Variations of rotating savings and credit associations for community development

Informal financial cooperation strategies have emerged as a solution to improve the resilience of low-income communities, being one of the most popular ones the rotating savings and credit associations (ROSCAs). In this article, using computational tools and dynamical systems modeling, we study the...

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Autores:
Zambrano, Andres Felipe
Giraldo, Luis Felipe
Perdomo, Monica Tatiana
Hernandez, Ivan Dario
Godoy, Jesus Maria
Tipo de recurso:
Article of journal
Fecha de publicación:
2022
Institución:
Universidad de Ibagué
Repositorio:
Repositorio Universidad de Ibagué
Idioma:
eng
OAI Identifier:
oai:repositorio.unibague.edu.co:20.500.12313/3829
Acceso en línea:
https://hdl.handle.net/20.500.12313/3829
Palabra clave:
Cash reserve ratio (CRR)
Cooperation
Humanitarian engineering
Rotating savings and credit associations (ROSCAs)
Social dilemmas
Trust
Rights
openAccess
License
http://purl.org/coar/access_right/c_abf2
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network_name_str Repositorio Universidad de Ibagué
repository_id_str
dc.title.eng.fl_str_mv Variations of rotating savings and credit associations for community development
title Variations of rotating savings and credit associations for community development
spellingShingle Variations of rotating savings and credit associations for community development
Cash reserve ratio (CRR)
Cooperation
Humanitarian engineering
Rotating savings and credit associations (ROSCAs)
Social dilemmas
Trust
title_short Variations of rotating savings and credit associations for community development
title_full Variations of rotating savings and credit associations for community development
title_fullStr Variations of rotating savings and credit associations for community development
title_full_unstemmed Variations of rotating savings and credit associations for community development
title_sort Variations of rotating savings and credit associations for community development
dc.creator.fl_str_mv Zambrano, Andres Felipe
Giraldo, Luis Felipe
Perdomo, Monica Tatiana
Hernandez, Ivan Dario
Godoy, Jesus Maria
dc.contributor.author.none.fl_str_mv Zambrano, Andres Felipe
Giraldo, Luis Felipe
Perdomo, Monica Tatiana
Hernandez, Ivan Dario
Godoy, Jesus Maria
dc.subject.proposal.eng.fl_str_mv Cash reserve ratio (CRR)
Cooperation
Humanitarian engineering
Rotating savings and credit associations (ROSCAs)
Social dilemmas
Trust
topic Cash reserve ratio (CRR)
Cooperation
Humanitarian engineering
Rotating savings and credit associations (ROSCAs)
Social dilemmas
Trust
description Informal financial cooperation strategies have emerged as a solution to improve the resilience of low-income communities, being one of the most popular ones the rotating savings and credit associations (ROSCAs). In this article, using computational tools and dynamical systems modeling, we study the performance of two variations of ROSCAs that can potentially increase the resilience of communities. First, we propose a strategy that saves a percentage of the contributions of each member of the ROSCA to reduce the impact of individuals who stop contributing to the association and study how this strategy impacts the financial life of the individuals and trust among community members. Second, we study a decentralized version of the ROSCA in which individuals contribute to more than one association and analyze the impact of the size of the cooperation scheme and the number of associations where each individual participates. Through mathematical and simulation analyses, we show how the cooperation strategies impact the resilience of low-income communitie
publishDate 2022
dc.date.issued.none.fl_str_mv 2022-04-22
dc.date.accessioned.none.fl_str_mv 2023-10-17T20:00:22Z
dc.date.available.none.fl_str_mv 2023-10-17T20:00:22Z
dc.type.none.fl_str_mv Artículo de revista
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dc.identifier.citation.none.fl_str_mv A. F. Zambrano, L. F. Giraldo, M. T. Perdomo, I. D. Hernández and J. M. Godoy, "Variations of Rotating Savings and Credit Associations for Community Development," in IEEE Transactions on Computational Social Systems, vol. 10, no. 2, pp. 614-622, April 2023, doi: 10.1109/TCSS.2022.3167266.
dc.identifier.issn.none.fl_str_mv 2329924X
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identifier_str_mv A. F. Zambrano, L. F. Giraldo, M. T. Perdomo, I. D. Hernández and J. M. Godoy, "Variations of Rotating Savings and Credit Associations for Community Development," in IEEE Transactions on Computational Social Systems, vol. 10, no. 2, pp. 614-622, April 2023, doi: 10.1109/TCSS.2022.3167266.
