CERMi News 

Wednesday, July 8, 2015

Joint CERMi- CES Doctoral Fellowship on social entreprises (ULB - ULg)






Tuesday, May 5, 2015

The 2nd Interdisciplinary Symposium on Sustainable Development is organised with the support of the Public Service of Wallonia. This symposium is co-chaired by the Professors Marek Hudon (Co-director of CERMi - Université libre de Bruxelles) and Jean-Pascal van Ypersele (Université catholique de Louvain).

The Symposium will take place on 20, 21 and 22 May 2015:

20 May: Inaugural conference at 20h in ULB (Bruxelles) with Rob Hopkins and Gunter Pauli 
21-22 May: Two days of Symposium at UCL (Louvain-la-Neuve) 
with Martin Khor on 21 May and Thomas d'Ansembourg, Jean-Marc Jancovici, Jeffrey Sachs and Laurence 
Tubiana on 22 May, among others.

More than 120 high-quality contribution proposals were submitted and about sixty will be presented during the parallel sessions. 
Online registration will be open at the beginning of spring on the following website:http://congrestransitiondurable.org 
For any further questions, please contact the organisation at the following email address:info@congrestransitiondurable.org


Tuesday, December 16, 2014

On December 2nd, 2014, Arnaud MICHEL, Management Engineer from SBS-EM at ULB, received the 2014 Social Economics Award (Prix d’Economie Sociale) for the dissertation entitled “The impact of community currencies: A systematic Review” that he wrote under Professor Marek Hudon’s supervision.

“The jury appreciated the originality of Arnaud Michel’s dissertation, for being the first study to synthesize current scientific knowledge about the economic, social, and environmental impact of complementary or community currencies worldwide. His work constitutes one of the most complete work on this question; it is based on the analysis of an impressive database of more than 1,000 articles or scientific books collected by the laureate. Moreover, the jury decided to grant a special mention to Thibaut Leroy, whose dissertation sheds new light on the community land trusts and proposes interesting ways to developed these in Belgium.”


This award will include the publication of Mr. Michel’s work as an eBook form on the Luc Pire website and others sites to be determined by organizers and publishers – Editions Luc Pire. The laureate will also receive a grant of 1,000 euros.


Tuesday, September 29, 2014

Discover our 10th CERMi Newsletter (September 2014)!

What you'll find in this edition :

  • Coming events at CERMi
  • Recent events at CERMi
  • Awards and prizes
  • Recent publications by CERMi members

Monday, June 30, 2014


Anastasia Cozarenco and Ariane Szafarz awarded the "2014 European Microcredit Research Award".
Anastasia Cozarenco (Aix-Marseille School of Economics) and Ariane Szafarz (ULB, Centre Emile Bernheim and CERMi) are the winners of the 2014 European Microcredit Research Award co-sponsored by the European Microfinance Network and the Hague University of Applied Sciences. The award was granted for the innovative scientific work presented in the paper "Microcredit in Developed Countries: Unexpected Consequences of Loan Ceilings." This paper develops the first theoretical model specific to microfinance in developed countries, and participates in the conversation on the nascent regulation of this young industry. The research has been carried out in the framework of an "Interuniversity Attraction Pole" on social enterprise, funded by the Belgian Science Policy Office.

Tuesday, May 27, 2014

Camille Meyer and Marek Hudon are granted a “Best Paper” recognition by the Scientific Committee of the 2014 Academy of Management Conference.

Camille Meyer is a FRESH-FNRS PhD student at Centre for European Research in Microfinance (CERMi, CEB; ULB). Marek Hudon is a Professor at SBS-EM (ULB) and is co-director of CERMi. Their joint paper "Microfinance and common goods: A Study of Brazilian Community Development Banks" has been judged by the reviewers of the 2014 Academy of Management Conference to be one of the best accepted papers in their program.

The annual Academy of Management Conference is the worldwide leading scientific meeting in management sciences. It typically gathers over 10,000 participants from all continents. This year, the meeting will take place in August in Philadelphia (USA).

Only few accepted papers are selected for publication in the “Best Paper Proceedings”. The paper written by Camille Meyer and Marek Hudon will appear in the 2014 edition.

Congratulations to the ULB researchers for this remarkable achievement!

