Dissertations / Theses on the topic 'Microfinance'
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Kinya, Mbaya Caroline. "Essays on microfinance in east-Africa." Doctoral thesis, Universitat Autònoma de Barcelona, 2017. http://hdl.handle.net/10803/405660.
Full textAkinosi, Oluwafunmilayo, Daniel Nordlund, and Alejandro Turbay. "Sustainable Microfinance." Thesis, Blekinge Tekniska Högskola, Sektionen för ingenjörsvetenskap, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-2540.
Full textMuriu, Peter W. "Microfinance profitability." Thesis, University of Birmingham, 2011. http://etheses.bham.ac.uk//id/eprint/3043/.
Full textSukadi, Mata Ritha. "Microfinance and remittances." Doctoral thesis, Universite Libre de Bruxelles, 2012. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209717.
Full textRemittances are three times the size of official development assistance (ODA) and the second source of external funds after foreign direct investment (FDI) for developing countries. Given their weight in receiving countries’ economies and household livelihood in many developing countries (for instance, remittances flows represent more than 25% of Lesotho’ and Moldavia’s gross domestic product in 2008), there is increasing policy and research interest in remittances as development resource. Furthermore, unlike FDI and ODA, remittances have the particularity to be directly affected to families, even those in remote areas, where development funds don’t arrive (Shaw, 2006). The thesis addresses the relationship between microfinance and the impact remittances have on domestic investment in developing countries.
Like other sources of external finance, remittances allow the economy to invest in human and physical capital (health, education), which contribute to growth (Ziesemer, 2006; Acosta et al. 2008). However, as remittances may be either directly consumed (remittances allow households to smooth their consumption, see for instance Lucas and Stark, 1985 and Glytsos, 2005) or used to invest in physical and human capital, it appears that their impact on domestic investment is perceived to be low or limited, given the amount of money they represent each year. According to literature, this is due to the small share that is dedicated to the launch or the support of economic activities. Actually, the allocation between consumption and investment, which depends on various factors such as the level of dependence households have with remittances, the migrant gender, and the existence of a credit constraint, varies on average around 10-20% of remittances that are not directly consumed (Salomone, 2006; Sorensen, 2004; Orozco, 2004). In the thesis we focus on the share of remittances that is saved and wonder how to maximize its impact, whatever this share. We are interested in the role of microfinance institutions, as actors of the financial sector, on this issue. Actually, two recent contributions, Mundaca (2009), and Giuliano and Ruiz-Arranz (2009), stress the role of the development of the financial sector. More precisely, the thesis focuses on a set of questions or issues that may be important for the microfinance industry to consider when interested in remittances flows and the deposits they may generate.
Financial development is generally defined as “increasing efficiency of allocating financial resources and monitoring capital projects, through encouraging competition and increasing the importance of the financial system. In other words, the development is about structure, size and efficiency of a financial system” (Huang, 2006). A large line of research work provides evidence that development of a financial system is a key driver of economic growth.
King and Levine (1993) argue that greater financial development increases economic growth. Levine and Zervos (1993) shows that growth is related to stock market activity, among other variables. Levine (1999) finds a significant effect of determinants of financial intermediation on economic growth. Beck et al. (2004) find strong evidence in favor of the financial-services view which stresses that financial systems provide key financial services, crucial for firm creation, industrial expansion, and economic growth. Levine (1997), Levine et al. (2000), and Beck et al. (2000) also stress the impact of financial development on growth. There is also an empirical literature that argues that the expansion and the deepening of the financial system lead to higher investment (see for instance Rajan and Zingales, 1998; Demirgüç-Kunt and Macksimovic, 1998).
By providing financial services to people whom traditionally do not have access to financial institutions, microfinance institutions (MFIs) may contribute to increasing the size of the financial system in many developing countries. Actually, according to the CFSI’s 2011 report, the one thousand-plus MFIs that report to the Microfinance Information eXchange (MIX) have 88 million borrowers and 76 million savers. Total assets of these MFIs amount to US$ 60 billion (CFSI, 2011).
The quite recent literature on remittances, financial development and growth can be categorized under two main approaches (Brown et al. 2011). One approach explores the relationship between remittances and financial development, with a view to assessing their impact on the level of financial development in receiving countries. The underlying argument is that remittances potentially contribute to financial development through both demand- and supply- side effects: by increasing households’ demand for and use of banking services, and by increasing the availability of loanable funds to the financial sector. According to this approach which consider the direct relationship between remittances and financial development, remittances have an impact on both financial outreach and depth in receiving countries, respectively through the fostering of financial literacy among remittances receivers and through the increasing availability of funds (see for instance Gupta et al. 2009, Aggarwal et al. 2011, Brown et al. 2011).