2329924X
url https://hdl.handle.net/20.500.12313/3829
dc.language.iso.none.fl_str_mv eng
language eng
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dc.relation.citationstartpage.none.fl_str_mv 614
dc.relation.citationvolume.none.fl_str_mv 10
dc.relation.ispartofjournal.none.fl_str_mv IEEE Transactions on Computational Social Systems
dc.relation.references.none.fl_str_mv A. V. Banerjee, A. Banerjee and E. Duflo, Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty, New York, NY, USA:Public Affairs, 2011.
E. J. Ryu and A. Suzuki, "ROSCAs as insurance: Comparing formal and informal methods of saving among the unskilled workers in the Ethiopian cut-flower industry", Developing Economies, vol. 59, no. 3, pp. 243-274, Sep. 2021.
A. K. Sedai, R. Vasudevan and A. A. Pena, "Friends and benefits? Endogenous rotating savings and credit associations as alternative for women’s empowerment in India", World Develop., vol. 145, Sep. 2021, [online] Available: https://www.sciencedirect.com/science/article/pii/S0305750X21001273.
L. Briguglio et al., "Conceptualizing and measuring economic resilience" in Building the Economic Resilience of Small States, Malta, U.K.:Islands and Small States Institute of the University of Malta and London: Commonwealth Secretariat, pp. 265-288, 2006.
D. Collins, J. Morduch, S. Rutherford and O. Ruthven, Portfolios Poor: How World’s Poor Live, Princeton, NJ, USA:Princeton Univ. Press, 2010.
A. R. Levenson and T. Besley, "The anatomy of an informal financial market: Rosca participation in Taiwan", J. Develop. Econ., vol. 51, no. 1, pp. 45-68, Oct. 1996, [online] Available: https://www.sciencedirect.com/science/article/pii/S0304387896004257.
S. Ardener, "The comparative study of rotating credit associations", J. Roy. Anthropol. Inst. Great Britain Ireland, vol. 94, no. 2, pp. 201-229, 1964.
O. Dagnelie and P. Lemay-Boucher, "Rosca participation in benin: A commitment issue", Oxford Bulletin Econ. Statist., vol. 74, no. 2, pp. 235-252, 2012.
P. Francois and M. Squires, "Linking mobile money networks to e-ROSCAs: An experimental study", Sci. Adv., vol. 7, no. 1, Jan. 2021, [online] Available: https://advances.sciencemag.org/content/7/1/eabc5831.
F. Allahi, S. Taheri, R. Kian and E. Sabet, "Cash-based interventions to enhance dignity in persistent humanitarian refugee crises: A system dynamics approach", IEEE Trans. Eng. Manag., Jul. 2020.
H. G. Villasanti and K. M. Passino, "Feedback controllers as financial advisors for low-income individuals", IEEE Trans. Control Syst. Technol., vol. 25, no. 6, pp. 2194-2201, Nov. 2017.
H. Gonzalez Villasanti, L. F. Giraldo and K. M. Passino, "Feedback control engineering for cooperative community development: Tools for financial management advice for low-income individuals", IEEE Control Syst. Mag., vol. 38, no. 3, pp. 87-101, Jun. 2018.
L. F. Giraldo and K. M. Passino, "Dynamics of cooperation in a task completion social dilemma", PLoS ONE, vol. 12, no. 1, pp. 1-25, Jan. 2017.
A. F. Zambrano et al., "Donation networks in underprivileged communities", IEEE Trans. Computat. Social Syst., vol. 8, no. 1, pp. 76-85, Feb. 2021.
