Microfinance Impacts On Social Vulnerability Health And Social Care Essay

The explore reported in this thesis was on shock of Microfinance on societal picture show in misfortunate income families of Pakistan .The intent of this look for was to probe the tinge of microfinance upon the undefended sector i.e. the dispirited income Households of Pakistan. The aboriginal information was gather by drifting questionnaires and carry oning interviews. SPSS package was applied to analyse informations for frequences and vex tabular result. The consequences were interpreted by usual rules of statistics. The findings suggested that on that point is a definitive blow of microfinance in slenderize kill poverty of the down(p) income families. The findings showed that the microfinance clients had been helped by microfinance loans to elate their banner of life and their social s realise got. Microfinance establishments devour improved their measuring of life. It has in like manner helped them by increasing their launching to health and devel opment inst wholeations. Microfinance has improves the conditions of living accommodations of its clients. in that respectfore microfinance establishments help to diminish the social depiction and has moved them kayoed of meagreness.Chapter 1IntroductionOverview of the subject under considerationThe operations of microfinance argon non much variant from that of m aney devising(prenominal) Bankss only when the chief difference prevarications in their client section which is the low-down for the microfinance. Challenges that ar faced by the scurvy argon scurvy health, wishing of instruction, wretched(prenominal) lodging, and neediness of lodging and unexpected menaces akin natural catastrophes. These transaction push throughs mould the economic status of the wretched all bit acceptable. Microfinance focuses on these issues to track down societal movie of the measly. Some of the issues that throw impact on the societal moving picture of the distressing ar e Poor health is wholeness of the chief lawsuit that makes passel vulnerable and does non let them to unpack fall knocked come in(p) of s give noticetiness. Death of the staff of life earner leaves the full family at sea and so falling of one member ill makes the full family unstable. development is one of the major constituents of microfinance operate. Microfinance allows the client to pull off their growing income activities. In the absence of proper instruction the hapless are unable to give out out of pauperization. Fiscal preparation and proviso of grownup literacy are of significance split of microfinance merchandises. Housing helps the hapless to make assets. Investing in lodging agencies in investing in uphold since the hapless ordinarily work from place. strait-laced lodging gives the hapless with entering to basic installations. Income required for nourishing use of goods and services and opposite outgos is critical and should be bus to maintain the kinsfolk stable. touchstone of life determines the quality of unrecorded the hapless are populatingBack build of the subjectHistory of MicrofinanceMicrofinance is an old throw notwithstanding it became really popular in the 70 s by Dr Muhammad Yunus. Muhammad yunus realized that on that point would be a batch of enterprisers among his separate moreover these good deal could nt get down their ain concern collect to stop of cracking. Muhammad Yunus ceremonious a bank that would impart a few century dollars to the hapless to get down a new concern. He established the Grameen bank in 1983 in Bangladesh. His chief aim was to facilitate hapless people move out of poverty by supplying them with loans. Microfinance refers to extend of fiscal services wish loan, policy, nest eggs to the hapless. As the hapless can non acquire these services from commercial Bankss, microfinance provides them with these services. Microfinance was introduced in Bangladesh in 1976 and of a ll time since it has gained eventance in the fiscal universe. Microfinance has shown a positive impact on its clients over the old ages. Surveies have shown that heap of the loans to exit great(p) females and full-grown females invest them in concern and better their and their mob s standards of lifeSocial pic in PakistanSocial film has many dimensions. The hapless in Pakistan have non precisely low income but they in any event lack admission fee to basic aims much(prenominal) as instruction, wellness, straight imbibition H2O and proper sanitation. The last mentioned undermines and bounds their capablenesss, bounds their chances to procure booking, consequences in their societal exclusion and exposes them to exogenic dazes. Then the barbarous rhythm of poorness is accentuated when so authorities constructions exclude the most(prenominal) vulnerable from the determination devising procedure. privation is one of the most of import jobs that are faced by state. But d ue to summation of economic activities and policies of the authorities, there are some good Numberss came on poorness and poorness falloff. Social photograph, societal exclusion and societal inequality are build in different parts of countrified Pakistan. There are different societal constructions that govern the rural life in Pakistan. In rural Pakistan socially vulnerable concourses have limited entree to aim market and societal services and this restriction leads to poverty. More than one-half of the rural population in Pakistan is landless and rural poorness is highest among those who own no land. It is found that 42 per centum of the population is populating in families with illiterate