The second approach examines the remittances – financial development relationship indirectly by investigating how the given level of financial development in a country affects the impact of remittances on growth. This growth-focused approach allows for interactions between remittances and financial development in estimating growth equations for remittances receiving countries. Within the set of studies related to this approach, two opposing positions have emerged. The first position hypothesizes that the greater availability of financial services helps channel remittances to better use, thus boosting their overall impact on growth. Remittances are seen as financial flows in search of good investment projects, and good financial institutions are needed to facilitate the channeling of remittances to such investments. In this sense, remittances and financial system are complements. This position is supported by Mundaca (2009) who find that financial intermediation increases the responsiveness of growth to remittances in Latin America and the Caribbean over the 1970-2002 period. Other few studies also argue that channeling remittances through the banking sector enhances their development impact (see for instance Hinojosa Ojeda, 2003 and Terry and Wilson, 2005).
The other position argues that remittances contribute to investment and growth by substituting for inefficiencies in credit and capital markets. Remittances provide an alternative source of funding for profitable investments by alleviating liquidity constraints. In this sense, remittances promote growth more in less financially developed countries by substituting for lack of credits from financial institutions. This hypothesis is supported by Giuliano and Ruiz-Arranz (2009) who argue that poor households use remittances to finance informal investment in poorly developed financial markets with liquidity constraints. In their study, they interact remittances with a measure of financial development in standard growth equations, for a sample of 73 countries over the 1975-2002 period. Ramirez and Sharma (2009) obtain similar results using data from 23 Latin American countries over the 1990-2005 period.
The thesis contributes to existing knowledge on this indirect, growth-focused approach. Given the two existing opposite views on remittances impact on investment and the level of financial intermediation (a high level of financial development implies a high level of financial intermediation), in the thesis we first analyze the relationship that links these variables. We then analyses questions related to microfinance institutions (MFIs), as financial intermediaries.
Our focus on microfinance is made from two different perspectives, leading to different research questions. First, from the demand or microfinance clients’ perspective, we question about the interest for them to have MFIs entering the money transfers market (through the money transfer facilities and/or financial products that may be directly linked to remittances). The underlying argument is that MFIs enter the remittances market by providing money transfer services because there is a need for such services (and for other financial services) from their (potential) clients who are remittances receivers and migrants. According to this point of view, MFIs can contribute to recycle remittances flows into the financial system by contributing to the financial inclusion of remittances receivers and migrants thanks to the supply of adapted financial products. The occurrence of this assumption can therefore be measured by considering the involvement of MFIs on the remittances market as a determinant of financial inclusion indicators. Second, from the supply or MFIs’ perspective, we question about the rationale for MFIs to enter the remittances market. Here, the underlying argument is that MFIs are interested in operating on the remittances market because working with migrants can potentially contributes to the improvement of their financial and social performances. According to this perspective, remittances market opportunities as well as MFIs’ characteristics will determine the offer of money transfer services by MFIs. This supply approach therefore leads to the consideration of money transfers activities in MFIs as depending on remittances market opportunities and institutional variables.
Therefore, our papers related to microfinance will be articulated around these two questions (interest for clients and rationale for MFIs to have MFIs operating on the money transfers industry) by focusing, as argued earlier, on the deposits resulting from remittances flows.
As a matter of facts, by studying the relationship between microfinance and remittances respectively through the demand and the supply perspective, we raise causality issues related to MFIs’ money transfer activities and their impacts on MFIs performances. Actually, MFIs’ characteristics such as the right to collect public savings, as a potential source of efficiency gains, may significantly determine the supply of a money transfer service (MFIs’ perspective), while a money transfer service may itself be the determinant of some MFIs’ performance indicators related to financial inclusion, such as the volume of deposits made by clients (demand approach). However, given currently existing data on MFIs’ involvement on the remittances market we cannot consider simultaneously both perspectives in order to implement causality treatment techniques. Actually, the indicator of MFIs’ involvement we will use in our regressions is time invariant, therefore we are not able to build instrumental variables for instance (such as lagged values of our variable of interest) to eliminate econometric issues in our regressions. Nevertheless, through these two approaches taken separately, we contribute to some extend to the knowledge by putting in perspective different issues at stake for the microfinance industry.
Before we tackle our research questions we have an introductory chapter related to remittances flows: what are their trends, determinants and characteristics? The chapter also includes the definition of money transfer activities that we will use in the thesis, as well as an overview of MFIs’ involvement on the money transfers market.