M. Schreiner, "Formal RoSCAs in Argentina", Develop. Pract., vol. 10, no. 2, pp. 229-232, May 2000.
C. Ikeokwu, "The mathematics of mutual aid: Robust welfare guarantees for decentralized financial organizations", 2021.
N. L. Kerr, "Motivation losses in small groups: A social dilemma analysis", J. Personality Social Psychol., vol. 45, no. 4, pp. 819, 1983.
J. A. Shepperd, "Productivity loss in performance groups: A motivation analysis", Psychol. Bull., vol. 113, no. 1, pp. 67, 1993.
J. J. Jordan, M. Hoffman, M. A. Nowak and D. G. Rand, "Uncalculating cooperation is used to signal trustworthiness", Proc. Nat. Acad. Sci. USA, vol. 113, no. 31, pp. 8658-8663, Aug. 2016, [online] Available: https://www.pnas.org/content/113/31/8658.
S. Anderson and J.-M. Baland, "The economics of ROSCAs and intrahousehold resource allocation", Quart. J. Econ., vol. 117, no. 3, pp. 963-995, Aug. 2002.
F. Bouman, "Rosca: On the origin of the species/rosca: Sur l’origine du phenomène", Savings Develop., vol. 19, no. 2, pp. 117-148, 1995.
S. Anderson, J.-M. Baland and K. O. Moene, Sustainability and Organizational Design in Informal Groups With Some Evidence From Kenyan ROSCAs, Oslo, Memorandum, 2003, [online] Available: http://hdl.handle.net/10419/63174.
S. Rutherford, The Poor and Their Money, Oxford, U.K.:Oxford Univ. Press New Delhi, 2000
B.-C. Egbide et al., "Rotating and savings credit association (ROSCAs): A veritable tool for enhancing the performance of micro and small enterprises in Nigeria", Asian Econ. Financial Rev., vol. 10, no. 2, pp. 189-199, 2020
B. Bilecen, "Altýn günü: Migrant women’s social protection networks", Comparative Migration Stud., vol. 7, no. 1, pp. 1-17, 2019
A. M. J. Sandsør, "The rotating savings and credit association-an economic social and cultural institution", 2010.
R. Hardin, Trust and Trustworthiness, New York, NY, USA:Russell Sage Foundation, 2002.
J. Berg, J. Dickhaut and K. McCabe, "Trust reciprocity and social history", Games Econ. Behav., vol. 10, no. 1, pp. 122-142, Jul. 1995.
A. B. Atkinson, "On the measurement of inequality", J. Econ. Theory, vol. 2, no. 3, pp. 244-263, 1970.
M. A. Nowak and K. Sigmund, "Evolution of indirect reciprocity", Nature, vol. 437, pp. 1291-1298, Oct. 2005.
A. Etang, D. Fielding and S. Knowles, "Survey trust experimental trust and ROSCA membership in rural Cameroon" in Brooks World Poverty Institute Working Paper, Manchester, U.K.:The Univ. of Manchester, no. 44, 2008
J. M. Pereira Maldonado, "Grupos de ahorro y crédito local mecanismos para la inclusión financiera informal en Colombia", 2016.
K. McNabb, P. LeMay-Boucher and J. Bonan, "Enforcement problems in ROSCAs: Evidence from Benin", The Eur. J. Develop. Res., vol. 31, no. 5, pp. 1389-1415, 2019.