caputs is hapless. Net principal(a) registration rates are merely 37 per centum for the hapless and this per centum is plain lower in swelled females and kids. There is the presence of affinity and caste system in the rural Pakistan and the presence of powerful as sieves leads to a in business like entree to instruction, wellness and new(prenominal) servicesLack of instruction and privation of entree to wellness and public services are one of the reasonablenesss of poorness. Supplying loans to the hapless is non a new thought, all bit proto(prenominal) as 1960s Agricultural bank has been supplying loans to the husbandmans to purchase fertilisers, high giving up seeds and machinery. These Bankss failed to better the criterion of life of the hapless because they merely provided loan and did non offer services of sedimentation maintaining and did non hold any prudence merchandises. MF attempts to supply solution to this job. MF provides fiscal services acknowledge working chief city loans, consumer course credit, nest eggs, pensions, insurance, and money deificationation services. Microfinance interbreeds a full scope of services that is non confined merely to micro recognition.Importance of the work with gaze to the universeOne-half of the univers e s population is populating on an income of less than ii dollars a twenty- foursome hours. In these hapless communities one kid out of every five does non populate to see his birthday. Microfinance claims to supply the hapless an entree to capital giving them an chance to travel up the economic ladder. Examination of microfinance operations around the universe has indicated that hapless who use microfinance merchandises have reach less vulnerable and are able to travel themselves out of poorness. even out those who managed to travel out of poorness, it took them 5 to 10 old ages to travel out of poorness. Impact appraisal of microfinance is of import to understand the effectivity and outreach of microfinance in run intoing the discipline aims, anyhow an of import point the should be considered is that microfinance services are an official document of development and non an terminal in themselves. In the be aft(prenominal)etary conflict against poorness microfinance is consi dered an of import and effectual tool. It ontogenys the chances of the hapless by supplying them entree to the capital and helps them by increasing in their income and besides add-ons the societal position of the borrowers. galore(postnominal) givers, societal investors and policy shapers have brooked the growing of this on an global calibrated table with important flows of subsidising grants and financess.Importance of the survey with regard to PakistanMicrofinance sector began in Pakistan through rural development undertakings that were funded by the givers. The Agha khan rural support plan theoretical account has been imitated all across Pakistan and since so microfinance has become an critical peter in covering with the issues of the hapless of the Pakistan. It is considered that microfinance should be use to piece down poorness by 33 per centum.This belief is largely supported by informations and grounds all across Pakistan. Along with hurt downing poorness microfinanc e in Pakistan is besides seen as an of import instrument for gender authorization. The Government of Pakistan and rural support plans in the state have in mind that by supplying recognition to adult females there can income multiplication and the societal and economic position of adult females in the family and in the participation can be improved. As it is call backd that microfinance can extinguish poorness, can pass adult females and eradicate unemployment but still there is non adequate research that supports all these claims.Research inquiryWhat is the impact of microfinance on societal exposure in low income families of Pakistan?Chapter 2LITERATURE REVIEWWarner ( 2009 ) conducted a research on societal exposure, where she defines the term, examines policy significance of societal exposure and discusses the value of survey of societal exposure for hazard direction. The aboriginal grosbeak ground behind this research was to see the factor that are think to exposure for h azard decrease intent and discourse the major concern that should be considered while making research. The author discusses the hard in mensurating societal exposure she says that chief methodological argument about societal exposure is that it deals with our certain societal elements that are hard to mensurate. The author points out that there should be tools that should be made by the policy shaper that should assist in mensurating societal exposure accurate and easy. The determination were that societal exposure is merely non put on the line decrease because it consider tercet of import component and those elements are people, societal systems and non structural solutions. The author references chances that are present to extinguish societal exposure are by authorising adult females and bettering the position in the society and by utilizing hazard direction tools like microfinance to better the hazard direction capablenesss of the vulnerable population.United Nations secretaria ts ( 2003 ) published a arena on universe societal state of affairs, beginnings and challenge of societal exposure. The aim of this record was to place the beginning of societal exposure because to acquire decrease in societal exposure it is of import to understand its beginnings. The culture states that societal exposure is the exposure of societal groups. These societal groups let in adult