Then, our research framework is divided into 4 sub-questions. The first one, treated in Chapter 2, is about the relationship between our variables of interest. What is the impact of the financial sector development (FSD) on the remittances’ impact on investment? This chapter aims at stressing the relationship existing between financial intermediation and remittances’ impacts on investment, which motivated our focus on MFIs (as financial intermediaries between remittances and the formal economy) in the following chapters. We focus on two transaction costs that decline with FSD. The first is the “Cost of Bank Depositing”, henceforth CDEP, which measures the difficulties of savers, particularly the less well-off, of depositing their savings in the formal banking system. The second transaction cost is the “Cost of External Finance”, henceforth CEXF, which measures the marginal cost for the banking system of borrowing in global financial markets. This cost is notably associated with the robustness of the country’s financial sector. In a stylized model of the lendable funds market, we analyze how both these variables affect the marginal effect of remittances on investment. We test model’s propositions using country-level data on remittances, investment, and proxies for both CDEP and CEXF, on a sample of 100 developing countries. We perform empirical tests using both cross-section and panel-data with country fixed effects, over the period 1975-2004. The results demonstrate, theoretically and empirically, that remittances and ease of access to the banking sector act as complements to stimulate domestic investment, while remittances and external borrowing are substitutes. We find that remittances flows stimulate local investment, as a part of remittances indeed become banks’ deposits, which increases the availability of lendable funds, reduces the interest rate and stimulates investment. In terms of policy implication, results suggest that enhancing financial sector development is crucial as it allows remittances to better fuel domestic investment. This is even truer when the access to international funds is difficult or costly. Improving the financial inclusion of remittances receivers by developing domestic banks’ ability to collect their savings is then a straightforward recommendation to policymakers who want to improve remittances impact on investment.
The second question, developed in Chapter 3 is related to the demand perspective of the relationship between microfinance and remittances. We want to assess whether there is a need from remittances receivers for financial products that may be linked to remittances. We aboard this question by assessing whether the supply of MTA leads to higher volume of deposits mobilized by MFIs, meaning that MFIs actually contribute or succeed in turning remittances into deposits. Using an original database of 114 MFIs –operating in Latin America and the Caribbean (LAC), South Asia (SA), East Asia and the Pacific (EAP), and Africa–, we perform empirical tests to study whether MFIs are able to capture migrants’ savings thanks to their money transfer activity. We test the impact of money transfer activity on deposits, using the natural logarithm of deposits as explained variable. Our main result suggests that money transfer activity has a significant positive impact on savings collection. MFIs involved in the remittances market thus attract more savings than MFIs that are not involved in it, probably coming from migrants and remittances receivers who are in need of adapted financial services. This confirms the opportunity MFIs may represent as a tool or a channel to improve remittances impact on investment. In that sense, MFIs should then be encouraged to operate on the remittances market, and to design financial products dedicated to migrants and remittances receivers.
The third question, developed in Chapter 4, is related to the supply approach of the relationship between remittances and microfinance. More precisely, we try to identify factors that seem to explain the availability of such service in the scope of services provided by MFIs. In this chapter, we focus first on potential sources of efficiency gains linked to the money transfer activity as a rationale for diversification (i.e. the expansion of the offer). And second, using an original database of 435 MFIs –operating in Latin America and the Caribbean (LAC), South Asia (SA), East Asia and the Pacific (EAP), and Africa–, we perform empirical tests using cross-section over the year 2006, to identify which environmental and institutional parameters have an impact on the willingness of a MFI to provide a money transfer service. We test the impact of various variables that are related to one of the rationale for MFIs to enter the money transfer market, namely economies of scale and scope as a source of efficiency gains, on the probability to have a money transfer service provided by a given MFI. Our main result suggests that the size, as well as the fact that an MFI collects savings have a positive and significant impact on this probability, while the level of financial development negatively impact it. This confirms among other things that the ability to realize economies of scale through a potential increase of collected deposits may be a determinant of managers’ choice to diversify. Policies that contribute to reduce entry barriers in low financially developed countries should then, among other things, be encouraged to have MFIs fully playing their role of intermediaries between remittances and the (formal) economy.
The chapter 5 questions about the institutional consequences for MFIs to collect migrants’ savings. The aim of this chapter is to give an insight on the opportunity migrants’ money (including remittances) could represent for the microfinance industry as a source of stable medium- and long-term funds. It is therefore related to the supply approach and the motivation for MFIs to enter the remittances market by analyzing the impact of migrants’ deposits (which include remittances) on another potential source of efficiency gains, namely the internal capital market. Through a case study approach, this chapter is devoted to the analysis of funding risk in microfinance, comparing migrants’ and locals’ time deposits. Migrants’ time deposits are expected to be of longer term and more stable (in terms of early withdrawals) than locals’ deposits. This assumption had never been tested yet. Based on an original database of 7,828 deposit contracts issued between 2002 and 2008 by 12 village banks belonging to a major Malian rural microfinance network (PASECA-Kayes), we used the Cox proportional hazard model to identify the variables that have an impact on the probability to have early withdrawals, and the technique of re-sampling to calculate withdrawal rates and deposits at risk. Results from the Cox methodology suggest that the migration status is not a direct determinant for the probability to have an early withdrawal. However, this probability increases with the amount deposited and the term of the contract which are both higher for migrants compared to non-migrants. The re-sampling method results suggest that withdrawal rates are not the same for the two categories of depositors observed. We find higher withdrawal rate distributions for migrants than for locals. The value at risk is also higher on migrants’ deposits than on locals’ deposits. However, as migrants tend to deposit for longer term than locals, through the calculation of durations we have measured to which extend migrants’ deposits still have a positive impact on MFIs’ liabilities. It appears that migrants’ money has a marginal but positive impact on time deposits durations, either when considering early withdrawals, which impacts are very limited, except in 2007 (the worst year in terms of amount withdrawn early). As our results show that MFIs that receive migrants’ deposits are not necessarily better-off than without migrants’ money in terms of funding risk - and durations - this paper has stressed the importance of assessing more carefully the role of migrants for the microfinance industry.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished
Harmincová, Zuzana. "Microfinance - interregional comparison." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-195498.
