Rotating savings and credit associations as traditional mutual help networks in East Asia

2021 ◽  
pp. 1-17
Author(s):  
Morio Onda
Keyword(s):  
East Asia ◽  
Social Relations ◽  
Sustainable Communities ◽  
Mutual Help ◽  
Traditional System ◽  
South Korean ◽  
Credit Associations ◽  
Savings And Credit Associations ◽  
Interview Survey ◽  
Fact Finding

AbstractThis paper presents micro finance as a traditional system of mutual help networks in East Asia. These are called “Rotating Savings and Credit Associations” (ROSCAS) and can also be seen in other areas. Micro finance means that invested money is small and managed by members. Mutual help actions are divided into three categories: reciprocal, redistributional, and unidirectional action. The content of redistribution is labor, goods, and money. ROSCAS are the distributional action of money. It has been called tanaomoshi or mujin in Japan. ROSCAS have different names: South Korean ke, Chinese kai (huì), and Taiwanese hyokai (biāo huì) can be compared with the already well-studied Japanese case through the results of an interview survey and fact-finding fieldwork study. The purpose of the paper is to show that ROSCAS are important not only economically but also socially in terms of friendship and bonds. The economy is embedded in social relations and institutions. Although ROSCAS have almost disappeared from modern life and some are interest-oriented, they contributed to sustainable communities and can still be identified in East Asia. The paper concludes that modern societies might do well to reconsider ROSCAS as mutual help networks in search of ways of reconstructing communities.

Economics of savings-based finance: an interest-free model of rotating savings and credit association in Turkey

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yusuf Dinç ◽  
Rashed Jahangir ◽  
Ruslan Nagayev ◽  
Fahrettin Çakır
Keyword(s):  
Financial Market ◽  
Design Methodology ◽  
Data Set ◽  
Content Type ◽  
Unique Data ◽  
Credit Associations ◽  
Free Model ◽  
Savings And Credit Associations ◽  
Financing And Investment ◽  
Credit Association

Purpose The emerging markets have been witnessing a remarkable revival of rotating savings and credit associations (ROSCAs) serving as alternative informal financing and investment platforms, also known as savings-based finance (SBF) in Turkey. The purpose of this study is to present the SBF model mathematically, analyse the performance of the SBF sector and propose a new Sharīʿah-compliant SBF model for the acquisition of durables. Design/methodology/approach The paper thoroughly reviews the concept and practice of ROSCA across the globe, mathematically models and empirically analyses the performance of Turkish SBF companies using a unique data set. Findings The study formulates a two-person SBF model and proposes a Mudarabah-Wakalah hybrid model with a new investment feature. It is found that the concept of ROSCA is being operationalized in 105 countries across the globe under different names with slight business model modifications. The research also reveals that the demand for financing of durables in Turkey significantly increased in recent years with the demand for housing is twice greater compared to vehicles. Most importantly, a strong significant inter- and intra-comovement is observed between these durables implying that the success of the sector in one segment has attracted the customers to other SBF products. It shows that the SBF institutions can effectively serve as the alternative financing houses for pooling savings and financing the durables, and they have strong potential to capture a larger financial market share in Turkey and even globally. Originality/value The study constructs mathematical models and proposes a new investment wing to an existing SBF wealth fund.

Banquet Banking: Gender and Rotating Savings and Credit Associations in South China

2000 ◽  
Vol 161 ◽  
pp. 142-170 ◽  
Author(s):  
Kellee S. Tsai
Keyword(s):  
South China ◽  
Credit Associations ◽  
Savings And Credit Associations ◽  
Far Eastern

The thirty members of Mr. Chang's society were asked to meet at his house on the 18th of the seventh month. As they were coming at his request and were going to help him with his need for funds. Mr. Chang provided a feast for his friends. A feast was served at all subsequent meetings of the [credit] society, but after the first meeting each member paid his share of the expense. (Sidney D. Gamble, “A Chinese mutual savings society,”Far Eastern Quarterly, No. 41 (1944), p. 41)

Women’s Power and Community Resilience Rotating Savings and Credit Associations in Barbados and the Bahamas

2014 ◽  
Vol 42 (1) ◽  
pp. 45-69 ◽  
Author(s):  
Brent W. Stoffle ◽  
Richard W. Stoffle ◽  
Jessica Minnis ◽  
Kathleen Van Vlack
Keyword(s):  
Community Resilience ◽  
The Bahamas ◽  
Women's Power ◽  
Credit Associations ◽  
Savings And Credit Associations

The Oxford Handbook of English Law and Literature, 1500-1700

2017 ◽  
Keyword(s):  
Early Modern ◽  
Social Relations ◽  
Political Institutions ◽  
Due Process ◽  
Local Governance ◽  
Early Modern England ◽  
Corporate Personhood ◽  
Interdisciplinary Framework ◽  
Fact Finding ◽  
Forensic Rhetoric

This Handbook triangulates the disciplines of history, legal history, and literature to produce a new, interdisciplinary framework for the study of early modern England. For historians of early modern England, turning to legal archives and learning more about legal procedure has seemed increasingly relevant to the project of understanding familial and social relations as well as political institutions, state formation, and economic change. Literary scholars and intellectual historians have also shown how classical forensic rhetoric formed the basis both of the humanist teaching of literary composition (poetry and drama) and of new legal epistemologies of fact-finding and evidence evaluation. In addition, the post-Reformation jurisdictional dominance of the common law produced new ways of drawing the boundaries between private conscience and public accountability. This Handbook brings historians, literary scholars, and legal historians together to build on and challenge these and similar lines of inquiry. Chapters in the Handbook consider the following topics in a variety of combinations: forensic rhetoric, poetics, and evidence; humanist and legal learning; political and professional identities at the Inns of Court; poetry, drama, and visual culture; local governance and legal reform; equity, conscience, and religious law; legal transformations of social and affective relations (property, marriage, witchcraft, contract, corporate personhood); authorial liability (libel, censorship, press regulation); rhetorics of liberty, slavery, torture, and due process; nation, sovereignty, and international law (the British archipelago, colonialism, empire).

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