females, kids, older people and people with disablements and minorities. The study states that these groups face societal exposure due to different societal, economic and cultural barriers. These groups are excluded from income market every bit good as are socially excluded. This study identifies that a barbarous circle is created by the interaction of poorness and exposure because hapless people are the 1 who are most vulnerable to income dazes and push up losingss and these dazes and losingss make them unable to travel out to poorness. In order to cut down poorness it is of import to unde rstand what makes these people vulnerable. The most of import beginnings of exposure identify in this study are income security and deficiency of entree to fiscal markets but these are non the lone beginnings other societal ailments such as hapless wellness, unequal entree to wellness services, no entree or unequal entree to instruction are besides major beginnings of societal exposure. asunder from this societal exclusion on the terms of gender and civilization besides lead to societal exposure. This study identifies the demand for societal and economic policies that help in fanciful activity of employment of these societal groups. The most of import beginning of societal exposure identified in this study is income insecurity hence economic growing and creative activity of employment should be kept in head when making policies to cut down societal exposure. As societal exposure arises due to societal, cultural and economic barriers, hence societal and economic policies should be co-ordinated to cut down societal exposure. This study indicates that developing states should implement stairss for socially vulnerable groups.Philip and rayhan ( 2004 ) conducted a research on what are the causes and what is the blood amidst poorness and societal exposure. The cardinal ground behind this research was to aspect at different significances of poorness and societal exposure and to analyze their interconnectedness in order to better the life criterions in the development states. To transport out the research they did interdisciplinary analysis of both poorness and exposure by reexamining literature and by looking at the instance surveies of different developing states. The determination of this research was that exposure and poorness are 2-dimensional footings i.e. they include societal, economic, political and environmental factors and are complex footings. They are interrelated in such a manner that each causes the other, which means that poorness makes people vulnerable to societal, economic and environmental dazes, their exposure escalate poorness and therefore do them vulnerable to farther dazes. For measuring of exposure, factors of economic competency which are land productiveness, labour productiveness, and per capita income, factors for societal equity which are people below poorness line, life anticipation, and female literacy should be measured. PROBLEMS OF POOR health SHOULD BE ADDRESSED BECAUSE THEY HAVE BEEN FOUND TO BE THE MAIN RESONS of poorness and societal exposure.Freyssinet ( 2009 ) worked on how to mensurate societal exposure. The purpose of mensurating societal exposure is that it can assist in minimising the inauspicious impact of economic, societal, political and environmental dazes and aid in interrupting the rhythm of aims every bit good as subjective. The article states some protean that can assist in mensurating societal exposure the variables are healthy life anticipation, poorness, unemployment and debt rat ios and others.Wisner ( 2006 ) worked on the hazard decrease forces of societal exposure. The cardinal ground behind this research was to analyze the kings of societal exposure for its better apprehension. He states that those indexs are use whose informations is available from family study or informations stash away by different disposals. He states that an of import index of societal exposure is take aim safety. School safety includes the per centum of civilise available, entree to instruction services and protection to go on instruction, what is primary school registration, figure of instructors and pupil per school. Another of import index of societal exposure is to analyze the diverseness of economic activity of a family. It allow include ratio of people gaining from support and people gaining from fabricating. Another of import index is homelessness which can be measured by looking at the per centum of people homeless. The writer states that in order to step and to cut d own societal exposure these are the most of import index that should be interpreted into history. He concludes that indexs of societal exposure are found in the establishments, support, substructures and other societal factors.Matin, Hulme and Ruthford ( 2004 ) conducted a research on finance for hapless from microfinance to micro fiscal services. The purpose of this research was to lapse ways how fiscal merchandises can be designed and delivered to the hapless in a better manner. This constitution states that supplying hapless people with microfinance leave alone assist them cover with poorness which will take to obliteration of poorness. Microfinance is average for cut downing exposure by giving hapless entree to wellness and instruction services and is a mean for increasing income. This article states that there are two microfinance supplier informal, semi formal and formal. Informal suppliers are unregistered such as money loaners and semi formal suppliers are microfinance es tablishments that are normally NGO s and formal suppliers are those which