Full textInderbitzin, Claudia. "Microfinance eine neue Anlageklasse? /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/00711218002/$FILE/00711218002.pdf.
Full textGarcía, Pérez Icíar. "Sustainability in Microfinance Institutions." Doctoral thesis, Universitat Jaume I, 2019. http://hdl.handle.net/10803/666062.
Full textInspirado en el Programa de Acción de 1999 definido por Naciones Unidas en el que se describen ocho ámbitos pragmáticos para una Cultura de Paz. Mi propuesta trabajará sobre el apartado ‘Desarrollo económico y social sostenible’ evaluando las microfinanzas y las organizaciones que las gestionan, como herramienta para la consecución de este objetivo. Inmersos en un contexto global y bajo el prisma de la sostenibilidad, el análisis de desempeño de la actividad de las organizaciones no puede realizarse únicamente desde su ejercicio económico, sino que es preciso medir su impacto bajo una mayor amplitud de criterios (Fernández et al., 2013). El principal objetivo de esta tesis será contribuir a la mejora de la investigación de este sector, presentando una visión global del comportamiento de las IMFs en términos de desempeño sostenible, basado en un modelo que articule las dimensiones financiera, ambiental, social y de gobernanza de forma integrada.
Laureti, Carolina. "Product design in microfinance." Doctoral thesis, Universite Libre de Bruxelles, 2014. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209214.
Full textThis doctoral thesis contributes to this recent research stream by first surveying the literature on product design in microfinance, and then providing an empirical and a theoretical contribution. Precisely, the thesis is structured in four chapters. Chapter 1 and Chapter 2 are both reviewing the literature. Chapter 1, titled “Product Flexibility in Microfinance: A Survey”, reviews the academic literature on product flexibility in microfinance and offers a categorization scheme of flexible microfinance products. Chapter 2, titled “Innovative Flexible Products in Microfinance”, scrutinizes nine real-life practices covering microcredit, micro-savings and micro-insurance services that mix flexible features and commitment devices. Chapter 3, titled “The Debt Puzzle in Dhaka’s Slums: Do Liquidity Needs Explain Co-Holding?”, examines the use of flexible savings-and-loan accounts by SafeSave’s clients and tests whether the need for liquidity explains why the poor save and borrow simultaneously. Lastly, Chapter 4, titled “Having it Both Ways: A Theory of the Banking Firm with Time-consistent and Time-inconsistent Depositors,” proposes a theoretical model to determine the liquidity premium offered by a monopolistic bank to a pool of depositors composed of time-consistent and time-inconsistent agents.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished
Karlan, Dean S. "Social capital and microfinance." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/8412.
Full textIncludes bibliographical references.
Chapter one is titled "Social Capital and Group Banking." Lending to the poor is costly due to high screening, monitoring, and enforcement costs. Group lending advocates believe individuals are able to select creditworthy peers, monitor the use of loan proceeds, and enforce repayment better than an outside lending organization can by harnessing the social capital in small groups. Using data collected from FINCA-Peru, I exploit the randomness inherent in their formation of lending groups to identify the effect of social capital on group lending. I find that having more social capital results in higher repayment and higher savings. I also find suggestive evidence that in high social capital environments, group members are better able to distinguish between default due to moral hazard and default due to true negative personal shocks. Chapter two is titled "Can Games Measure Social Capital and Predict Financial Decisions." Economic theory suggests that market failures arise when contracts are difficult to enforce or observe. Social capital can help to solve these failures. Measuring social capital has become a great challenge for social capital research. I examine whether behavior in a trust game predicts future financial behavior. I find that trustworthy behavior in the game predicts higher loan repayment and savings deposits, whereas more trusting behavior predicts the opposite. Analyzing General Social Survey responses to questions on trust, fairness and helping others, I find that those with more positive attitudes towards others are more likely to repay their loan.
