Business English Lesson – Advanced Level''''s archiveRoscas ppt
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Business English Lesson – Advanced Level's archive
Roscas
1. Informal groups cannot rely on external enforcement to
insure that members by their obligations.
abide
agree
assist
attest
2. It is generally assumed that these problems are solved
by social sanctions' and effects.
computational
computed
reputational
reputed
3. Roscas are one of the most commonly found informal
financial institutions in the developing world; in the
absence of an external (social) sanctioning mechanism,
roscas are never sustainable, even if the member is
excluded from all future roscas.
defacing
defeating
defecting
defining
4. It is assumed that informal groups, such as
roscas, rely on social sanctions to solve their enforcement
problems.
perfunctorily
practically
topically
typically
5. We examine this notion more carefully and distinguish
between expulsion from future roscas cycles and
social sanctions.
expedient
exponential
extraneous
extrapolated
6. We first demonstrate that theoretically expulsion in itself
is never a sufficient
curtailment
deterrent
incitement
involvement
7. We then ask whether institutional features of these
groups are chosen in some part to prevent members from
on their responsibilities.
defalcating
defaulting
defalcating
deflecting
8. We focus on the allocation of ranks, and we show that a
random allocation of ranks, though preferred by a majority
of members, tends to the incentives to welch.
exacerbate
exonerate
extend
extol
9. They are therefore sustainable only if the of social
sanctions on their members are sufficiently high.
costs
expenses
prices
values
10. We provide some evidence in favour of our
hypothesis, since individuals who are more to those
sanctions tend to participate in roscas where the order of
ranks is randomly drawn at each cycle.
friable
fulsome
viable
vulnerable