are capable to banking statute of the state. The article concludes that the hapless need fiscal services for care and amelioration of their support. All informal, semi formal and formal suppliers can assist hapless in accomplishing these.Radermacher et.al ( 2010 ) conducted a research on micro insurance, as a tool to cut down exposure due to costs of ill-health. The cardinal ground behind this research was that hapless dramatic artholds frequently due to ailment lose all their assets due wellness disbursals which they cover from their earning or from borrowing. Even if such hapless family have entree to microfinance but microfinance wo nt cover collateral disbursals like transit costs and income loss that occurs due to illness. so there is demand for micro insurance which non merely cover these wellness disbursals but besides the indirect disbursals. For transporting out research family study was conducte d in low income territories on Nepal. Harmonizing to the study it was found that monthly rate of illness was more(prenominal) than 10 % in the territories and female, babies and older people are more vulnerable to illness as compared to work forces. Survey was besides done to pop off the heath disbursals of hapless family and it was found it is increasing over the old ages and that these hapless family at the same clip have limited entree to wellness services. The study besides showed the beginning used by these family to cover wellness cost and it was found that these family either sold their assets to cover costs or re screen out to adoption. Besides when adoption was done it was done from multiple beginnings to cover full disbursals. This article states that micro insurance is the finest tool for cut downing the exposure. Insurance besides non besides covers the medical cost but besides the index costs. The article states that the focal point of micro insurance is that it shoul d be low-cost, bettering the qualities of life of the hapless and cut down their poorness. Another of import factor of micro insurance is trust. The hapless family have limited budget and they will neer purchase the insurance policy unless they wo nt hold trust on the micro insurance supplier and it is undertaking of the insurance supplier to transpose them that they will profit from buying the insurance policy. Therefore micro insurance is the best possible manner to cut down the exposure of low income family.Hamid, Robert and Mosley ( 2010 ) evaluated the wellness effects of micro wellness insurance arrangement. The cardinal ground behind this research was to analyze and analyze the impacts of micro wellness insurance arrangement on the consciousness of wellness, use of wellness attention and position of wellness of clients of Grameen bank in Bangladesh. For the research primary information was collected through family study in countries where there are subdivisions of Grameen ba nk. Since more than 90 % of clients of Grameen bank are female therefore merely female were selected for the survey. The study included both interview and questionnaires. aft(prenominal) roll uping the information a arrested development equation was derived from empirical theoretical account to analyze the impact of impact. The dependent variables taken were awareness of wellness and position of wellness. The determination were statistically of import for consciousness for wellness and use of heath attention but non for wellness position and those happening are important for enlargement and fictive of micro wellness insurance.Develtere and Huybrechts ( 2002 ) worked on looking at groundss on societal and economic impacts of Grameen bank and BRAC on the hapless in Bangladesh. The cardinal ground behind this research was to happen the societal and economic impact of these Bankss on the hapless. There are different ways to mensurating the impact of microfinance on ingestion and incom e. The method used that the borrowers recall their before and after state of affairs and utilizing this method it was found that per capita income and sum of recognition obtained from Grameen bank was positively related. The survey showed that Grameen bank improved the economic conditions of 91 % its clients. Research shows that income and ingestion should be taken as dependent variable for mensurating the impact of microfinance on the hapless. Apart from betterment in income and ingestion of the client it was seen that employment was besides generated. Besides the research indicates that the labour market affair of adult females change magnitude as comparison to adult females populating in nearby small towns. Researches states that micro recognition aid in cut downing poorness. BRAC every bit good as Grameen bank have seen that their tools for salvaging have help in cut downing exposure. Apart from betterment in their economic status their societal status was besides improved the societal state of affairss of adult females as good of their habitationhold. Through microfinance these adult females achieved empowerment and now they non seen as a load but a beginning of income which has profit her position as her power of determination devising. Women of hapless family face a job of internal force. In this research a arrested development analysis was done and it was found that adult females who are clients of BRAC and Grameen bank are better treated by their hubbies. These Bankss increased the mobility of adult females, expanded their cognition and increased consciousness of the universe.Asad Kamran Ghalib ( 2007 ) worked on societal impacts appraisal of microfinance. The purposes of this work was