March 18, 2014

In case you missed it last year, take a look at our video presentation of CERMi (made by the ULB).


 Monday, February 3, 2014

 Carolina Laureti at University of California, Berkeley

The Centre for European Research in Microfinance (CERMi) congratulates Carolina Laureti for being granted the 2014 ULB Research Fellowship for Visiting Students (Exchange Programme) at the University of California, Berkeley. The Fellowship is offered to outstanding PhD students with the aim of promoting fruitful research collaborations between ULB and UC Berkeley. Carolina Laureti is doing a joint PhD at UMONS & ULB with a CERMi-UMONS-ARC fellowship. She is supervised by Profs. Marc Labie (UMONS) and Ariane Szafarz (ULB). Her mentor in Berkeley is Prof. Alain de Janvry, a world-renowned specialist in economic development and, more specifically, in microfinance. 

Tuesday, January 28, 2014

Simon Cornée wins the EACB award!

We are very pleased to announce that the scientific committee of the second EACB ( European Association of Co-operative Banks) award for young researchers on co-operative banks has, after careful selection and according to the criteria established in the Call for Papers, awarded  Simon Cornée (University of Rennes 1, France and CERMi associate researcher) with the joint first place.

As a laureate of the EACB for young researchers on co-operative banks, Simon Cornée will be honoured in an award ceremony during the EACB Academics and MEPs' Day on 1st April 2014 at the European Parliament in Brussels. 

Congratulations to Simon Cornée for his achievement!

 Monday, December 16, 2013

NVSQ best paper awardMarek Hudon wins the NVSQ best paper award!
ARNOVA (Association for Research on Nonprofit Organizations and Voluntary Action) has just distinguished an article co-authored by Marek Hudon, CERMi’s co-director at SBS-EM as the Best Article published in Nonprofit and Voluntary Sector Quarterly (NVQS) for 2012. ARNOVA is the U.S.-based, international association committed to strengthening the research on nonprofit organizations, voluntary action, philanthropy and civil society.

Nonprofit and Voluntary Sector Quarterly (NVSQ) is the top ranked journal in its field! It is is an international, interdisciplinary journal for nonprofit sector research dedicated to enhancing our knowledge of nonprofit organizations, philanthropy, and voluntarism by providing cutting-edge research, discussion, and analysis of the field. NVSQ is published bi-monthly and provides a forum for researchers from around the world to publish timely articles from a variety of disciplinary perspectives.

The article is co-written by Anaïs Périlleux (Université Catholique de Louvain and former PhD student at CERMi in UMONS) and Eddy Bloy (Université de Lyon). The title of the article is “Surplus Distribution in Microfinance: Differences Among Cooperative, Nonprofit, and Shareholder Forms of Ownership”.

Congratulations to the researchers for this prestigious award!


CERMi (Centre Européen de Recherche en Microfinance / Centre for European Research in Microfinance), draws together researchers, involved in microfinance activities in developing countries, from the Centre Emile Bernheim (Solvay Brussels School of Economics and Management, Université Libre de Bruxelles) and from the Warocqué Research Centre (Université de Mons). The CERMi also collaborates with the European Microfinance Programme.

Microfinance provides financial services, including credit, savings and insurance, to poor customers with little or no access to the traditional banking sector. It has come to be regarded as a very important component of strategies aimed at reducing poverty. Over the last decade, the microfinance industry has experienced rapid growth creating a constant demand for new knowledge to help guide its development.

CERMi was created as part of the Académie Wallonie-Bruxelles, with the goal to become an active participant in this process. It aims to study the management of a wide range of microfinance financial institutions, represented by NGOs, cooperatives and commercial companies. Thanks to an interdisciplinary approach, CERMi hopes to make substantive contributions to the body of knowledge on microfinance which will help the industry deal more effectively with its future challenges.

From a microeconomic and managerial perspective, CERMi is undertaking research on institutional aspects including governance and risk management of microfinance institutions, as well as the concept of a client-driven approach toward the development of financial services and products. From a macroeconomic and sociological point of view, CERMi focuses on matters of regulation and local government policy, as well as the roles played by central banks and international donors. Links between microfinance and the traditional banking sector are also analysed, and throughout this research, special attention is given to ethical considerations that are specifically relevant and critical to the evolution of the microfinance industry.