. Results show that livelihood resilience is higher among new-stage relocation, voluntary relocation, and centralized resettlement households, and working outside of the home accounts for the largest proportion of risk management strategies chosen by the sample households. In addition, livelihood resilience and its dimensions and indicators, relocation characteristics, and follow-up support measures have different impacts on risk management strategies. These results have considerable significance in guiding research on risk management strategies at the household scale and can serve as a reference for disaster resettlement in other developing nations and regions. Full article

In financial markets, irrational behaviors such as hyperbolic discounting and panic selling are prevalent. However, their widespread empirical associations remain unexplored. Numerous behavioral theories discuss how cognitive biases exacerbate panic selling through the lens of immediate loss aversion, a phenomenon in which individuals exhibit impulsive decision-making tendencies due to an intense fear of financial loss during market upheaval. Despite the theoretical elucidation, empirical investigations of these dynamics are lacking. Using a robust dataset comprising 121,293 active investors sourced from a collaborative effort between Hiroshima University and Rakuten Securities Inc., this study used mean comparison tests and probit regression to analyze hyperbolic discounting’s role in panic selling behavior on the global COVID-19 financial crisis. The findings reveal that hyperbolic discounting plays a central role in triggering investors’ impulsive panic selling behavior, which is driven primarily by fear of potential losses. Other factors that influence panic selling behavior include age, male gender, low education level, financial literacy, household income, household assets, risk aversion, and overconfidence in financial knowledge. Our study explicates the need to address cognitive biases in financial decision making during market crises through strategies such as targeted financial education, regulatory interventions against market manipulation, and the provision of professional advice to investors. Full article

The sustainable growth of income for farming households in pastoral areas represents a crucial challenge not only for China but also for other developing nations in the process of transition to ecologically friendly models. The scarcity of assets available for collateral, along with vulnerable production conditions and developmental shortcomings, pose significant barriers to the consistent expansion of herdsmen’s income. This paper analyzes the impact of digital financial inclusion on the income of herdsmen in ethnic minority regions using panel data models from nine major pastoral provinces in China from 2011 to 2022. Through a fixed-effects model approach, the analysis delves into the influence of digital financial inclusion and subjects it to multi-dimensional and robustness tests to ensure the reliability of the findings. Furthermore, the research explores the underlying mechanisms through which digital financial inclusion contributes to income enhancement for herdsmen in these areas, employing mediation effect techniques to provide deeper insights into the relationship between digital financial services and economic upliftment in remote ethnic communities. The research findings indicate that digital financial inclusion has a positive impact on the income of herdsmen in ethnic minority regions. The breadth of coverage, depth of usage, and level of digitalization of digital financial inclusion all play a significant role in enhancing the income levels of herdsmen. In terms of the degree of influence, the impact of digital finance on the income of ethnic minorities follows this order: depth of usage > degree of digitalization > breadth of coverage. Notably, through financial backing that catalyzes a shift in herdsmen’s production methodologies and propels industrial upgrading, there is a profound potential to increase herdsmen’s output efficiency. This, in turn, alleviates the ecological strain on China’s environmentally delicate zones. Moreover, financial backing can condense the breeding periods for herdsmen, thereby ameliorating the ecological degradation associated with excessive grazing in pastoral regions. A mediating-effect analysis reveals that digital financial inclusion can boost economic development in ethnic minority regions by increasing wage income, raising per capita GDP levels, and promoting industrial structure upgrading. This, in turn, leads to an improvement in the income of herdsmen in these regions. This is particularly pertinent in China, where the eco-fragility of pastoral regions coincides with the modest income of herdsmen, underscoring the critical importance of herdsmen’s finance. To foster sustainable progress in these regions, financial backing is imperative to elevate herdsmen’s income and to induce a transformative shift in production approaches and industrial layout, paving the way for the sustainable development of these pastoral regions. Full article