to look at the wider and societal impacts of microfinance and what tools and methods should be used to mensurate these societal impacts. For societal impacts assessment a generic wine theoretical accounts was used. The theoretical account consisted of a control gr oup and a plan group. The control group was non exposed to microfinance intercession while plan group. The control group was non exposed to microfinance intercession while plan group was the one which was exposed to microfinance intercession. For mensurating of societal impact of microfinance on plan group a societal impact measurement index was used, which took account four variables. The variables were wellness, literacy, support and community. Each variable has its ain indexs. For informations aggregation secondary beginnings were used which include nose count study and informations published by regulatory bureaus. The findings were that microfinance lead to adult females authorization and improved their living criterion and that of their household. There nutrition, hygiene and life conditions improved. Access to education increased their consciousness.Chapter 3MethodologyResearch TypeThe character of research is qualitative in nature. The nucleus purpose of the qualitative rese arch is to happen out the relationship between the dependant variable and the independent variable. The relationship between the variables is traveling to be built utilizing statistical tools such as cross tabular payoff. Study scene of the research will be im personalized. Then the purpose of this survey is to happen the extent to which microfinance reduces societal exposure.Data type and Research PeriodFor my research, I am traveling carry out primary research, for which I am traveling to carry on questionnaire utilizing a 5-point likert graduated table. 1 depicts loadedly dis play off and 5 depicts soakedly go for. The questionnaire contains 12 inquiries, 3 inquiries per variable.Population, Working population and SampleFor my research, I am traveling to take a on the job population of 70 people who are clients of microfinance institutes in Lahore. Out of the 70 questionnaires, 20 questionnaires will be disqualified on some bases. Hence the sample size for my research will be 50.Theoretical Framework and Variables under treatmentMy independent variable is microfinance and the dependent variables areSocial exposureHealthEducationIncomeHousingStandard of lifeOperational DefinitionsHealthPoor wellness is one of the chief grounds that makes people vulnerable and does non let them to draw out of poorness. Death of the staff of life earner leaves the full family helpless and therefore falling of one member ill makes the full family unstable.EducationEducation is one of the major constituents of microfinance services. Microfinance allows the client to pull off their growing income activities. In the absence of proper instruction the hapless are unable to travel out of poorness. Fiscal preparation and proviso of grownup literacy are of import parts of microfinance merchandises.HousingHousing helps the hapless to make assets. Investing in lodging agencies in investing in concern since the hapless normally work from place. Proper lodging gives the hapless with en tree to basic installations.IncomeIncome required for nutrient ingestion and other outgos is critical and should be spate to maintain the house stable.Standard of lifeStandard of life determines the quality of unrecorded the hapless are populatingResearch HypothesisHolmium Microfinance leads to better wellness of its clientsH1 Microfinance does non take to better wellness of its clientsHolmium Microfinance leads to increase in instruction and school registration of its client s kidsH1 Microfinance does nt take to increase in instruction and school registration of its client s kidsHolmium Microfinance leads to increase in personal income of its clientsH1 Microfinance does non take to increase in personal income of its clientsHolmium Microfinance improves the criterion of life of its clientsH1 Mic Ho Microfinance leads to betterment in lodging of its clientsH1 Microfinance does nt take to betterment in lodging of its clientsrofinance does nt better the criterion of life of its client sTechniquesAfter finishing the questionnaires, I am traveling to make traverse tabular matter analysis for my research.Datas AnalysisFor this research, SPSS will be used and transverse tabular matters will be carried out, after which the significance of each variable will be determined and therefore each venture will be proved.Data InterpretationThe consequences generated from SPSS would be combined and will so be further analyze utilizing the tabular arraies and the graphs and cross inhibit analysis.Chapter 4RESULTS AND ANALYSISTable 1 trail check of after microfinance your entree to wellness installations and overall wellness of your household members has improvedOverall wellness of your household members has improved undefiled3.004.005.003.00After microfinance your entree to wellness installations improved3.0012254.005168295.00412016 faultless10301050Holmium Microfinance leads to better wellness of its clientsH1 Microfinance does non take to better wellness of its clientsThis cross tabular matter shows that 29 out of 50 clients give that after competitiveness in microfinance their entree to wellness installations has improved and 16 clients strongly agree that after engagement in microfinance their entree to wellness installations has improved. 