(cont.) Chapter three is titled "When Curiosity Kills Profits: An Experimental Examination." Economic theory predicts that under Bertrand competition, with equal and observable costs, firms earn zero profits. Theory also predicts that if costs are not common knowledge, firms should use their weakly dominant strategy of pricing above marginal cost and earn positive profits. Hence, rational profit-maximizing Bertrand firms should prefer less public information. In an auction game, we find that individuals without information on each other's valuations earn more profits than those with common knowledge. Then, given a choice between the two rules, half the individuals preferred to have the information. We discuss possible explanations, including ambiguity aversion.
by Dean S. Karlan.
Ph.D.
Sherratt, Lesley. "The ethics of microfinance." Thesis, King's College London (University of London), 2013. https://kclpure.kcl.ac.uk/portal/en/theses/the-ethics-of-microfinance(167fd589-1f75-4571-917a-f0bffe1335bd).html.
Full textAbd, El-Maksoud Sarah. "Performance of microfinance institutions." Thesis, Cardiff Metropolitan University, 2016. http://hdl.handle.net/10369/8363.
Full textHuamán, Ricardo. "The Economics of Microfinance." Economía, 2012. http://repositorio.pucp.edu.pe/index/handle/123456789/118083.
Full textEriksson, Lars. "All inclusive microfinance : A study of the demand for Islamic microfinance in Malawi." Thesis, Uppsala universitet, Ekonomisk-historiska institutionen, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-138007.
Full textAmin, Azmat Najma. "Commercialisation de Microfinance : comment les Institutions de Microfinance (IMFs) peut attirer les investisseurs ?" Thesis, Pau, 2017. http://www.theses.fr/2017PAUU2029/document.
Full textThis research examines the link between Corporate Social Responsibility (CSR) of Microfinance Institutions (MFIs) and foreign investors (F.Is) in the context that commercialized Microfinance has double-bottom-line. The theoretical and conceptual framework for this study includes the agency theory, stakeholder’s theory, resource dependence theory and the concept of Socially Responsible Investment (SRI). The empirical study is based on a two-step process, an initial exploratory qualitative study carried out through semi-structured interviews with 9 fund managers (SRI) in order to understand well the topic and enrich the theories and concepts. The second step is a quantitative analysis through ordinary least squares (OLS) and logistic regression models using data of 615 MFIs for the year 2012 to verify the link between F.I and CSR and if financial performance plays a mediator or moderator role. For the first time in microfinance, a comprehensive/multi-dimensional definition of CSR is used and indicators calculated based on that. The results show that CSR is a key factor in investment decisions of F.Is and it shows a mediation effect of financial performance on the relationship between CSR and F.Is. In order to provide access to financial services at the bottom of the pyramid, MFIs need access to foreign investors. As CSR is taken into account by investors in their investment decision, therefore, MFIs need to focus on managing and reporting relevant CSR activities in order to attract and satisfy these investors
Harraf, Omid. "Can microfinance eradicate poverty? analysis of the efficacy of microfinance using existing literature /." abstract and full text PDF (free order & download UNR users only), 2008. http://0-gateway.proquest.com.innopac.library.unr.edu/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:1456489.
Full textOwolabi, Oluwatomi Ehagbor. "Microfinance and poverty reduction in Nigeria : a case study of LAPO Microfinance Bank." Thesis, University of Leeds, 2015. http://etheses.whiterose.ac.uk/10016/.
Full textMcAdams, Thomas Hartarska Valentina M. Gropper Daniel M. "Financing constraints and microfinance in Eastern Europe and Central Asia." Auburn, Ala, 2009. http://hdl.handle.net/10415/1589.
Full textHuang, Yang. "Microfinance commercialization in rural China /." View abstract or full-text, 2006. http://library.ust.hk/cgi/db/thesis.pl?SOSC%202006%20HUANGY.
Full textHina, Hadia. "Commercialisation of microfinance in Pakistan." Thesis, University of Leicester, 2014. http://hdl.handle.net/2381/28567.
Full textBatin, Artyom. "Risk management in microfinance institutions." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-201080.
Full textDjefal, Sabrina Servet Jean-Michel. "Les ressorts de la microfinance." Lyon : Université Lumière Lyon 2, 2004. http://demeter.univ-lyon2.fr:8080/sdx//theses/lyon2/2004/djefal_s.
Full textBaraton, Pierrick. "Microfinance and entrepreneurship in Madagascar." Thesis, Université Clermont Auvergne (2017-2020), 2017. http://www.theses.fr/2017CLFAD006/document.
