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porcelain veneers teeth Toms River 08753 English: One of the factors hindering development in Lesotho is the limited access to credit. The development of the rural economy in developing countries depends on growth and development in the agricultural sector and other small and medium enterprises. These enterprises constitute the engine of growth, employment and income for the rural community. In an effort to make the landscape of rural finance more attractive and to fulfil the national objectives of increased production, policy makers and donors adopted the conventional approach of advancing credit, where all practices and operational procedures were geared towards the interests of the borrower. The initiatives to advance credit include amongst others, an emphasis on project appraisals, relaxing collateral requirements and the charging of close to market interest rates. Despite the changes, the problem of limited access to financial services still exists. In fact, these approaches (policies) invariably resulted in distortions in the financial markets, and reduced the number of financial products and services to which farmers have access. The purpose of this study therefore, was to examine factors that influence small-scale farmers’ access to credit, thereby affecting their productivity and to make suggestions for government interventions and for the reduction of market failures in the rural financial markets of Lesotho. The study was conducted in two agro-ecological zones in Lesotho, namely; the Lowlands and the Highlands regions. A random sample of districts in the regions was done to select representative districts in each region. Leribe, Mafeteng, and Berea districts represented the Lowlands while Mohale’s Hoek and Thaba-Tseka districts represented the Highlands region. Stratified random sampling was employed to select borrowers and non-borrowers for the study. The study employed the logistic regression model (logit) within the principal component regression (PCR) framework to assess factors affecting small-scale farmers’ access to credit. PCR was used to take care of the multicollinearity between the variables. Firstly, the variables included in the logit model were subjected to principal component analysis (PCA) in order to reduce the variables into a few uncorrelated principal components (PCs). After principal components (PCs) were calculated, PCs with the smallest eigenvalues were eliminated and then PCR was fitted using standardised variables to improve the estimation power of the logit model. The empirical evidence of the study indicates that non-farm income, savings and remittances and pensions confirmed that increasing the household’s total income reduces the probability of a household being credit constrained. This shows that a better household situation affects the decision of the lender to ration the loan or that the household has less demand for loans because of its own equity capital accumulated through past income earnings. Farm income on the other hand, is positive, confirming that a higher farm income may improve the farmer’s creditworthiness and in some cases create a demand to expand production, thus increasing the demand for credit. The study revealed that farm income values of borrowers are higher than those of nonborrowers but lack of baseline data makes it difficult to associate the differences to the loans obtained by borrowers. However, the changes in income among borrowers are linked to the use of credit, confirming the hypothesis that credit has a positive effect on income and improvement of living conditions of credit users. Research into the behaviour of credit institutions in Lesotho will help to explain some of the actions taken by credit institutions, and at the same time assist policy-makers in formulating appropriate interventions.
Afrikaans: Die beperkte toegang tot krediet is een van die hooffaktore wat ontwikkeling in Lesotho strem. Die ontwikkeling van die landelike ekonomie van ontwikkelende lande hang grootliks af van die groei en ontwikkeling in die landbousektor en ander klein- en mediumbedrywe. Hierdie bedrywe verteenwoordig die masjien wat groei, werkskepping en inkomste vir die landelike gemeenskap genereer. In hulle pogings om die omgewing van landelike finansiering meer toeganklik en aantreklik te maak en om die nasionale doelwitte ten opsigte van verhoogde produktiwiteit te bereik, het die beleidmakers en donateurs normale praktyk by die verkryging van krediet gevolg, waar die praktyk en gebruiksprosedures alles op die belange van die lener ingestel is. Inisiatiewe om die toeganklikheid tot krediet te bevorder, sluit onder andere die volgende in: klem op die kosteberaming van die projek, die verslapping van sekuriteitsvereistes en die hef van markverwante rentekoerse. Ten spyte van bogenoemde veranderinge is beperkte toegang tot finansiële dienste ‘n voortdurende probleem. Hierdie benadering (beleid) het dus dikwels tot ‘n verwronge beeld van die finansiële markte gelei, met die gevolglike vermindering van die aantal finansiële produkte en dienste waartoe boere toegang behoort te hê. Die doel van hierdie studie is dus om ondersoek in te stel na faktore wat kleinboere se toegang tot krediet en derhalwe ook hulle produktiwiteit beïnvloed, asook om aanbevelings ten opsigte van regeringsingryping te maak en te poog om die mislukkings rakende landelike finansiële markte in Lesotho te verminder. Die studie is gedoen in twee agri-ekologiese sones in Lesotho, te wete: die Laaglanden die Hoogland-streke. ‘n Proef ten opsigte van distrikte in die verskillende streke is op willekeurige wyse gedoen om verteenwoordigende distrikte in elke streek aan te wys. Leribe-, Mafeteng- en Berea-distrikte het die Laagland verteenwoordig, terwyl Mohaleshoek- en Thaba-Tseka-distrikte die Hooglandstreek verteenwoordig het. ‘n Stratigrafiese proef is willekeurig gebruik om uitgesoekte leners en nie-leners vir die studie aan te dui. ‘n Logistiese regressiemodel (logit) is binne die raamwerk van ‘n hoofkomponentregressie (HKR) vir hierdie studie gebruik, om die faktore wat kleinboere se toegang tot krediet beïnvloed, te evalueer. HKR is gebruik om die multi-kollineariteit tussen die veranderlikes op te los. Eerstens is die veranderlikes wat ingesluit is in die logit-model onderwerp aan hoofkomponent-analiese (HKA) om die veranderlikes te reduseer tot ‘n paar ongekorreleerde hoofkomponente (HKe). Nadat hoofkomponente (HKe) bereken is, is die HKe met die kleinste eigenwaardes uitgeskakel, waarna die die HKR deur middel van die gestandaardiseerde afwykings toegepas is om die skattingswaarde van die logistiese regressiemodel te verbeter. Die empiriese getuienis uit die studie dui aan dat nie-boerderyinkomste, spaargeld, betalings en pensioene bewys dat ‘n verhoging in totale huishoudelike inkomste, die waarskynlikheid verminder dat ‘n huishouding finansieel gestrem is. Verder getuig dit dat ‘n beter huishoudelike leefwyse die besluit van ‘n lener kan beïnvloed ten opsigte van verkleining van ‘n leningsbedrag of dat die lener minder behoefte aan ‘n lening kan hê as gevolg van voldoende eie beskikbare kapitaal uit vorige inkomste. Boerderyinkomste is positief, wat bevestig dat ‘n hoër boerderyinkomste die boer se kredietwaardigheid kan verbeter en in sommige gevalle kan lei tot ‘n behoefte om produksie te verhoog en gevolglik ‘n verhoging in die vraag na krediet. Uit die studie het dit verder geblyk dat boerderyinkomste - waardes van leners hoër is as die van nie leners, maar as gevolg van ‘n gebrek aan grondige data is dit moeilik om die verskillende lenings verkry deur leners te verbind. Die verskille in inkomste van leners lan met die beskikbaarheid van krediet verbind kan word. Dit versterk die hipotese dat krediet ‘n positiewe invloed op inkomste en die verhoging van lewenstandaard van kredietgebruikers mag hê. Voortgesette navorsing ten opsigte van die optrede van kredietinstansies in Lesotho, sal meer lig werp op sekere aksies van genoemde kredietinstanses en terselfdertyd meehelp dat beleidmakers geskikte ingrypingsaksies kan beplan.
Modelling economic-environmental trade-offs of maintaining nitrate pollution standards ﻿