D. W. Adams and M. L. C. de Sahonero, "Rotating savings and credit associations in bolivia/les institutions informelles de crédit en bolivie (ROSCAs)", Savings Develop., vol. 13, no. 3, pp. 219-236, 1989
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spelling Zambrano, Andres Felipe7303d41e-0cff-4c35-bd1d-f06dfc318c29-1Giraldo, Luis Felipe444be113-e22b-45bd-a86a-dd8e6b98fc84-1Perdomo, Monica Tatianab5271978-1330-4b7c-bbdb-4479949be10e-1Hernandez, Ivan Darioecd094ef-9638-4943-a5cd-b1e8c6697f61-1Godoy, Jesus Mariaba9a0fd9-228e-44fb-959d-f36142425294-12023-10-17T20:00:22Z2023-10-17T20:00:22Z2022-04-22Informal financial cooperation strategies have emerged as a solution to improve the resilience of low-income communities, being one of the most popular ones the rotating savings and credit associations (ROSCAs). In this article, using computational tools and dynamical systems modeling, we study the performance of two variations of ROSCAs that can potentially increase the resilience of communities. First, we propose a strategy that saves a percentage of the contributions of each member of the ROSCA to reduce the impact of individuals who stop contributing to the association and study how this strategy impacts the financial life of the individuals and trust among community members. Second, we study a decentralized version of the ROSCA in which individuals contribute to more than one association and analyze the impact of the size of the cooperation scheme and the number of associations where each individual participates. Through mathematical and simulation analyses, we show how the cooperation strategies impact the resilience of low-income communitieapplication/pdfA. F. Zambrano, L. F. Giraldo, M. T. Perdomo, I. D. Hernández and J. M. Godoy, "Variations of Rotating Savings and Credit Associations for Community Development," in IEEE Transactions on Computational Social Systems, vol. 10, no. 2, pp. 614-622, April 2023, doi: 10.1109/TCSS.2022.3167266.2329924Xhttps://hdl.handle.net/20.500.12313/3829engEstados Unidos622261410IEEE Transactions on Computational Social SystemsA. V. Banerjee, A. Banerjee and E. Duflo, Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty, New York, NY, USA:Public Affairs, 2011.E. J. Ryu and A. Suzuki, "ROSCAs as insurance: Comparing formal and informal methods of saving among the unskilled workers in the Ethiopian cut-flower industry", Developing Economies, vol. 59, no. 3, pp. 243-274, Sep. 2021.A. K. Sedai, R. Vasudevan and A. A. Pena, "Friends and benefits? Endogenous rotating savings and credit associations as alternative for women’s empowerment in India", World Develop., vol. 145, Sep. 2021, [online] Available: https://www.sciencedirect.com/science/article/pii/S0305750X21001273.L. Briguglio et al., "Conceptualizing and measuring economic resilience" in Building the Economic Resilience of Small States, Malta, U.K.:Islands and Small States Institute of the University of Malta and London: Commonwealth Secretariat, pp. 265-288, 2006.D. Collins, J. Morduch, S. Rutherford and O. Ruthven, Portfolios Poor: How World’s Poor Live, Princeton, NJ, USA:Princeton Univ. Press, 2010.A. R. Levenson and T. Besley, "The anatomy of an informal financial market: Rosca participation in Taiwan", J. Develop. Econ., vol. 51, no. 1, pp. 45-68, Oct. 1996, [online] Available: https://www.sciencedirect.com/science/article/pii/S0304387896004257.S. Ardener, "The comparative study of rotating credit associations", J. Roy. Anthropol. Inst. Great Britain Ireland, vol. 94, no. 2, pp. 201-229, 1964.O. Dagnelie and P. Lemay-Boucher, "Rosca participation in benin: A commitment issue", Oxford Bulletin Econ. Statist., vol. 74, no. 2, pp. 235-252, 2012.P. Francois and M. Squires, "Linking mobile money networks to e-ROSCAs: An experimental study", Sci. Adv., vol. 