Full textDeveloping countries, especially countries in Sub-Saharan Africa, are confronted with the need to reduce poverty while their populations are stillincreasing at high rates. Micro small and medium-sized enterprises hold the highest potential for job creation and income generation. However, lack of financing, among numerous other obstacles, significantly impedes their development.Microfinance institutions have played, and continue to play, a significant role in meeting the growing financing needs of MSEs excluded from the formal financial sector. In this dissertation, we attempt to illustrate some points to pay particular attention to in order to increase microfinance impacts. Firstly, we highlight that initial financial constraints may prevent entrepreneurs from investing in their first-choice sector and that ultimately, this misallocation of talent could be detrimental for growth. This result emphasizes the need for start-up financing, which is one of the riskiest and most critical aspects of running a business. Secondly, we draw attention on the fact that up-scaling strategies implemented by MFIs may lead to competition with banks. The net economic impact of up scaling strategies will depend on how much MFIs neglect the poorest clients (mission drift) and to what extent clients with the highest growth potential can in fact resort to commercial banks. Finally, we shed light on the fact that the lack of financial knowledge among entrepreneurs may actually skew their financing choices and ultimately prevent them from obtaining more affordable sources of financing.As a whole, MSEs need special attention to foster their growth and contribution to job creation. MFIs are a powerful tool to help MSEs meet growth objectives, but optimal development may require other forms of financial assistance and better suited funding
Liu, Fan. "Essays in macroeconomics and microfinance." Diss., University of Iowa, 2017. https://ir.uiowa.edu/etd/5553.
Full textShamsad, Sadah. "Socio-economic dynamics of microcredit programs in informal settlements the case of Khulna city, Bangladesh /." Thesis, Click to view the E-thesis via HKUTO, 2008. http://sunzi.lib.hku.hk/hkuto/record/B41680145.
Full textOnomo, Michel Bertrand Cyrille. "Mécanismes de gouvernance en microfinance : apport sur la performance des institutions de microfinance au Cameroun." Rouen, 2010. http://www.theses.fr/2010ROUED003.
Full textThe drawbacks of governance practices constitute one of the major risks that threaten le viability of microfinancial institutions (MFI). With regards to MFIs located in Central Africa and particularly in Cameroon, these limitations are related to the lack of transparency in the hiring processes of managers, in the process of organisational decision taking and in the method of choice or election of directors as well as in the system of control of chief executive. The aim of this work is to understand the functioning of governance systems of MFIs in Caemroon. Precisely, it was a matter of highlighting on one hand the governance mechanisms put in place in these institutions, and on the other hand to determine the link between these mechanisms and the performance governance in MFIs in Cameroon. Next to this mechanism, the chief executive compensation, controls y monetary authorities and by the credit’s union central organi (specifically in the case of credit union belonging to networks) and the evaluation of activities by rating agencies are additional mechanismes that assure the control of chief executive in these institutions. Moreover, the structure of leadership in the board of directors, the number of different trades counted bu the board of directions, controls by monetary authorities and by credit union central organ, evaluation by rating agencies, the level of education and the sentant of the chief executive have a positive influence on the performance indicators of these institutions. Unlikely, the presence of women in the board of directors and the number of annual meetings of the said board have a negative influence on these indicators. However, the number of directors, the independence of the board of directors vis-a-vis management and the regular (external) audit of the accounts of these institutions have no influence on their performance indicators
Sangare, Mariam. "La microfinance : quels liens entre les modèles de financement des institutions et la qualité des services offerts aux clients ?" Thesis, Toulouse 1, 2013. http://www.theses.fr/2013TOU10021/document.
Full textThis thesis aims to analyze the possible links between the funding side of microfinance and its services quality, which is defined as the matching between microfinance products and the various financial needs of the clients. This "quality" approach in the assessment of microfinance effectiveness is getting us to a double question. The first one concerns the definition of quality criteria of microfinance services. The second question is about the possible relationships between institutions governance and services quality for customers. By combining theoretical analysis with empirical data, three principal results are made obvious. The first result shows the complexity that arises when it comes to define services quality in microfinance. Because of the multiplicity of quality criteria and some divergences between institutions and customers on their meanings, it is difficult to find convergent criteria of quality. This leads to a rise in customers’ uncertainty about the expected effects of microfinance services. The second one highlights the influence of governance models on services quality, depending on whether or not clients participate in the decisions making process within the institutions. At last, the third result is an empirical relationship between funding by deposits collection and services quality which is made obvious in the context of Mali. This funding model is associated with some constraints (volatility, weakness of the collected amounts) which have a narrow link with some important quality criteria for customers such as rapidity in credit disbursement and permanent liquidity of the deposits
Allotey, Daniel. "Commercializing a microfinance institution to maximize profit : (A study of the Sinapi Aba Microfinance Institution-Ghana)." Thesis, Mälardalen University, School of Sustainable Development of Society and Technology, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-4264.
Full textABSTRACT
Date: 2008-06-23
Level: Bachelor Thesis in Business Administration, Basic Level 300, 15 ECTS-Points
Author: Daniel Allotey
Tutor: Per Nordqvist
Title: Commercializing a microfinance institution to maximize profit
(A study of the Sinapi Aba Microfinance Institution-Ghana)
Background: Microfinance is one major approach to offering financial services to the majority, (mainly poor people) in developing countries. Traditionally, most of these institutions largely operate based on support by international donor agencies. Research into this field has shown that a microfinance institution has the ability to maximize profits by commercializing its services.
