• Philipp M. Becker


Microfinance has been a success story over past decades. Nevertheless, core elements of today’s microfinance framework have been used for centuries. In Ireland, the author Dean Jonathan Swift initiated entities called “loan funds”. These funds accommodated microcredits to entrepreneurs starting in 1720. About one hundred years later, the government established a statutory basis resulting in a boom of “loan funds”. A second example is the German “Sparkassen” and cooperative banking system. The first “Sparkasse” was established 1778 in Hamburg. In addition to saving deposits, services included loans for businesses and farmers. In 1846, Friedrich Wilhelm Raiffeisen and Hermann Schulze-Delitzsch founded cooperatives focusing on saving and lending deposits for small businesses and farmers. All three mentioned German banking institutions are major retail banks today: “Sparkassen”, “Raiffeisen” and “Volksbanken”.


Interest Rate Sharpe Ratio Asset Allocation Asset Class International Capital Market 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© Gabler Verlag | Springer Fachmedien Wiesbaden GmbH 2010

Authors and Affiliations

  • Philipp M. Becker

There are no affiliations available

Personalised recommendations