Rational asset allocation is central to household wealth accumulation. This paper employs data derived from the 2019 China Household Finance Survey to methodically examine the influence of property tax expectations on the asset allocation decisions of households. This study finds that the expectation of property tax positively influences both the probability of holding risky financial assets and their proportion of household assets. The percentage of housing assets constitutes a substantial negative moderating factor affecting the relationship between property tax expectation and household investments in risky financial assets. The positive effect of property tax expectations is more significant in eastern China. A definite expectation of property tax causes a precautionary saving effect among households. This study highlights that forming reasonable expectations about property taxes can help households adjust their investment portfolios in advance, diversify their asset allocation, and mitigate the impact of changes in property tax policies. Full article

The growing adoption of behind-the-meter (BTM) photovoltaic (PV) systems, electric vehicle (EV) home chargers, and heat pumps (HPs) is causing increased grid congestion issues, particularly in power distribution grids. Leveraging BTM prosumer flexibility offers a cost-effective and readily available solution to address these issues without resorting to expensive and time-consuming infrastructure upgrades. This work evaluated the effectiveness of this solution by introducing a novel modeling framework that combines a rolling horizon (RH) optimal power flow (OPF) algorithm with a customized piecewise linear cost function. This framework allows for the individual control of flexible BTM assets through various control measures, while modeling the power flow (PF) and accounting for grid constraints. We demonstrated the practical utility of the proposed framework in an exemplary residential region in Schutterwald, Germany. To this end, we constructed a PF-ready grid model for the region, geographically allocated a future BTM asset mix, and generated tailored load and generation profiles for each household. We found that BTM storage systems optimized for self-consumption can fully resolve feed-in violations at HV/MV stations but only mitigate 35% of the future load violations. Implementing additional control measures is key for addressing the remaining load violations. While curative measures, e.g., temporarily limiting EV charging or HP usage, have minimal impacts, proactive measures that control both the charging and discharging of BTM storage systems can effectively address the remaining load violations, even for grids that are already operating at or near full capacity. Full article

Empowering women requires a multidimensional and holistic approach that encompasses the social, political, and economic aspects of women’s development. Economic empowerment is particularly crucial for achieving sustainable development in society. This is especially important in South Asia, where women’s poverty levels are high. Microfinancing for South Asian women expands their opportunities in public works, agriculture, finance, and other sectors, thereby accelerating economic growth and helping to mitigate the effects of current and future financial crises, especially at the household level. This study systematically examines evidence of the impact of microfinance initiatives on women in South Asian countries (SAARC countries) using 38 articles. It considers the effects on decision-making; economic gains, such as income, savings, and expenses; freedom and mobility; educational gains; and asset accumulation. The study also assesses the impact on non-financial outcomes like food security, health and nutrition, and social benefits. The results conclude that efficient and effective women’s microfinancing can bring significant benefits for women in the region. Full article

Enhancing collective action among rural households is crucial for promoting rural revitalization and improving livelihoods in underdeveloped areas. Taking Shanxi Province, China, as a case study, this paper employed a household survey method to collect 312 questionnaires from rural households. Using the mean value analysis of the measured items in the questionnaire. The participation status of farmers in less developed areas in collective actions, such as farmers’ professional cooperatives, village cadre elections, and cooperative construction of small farmland water conservancy, was examined in four aspects: willingness to participate, frequency of participation, time of participation, and sense of the value of participation. From the perspectives of livelihood risks, livelihood assets, livelihood patterns, and livelihood income, it analyzed the livelihood conditions of rural households in underdeveloped regions. Building upon the empowerment of collective action in rural livelihoods, the study further applied a multiple linear regression model to assess the impact of collective action on livelihoods. The findings indicated (1) a strong willingness and perceived value among rural households to participate in collective action, albeit with a low frequency and limited time commitment; (2) relatively low livelihood levels, characterized by limited livelihood assets, predominant subsistence farming, small-scale non-specialized enterprises, and low livelihood income, yet with notable resilience against livelihood risks; (3) that collective action significantly enhances rural household livelihoods positively. Based on these findings, policy recommendations are proposed, emphasizing the enhancement of collective organization, provision of incentive mechanisms, and improvement of farmers’ skills and qualities to foster greater participation in collective action. Full article