7, no. 1, Jan. 2021, [online] Available: https://advances.sciencemag.org/content/7/1/eabc5831.F. Allahi, S. Taheri, R. Kian and E. Sabet, "Cash-based interventions to enhance dignity in persistent humanitarian refugee crises: A system dynamics approach", IEEE Trans. Eng. Manag., Jul. 2020.H. G. Villasanti and K. M. Passino, "Feedback controllers as financial advisors for low-income individuals", IEEE Trans. Control Syst. Technol., vol. 25, no. 6, pp. 2194-2201, Nov. 2017.H. Gonzalez Villasanti, L. F. Giraldo and K. M. Passino, "Feedback control engineering for cooperative community development: Tools for financial management advice for low-income individuals", IEEE Control Syst. Mag., vol. 38, no. 3, pp. 87-101, Jun. 2018.L. F. Giraldo and K. M. Passino, "Dynamics of cooperation in a task completion social dilemma", PLoS ONE, vol. 12, no. 1, pp. 1-25, Jan. 2017.A. F. Zambrano et al., "Donation networks in underprivileged communities", IEEE Trans. Computat. Social Syst., vol. 8, no. 1, pp. 76-85, Feb. 2021.M. Schreiner, "Formal RoSCAs in Argentina", Develop. Pract., vol. 10, no. 2, pp. 229-232, May 2000.C. Ikeokwu, "The mathematics of mutual aid: Robust welfare guarantees for decentralized financial organizations", 2021.N. L. Kerr, "Motivation losses in small groups: A social dilemma analysis", J. Personality Social Psychol., vol. 45, no. 4, pp. 819, 1983.J. A. Shepperd, "Productivity loss in performance groups: A motivation analysis", Psychol. Bull., vol. 113, no. 1, pp. 67, 1993.J. J. Jordan, M. Hoffman, M. A. Nowak and D. G. Rand, "Uncalculating cooperation is used to signal trustworthiness", Proc. Nat. Acad. Sci. USA, vol. 113, no. 31, pp. 8658-8663, Aug. 2016, [online] Available: https://www.pnas.org/content/113/31/8658.S. Anderson and J.-M. Baland, "The economics of ROSCAs and intrahousehold resource allocation", Quart. J. Econ., vol. 117, no. 3, pp. 963-995, Aug. 2002.F. Bouman, "Rosca: On the origin of the species/rosca: Sur l’origine du phenomène", Savings Develop., vol. 19, no. 2, pp. 117-148, 1995.S. Anderson, J.-M. Baland and K. O. Moene, Sustainability and Organizational Design in Informal Groups With Some Evidence From Kenyan ROSCAs, Oslo, Memorandum, 2003, [online] Available: http://hdl.handle.net/10419/63174.S. Rutherford, The Poor and Their Money, Oxford, U.K.:Oxford Univ. Press New Delhi, 2000B.-C. Egbide et al., "Rotating and savings credit association (ROSCAs): A veritable tool for enhancing the performance of micro and small enterprises in Nigeria", Asian Econ. Financial Rev., vol. 10, no. 2, pp. 189-199, 2020B. Bilecen, "Altýn günü: Migrant women’s social protection networks", Comparative Migration Stud., vol. 7, no. 1, pp. 1-17, 2019A. M. J. Sandsør, "The rotating savings and credit association-an economic social and cultural institution", 2010.R. Hardin, Trust and Trustworthiness, New York, NY, USA:Russell Sage Foundation, 2002.J. Berg, J. Dickhaut and K. McCabe, "Trust reciprocity and social history", Games Econ. Behav., vol. 10, no. 1, pp. 122-142, Jul. 1995.A. B. Atkinson, "On the measurement of inequality", J. Econ. Theory, vol. 2, no. 3, pp. 244-263, 1970.M. A. Nowak and K. Sigmund, "Evolution of indirect reciprocity", Nature, vol. 437, pp. 1291-1298, Oct. 2005.A. Etang, D. Fielding and S. Knowles, "Survey trust experimental trust and ROSCA membership in rural Cameroon" in Brooks World Poverty Institute Working Paper, Manchester, U.K.:The Univ. of Manchester, no. 44, 2008J. M. Pereira Maldonado, "Grupos de ahorro y crédito local mecanismos para la inclusión financiera informal en Colombia", 2016.K. McNabb, P. LeMay-Boucher and J. Bonan, "Enforcement problems in ROSCAs: Evidence from Benin", The Eur. J. Develop. Res., vol. 31, no. 5, pp. 1389-1415, 2019.D. W. Adams and M. L. C. de Sahonero, "Rotating