The next “next thing” in finance is said to be covered bonds. These securities have a long and distinguished pedigree, originating under the rule of King Frederick the Great in order to generate mortgage financing for Prussia’s landed gentry, who had been battered by the Seven Years War. Historically used in European finance, covered...
Microfinance has become the rage of late, with its leading proponent, Muhammad Yunus, awarded the Nobel Peace Prize. Microfinance loans, an estimated $60 billion of which is outstanding, enable low-income individuals and the poor to start or expand small businesses. Until recently, most microfinance loans were made from funds provided by charitable donors. As...
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