Problem: The research problem is to find out how the Sinapi Aba Microfinance Institution, (Ghana) can maximize profits as a result of commercialization of operations.
Purpose: The main purpose of this research is to illustrate to the Sinapi Aba Microfinance Institution how it could maximize profits through the commercialization of its operations.
Method: The research is a study that uses the qualitative approach. Relevant information for the theoretical background and the Sinapi Aba has been organized through primary and secondary data search. The primary data is based on a telephone interview with Mr.Opata Narh, managing director at Sinapi Aba Microfinance Institution in Oda, and a questionnaire sent through an attached e-mail to Mrs. Georgina Ocansey, the human resource manager to solicit her opinion on the same subject. Information’s were also gathered from the institutions home page. The secondary data was sourced from books and articles from the Mälardalen University library and internet sources within this field of study.
Conclusion: In an effort to illustrate to the Sinapi Aba Microfinance Institution how it could be self sufficient through profit maximization, the author was able to base his argument on the theories used in the frame of reference in connection with the findings obtained from the telephone interview, questionnaire and the institutions home page. This also helped the author establish the fact that the Sinapi Aba Microfinance Institution can maximize profit through the commercialization of its services. Profit maximization could therefore be achieved by developing its human resources, mobilizing savings, supervision and regulative mechanisms and finally marketing and competitive positioning.
Apriliani, Putu Desy. "It Takes a Village to Do Microfinance Right: Effects of Microfinance on Gender Relations in Bali." Diss., Virginia Tech, 2019. http://hdl.handle.net/10919/102033.
Full textDoctor of Philosophy
Singhe, Steffi Sandra. "Commercialization of Microfinance in Cameroon : How can Microfinance Institutions manage their dual social and commercial goals?" Thesis, Nantes, 2020. https://archive.bu.univ-nantes.fr/pollux/show/show?id=af7850b5-b7d1-4408-a577-0827e515ebcb.
Full textThe commercialization of microfinance has brought to the forefront the financial performance of MF!s, with MF!s now adopting a commercial logic of profitability in addition to their established social logic of poverty alleviation. This poses a crucial management challenge for the MF!s in terms of balancing the social and commercial aspect of their mission. The main aim of this thesis is to understand how MFls overcome their challenges so as to achieve their dual social and commercial goals. lt draws on the bricolage concept as a theoretical perspective and on an abductive, exploratory and qualitative research approach. The thesis also aimed to provide a better understanding of the Cameroonian microfinance sector, in terms of its history and evolution, and the challenges specific to the sector. The study identifies various bricolage practices that the MF!s use to advance the fulfilment of their dual mission. The findings suggest the use of these bricolage practices by the MF!s to mobilize resources, build legitimacy, and increase outreach, in a context characterized by resource constraints. These three bricolage outcomes reinforce each other, and they all strengthen the achievement of the MF!s' dual goals. This research also highlighted the four phases of evolution of the Cameroonian microfinance sector and the five main challenges faced by MF!s in the sector. This thesis contributes to the microfinance literature. lt offers a new perspective on MF! dual-mission management by showing how MF!s mobilize bricolage practices to advance their dual social and commercial goals. lt brings light on the link between the literature on microfinance and bricolage
Allet, Marion. "Microfinance and the environmental bottom line." Doctoral thesis, Universite Libre de Bruxelles, 2013. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209516.
Full textDoctorat en Sciences économiques et de gestion
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Hudon, Marek. "Ethics and public policy in microfinance." Doctoral thesis, Universite Libre de Bruxelles, 2007. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210639.
Full textBased on the results of the two first chapters, Part II (Chapter 4 to 6) focuses on the role of donors in microfinance. Chapters 4 and 5 use two original databases, of 67 and 100 MFIs respectively to study the impact of subsidies on the MFIs’ management, through their rating evaluation (Chapter 4) and MFIs’ performance and management decisions (Chapter 5). Chapter 4 will analyze the relationship between the quality of management, as rated by a specialized agency, and the amount of subsidies. Chapter 5 will study pricing policy, the clientele and the potential moral hazard of subsidized institutions. Concluding this analysis, Chapter 6 gives some guidelines on the use of donor subsidies, especially in their interaction with the new private commercial actors, such as investment funds.
Doctorat en sciences de gestion
info:eu-repo/semantics/nonPublished
Pearlman, Sarah. "Essays on vulnerability, microfinance and entrepreneurship." College Park, Md. : University of Maryland, 2007. http://hdl.handle.net/1903/7163.
Full textThesis research directed by: Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
Gillaizeau, Marc V. "Essays on microfinance and poverty dynamics." Thesis, Swansea University, 2017. https://cronfa.swan.ac.uk/Record/cronfa40944.