savings and credit associations in bolivia/les institutions informelles de crédit en bolivie (ROSCAs)", Savings Develop., vol. 13, no. 3, pp. 219-236, 1989This publication is fully open access. The two licensing agreements available are the Creative Commons Attribution License (CC BY) and the Creative Commons Attribution, NonCommercial, No Derivatives License (CCBY-NC-ND). Both licenses permit the author to retain copyright to the article and permit readers to distribute, reuse, modify, and build upon the work as long as proper attribution to the original article is provided. Under the CCBY-NC-ND license, the work may not be changed in any way, nor may it be reused for commercial purposes. Visit the IEEE Author Center for more details on the available Creative Commons licenses.info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Atribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)https://creativecommons.org/licenses/by-nc-nd/4.0/https://ieeexplore.ieee.org/document/9761981Cash reserve ratio (CRR)CooperationHumanitarian engineeringRotating savings and credit associations (ROSCAs)Social dilemmasTrustVariations of rotating savings and credit associations for community developmentArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionPublicationTEXTVariations of Rotating Savings and Credit Associations for Community Development IEEE Journals & Magazine IEEE Xplore.pdf.txtVariations of Rotating Savings and Credit Associations for Community Development IEEE Journals & Magazine IEEE Xplore.pdf.txtExtracted texttext/plain3579https://repositorio.unibague.edu.co/bitstreams/74d8b22a-7694-4068-af45-651b4cb98b7f/download389b206583e92b6234de5c25579c8b73MD53THUMBNAILVariations of Rotating Savings and Credit Associations for Community Development IEEE Journals & Magazine IEEE Xplore.pdf.jpgVariations of Rotating Savings and Credit Associations for Community Development IEEE Journals & Magazine IEEE Xplore.pdf.jpgGenerated Thumbnailimage/jpeg8880https://repositorio.unibague.edu.co/bitstreams/d9cb7b8b-06d7-46c9-bcbf-b322fb171b72/download1d140b8ea6fe9e73942d880dd418c962MD54LICENSElicense.txtlicense.txttext/plain; charset=utf-8134https://repositorio.unibague.edu.co/bitstreams/3f604f96-24c5-4824-8159-e4921d60d57f/download2fa3e590786b9c0f3ceba1b9656b7ac3MD52ORIGINALVariations of Rotating Savings and Credit Associations for Community Development IEEE Journals & Magazine IEEE Xplore.pdfVariations of Rotating Savings and Credit Associations for Community Development IEEE Journals & Magazine IEEE Xplore.pdfapplication/pdf271009https://repositorio.unibague.edu.co/bitstreams/2230da33-b170-4998-8478-c1992f704aca/downloade60b96ff1c14768051f2f4d64a9550a6MD5120.500.12313/3829oai:repositorio.unibague.edu.co:20.500.12313/38292023-10-18 03:00:22.363https://creativecommons.org/licenses/by-nc-nd/4.0/This publication is fully open access. The two licensing agreements available are the Creative Commons Attribution License (CC BY) and the Creative Commons Attribution, NonCommercial, No Derivatives License (CCBY-NC-ND). Both licenses permit the author to retain copyright to the article and permit readers to distribute, reuse, modify, and build upon the work as long as proper attribution to the original article is provided. Under the CCBY-NC-ND license, the work may not be changed in any way, nor may it be reused for commercial purposes. Visit the IEEE Author Center for more details on the available Creative Commons licenses.https://repositorio.unibague.edu.coRepositorio Institucional Universidad de Ibaguébdigital@metabiblioteca.comQ3JlYXRpdmUgQ29tbW9ucyBBdHRyaWJ1dGlvbi1Ob25Db21tZXJjaWFsLU5vRGVyaXZhdGl2ZXMgNC4wIEludGVybmF0aW9uYWwgTGljZW5zZQ0KaHR0cHM6Ly9jcmVhdGl2ZWNvbW1vbnMub3JnL2xpY2Vuc2VzL2J5LW5jLW5kLzQuMC8=

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