30 out of 50 clients conceptualise that overall wellness of their household members have improved. This tabular get down shows that absolute majority of the clients agree that after engagement in microfinance their entree to wellness installations have improved and besides overall wellness of their household members have improved. Therefore it proves the possibleness that microfinance leads to better wellness of its clients.Table 2 get well check of after microfinance has the school registration rate of your kids increased and your monthly disbursal on instruction increasedHave your monthly disbursal of instruction increased?Entire3.004.005.003.00After engagement in microfinance has the school enrolment ra te of your kids increased?3.0014054.0051710325.0052613Entire11231650Holmium Microfinance leads to increase in instruction and school registration of its client s kidsH1 Microfinance does nt take to increase in instruction and school registration of its client s kidsThis cross tabular matter shows that 32 out of 50 clients agree that after engagement in microfinance the school enrolment rate of their kids has increased. 23 out of 50 clients agree that monthly disbursal of instruction has increased. This tabular array shows that bulk of the clients agree that after engagement in microfinance the school enrolment rate of their kids has increased and their monthly disbursal on instruction has increased. Therefore it proves the hypothesis that microfinance leads to increase in instruction an 500 school registration of its clients kids.Table 3 Cross check of after microfinance there is addition in your personal income and is your income fortune for your household membersCountIs your inco me plenty for your household memberEntire2.003.004.002.00Has engagement in microfinance has led to increase in your personal income3.0030364.007613265.00261018Entire15122350Holmium Microfinance leads to increase in personal income of its clientsH1 Microfinance does non take to increase in personal income of its clientsThe tabular array of cross tabular matter shows that 26 out of 50 clients agree that after engagement in microfinance their personal income has increased. 23 out of 50 clients agree that their income is adequate for their household members. This tabular array shows that bulk of the clients agree that after engagement in microfinance their personal income has increased and their income is adequate for their household members. This tabular array shows that 15 out of 50 clients still believe that their income is non plenty for their household members. While 23 out of 50 believe that their income is adequate for their household members. Therefore the hypothesis holds true that microfinance leads to increase in personal income of its clients.Table 4 Cross check of microfinance leads to increase in ingestion of nutrient and your entree to clean imbibing H2O and hygiene environment has improvedCountDo you hold entree to clean imbibing H2O and hygiene environment?Entire2.003.004.005.002.00Do you believe that microfinance leads to increase in overall ingestion of nutrient3.00003144.0007176305.00473216Entire41423950Holmium Microfinance improves the criterion of life of its clientsH1 Microfinance does nt better the criterion of life of its clientsThe cross tabular matter tabular array shows that 30 out of 50 clients agree that microfinance has increased their overall ingestion of nutrient. 23 out of 50 clients agree that they have entree to clean imbibing H2O and hygiene environment. As the tabular array shows that 17 out of 50 clients agree that after engagement in microfinance their overall ingestion of nutrient has increased and they have entree to clean imbibing H2O and hygiene environment. Merely 4 out of 50 clients does nt hold entree to clean imbibing H2O. Therefore the hypothesis that microfinance improves the criterion of life of its clients keep true.Table 5 Cross check of microfinance leads to increase in outgo on house fix and your house is strong plenty to defy any sort of catastropheCountIs your house strong plenty to with stand electrical wedge or any other sort of natural catastrophe?Entire2.003.004.005.002.00Engagement in microfinance leads to increase in outgo on house fix3.00140054.0071591325.00263213Entire102512350Holmium Microfinance leads to betterment in lodging of its clientsH1 Microfinance does nt take to betterment in lodging of its clientsThis tabular array of cross tabular matter shows that 32 out 50 clients agree that engagement in microfinance leads to increase in outgo on house fix. 25 out of 50 clients agree that their house is strong plenty to with stand electrical storm or any other sort of natural catastrophe. 10 out of 50 clients said that their house is non strong plenty to with stand electrical storm or any other sort of natural catastrophe. 15 out of 50 clients are electroneutral about that microfinance lead to increase in outgo on house fix and their house is strong plenty to defy electrical storm and any other sort of natural catastrophe. Looking at the bulk of clients the hypothesis clasp that microfinance leads to betterment in lodging of its clients.BibliographyPPAF ( 2004 ) PPAF Microcredit Financing idea of Outcomes prepared by GALLUP Pakistan for Pakistan Poverty Alleviation Fund.Hussein, Maliha and Shazreh Hussain ( 2003 ) The Impact of Microfinance on Poverty and Gender Equity Approachs and Evidence from Pakisian Roneo for The Pakistan Microfinance Network.W.B, 2003. World Social state of affairs study. The World Bank GroupAmin, S. , Rai, A. S. , &038 A Topa, G. ( 2003 ) . Does microcredit make the hapless and vulnerable? Evidence from Northern Bangladesh . Journal of Development Economics, 70 ( 1 ) , 59-82.