Full textTseng, Chuan Chia. "Microfinance and Amartya Sen's capability approach." Thesis, University of Birmingham, 2011. http://etheses.bham.ac.uk//id/eprint/2921/.
Full textVu, Chi Thi Cam. "Microsavings and performance of microfinance institutions." Thesis, University of Birmingham, 2017. http://etheses.bham.ac.uk//id/eprint/7272/.
Full textGowrie-Smith, Lachlan Ian. "Microfinance regulation in China and India." Thesis, Massachusetts Institute of Technology, 2010. http://hdl.handle.net/1721.1/62467.
Full textCataloged from PDF version of thesis.
Includes bibliographical references (p. 71-76).
The regulatory responses of Governments in different countries to emerging microfinance sectors have varied dramatically and as a result so have the outcomes for these sectors. As two of the fastest growing developing countries in the world over the last two decades, both with vast poor rural populations lacking access to credit, the potential demand for microfinance in India and China is enormous. Yet where the microfinance sector in India has been one of the fastest growing in the world with a diverse range of successful for-profit and non-profit microfinance institutions, the microfinance sector in China has failed to find its feet with microfinance institutions unable to attract commercial funding to expand or to achieve financial self-sufficiency. In this thesis I provide a comparative analysis of the regulatory frameworks for microfinance in China and India in order to demonstrate how the more restrictive and uncertain regulatory environment in China has hindered the development of the sector. In the next section of the thesis I bring the discussion of the regulatory frameworks into the broader political and economic contexts of the countries to answer the question: why have the Governments in India and China regulated the emerging microfinance sectors so differently? I argue that rising inequality and poverty alleviation plans conditioned the goals of the Governments for the microfinance sector and that the broader level of financial sector liberalization conditioned the feasible set of microfinance regulations for the Governments.
by Lachlan Ian Gowrie-Smith.
S.M.
Sinn, Miriam. "Topics in microfinance and behavioural economics." Thesis, London School of Economics and Political Science (University of London), 2012. http://etheses.lse.ac.uk/490/.
Full textCumbi, Gonqalo M. T. "The sustainability of microfinance in Mozambique." Thesis, Stellenbosch : University of Stellenbosch, 2011. http://hdl.handle.net/10019.1/14638.
Full textIn the microfinance discourse, sustainability can relate to organisational, managerial and financial aspects. However, what is in vogue in mainstream analysis is the financial sustainability of MFIs throughout the world, especially in Africa, Asia and Latin America. What has attracted controversial debate on the self financial viability of MFIs is the extent they have maintained the balance between achieving substantial levels of profitability (through employing the institutionalist approach), and being agents of poverty-alleviation (through the welfarist approach). Analysing the mixed fortunes of the five MFIs in Mozambique between 2005 and 2009, this study explores the scope and patterns of outreach programmes as an essay in service-delivery by the MFIs, the repayment capacity of the different stripes of clients, the cost-control regime adopted by the MFIs and the ultimate variegated levels of success realised, and the challenges faced by the MFIs in different provinces.
Jackson, Cornell Alexander. "Strength of weak ties in microfinance." Thesis, University of Greenwich, 2012. http://gala.gre.ac.uk/9151/.
Full textDos, Anjos Pablo Lucas. "Conventional social behaviour amongst microfinance clients." Thesis, Manchester Metropolitan University, 2014. http://e-space.mmu.ac.uk/326221/.
Full textAguilar, Andía Giovanna. "Microfinance and regional growth in Peru." Economía, 2014. http://repositorio.pucp.edu.pe/index/handle/123456789/118131.
Full textEl objetivo de este estudio es hacer una evaluación cuantitativa del impacto que la expansión del microcrédito ha tenido sobre crecimiento de la actividad económica en las regiones peruanas. Teniendo como marco conceptual la teoría desarrollada sobre el vínculo entre el crecimiento económico y el desarrollo financiero y con información anual para 24 regiones del país en el período 2001-2008, se estima un modelo de datos de panel que tiene como variable dependiente la tasa de crecimiento del PBI per cápita y como variables explicativas las colocaciones de los distintos tipos de instituciones microfinancieras como porcentaje del PBI, las colocaciones bancarias en porcentaje del PBI y otras variables que afectan el crecimiento económico. La evidencia encontrada sugiere que la expansión microfinanciera tiene un impacto positivo en el crecimiento del nivel de actividad de las regiones a diferencia de lo que ocurre con la expansión de la intermediación bancaria. Un ejercicio de estática comparativa muestra que si las colocaciones de las CMAC, CRAC y bancos especializados llegan a alcanzar el 10% del PBI, la tasa de crecimiento del PBI per cápita se elevaría en por lo menos 4 puntos porcentuales. En las regiones de mayor índice de pobreza este incremento es mucho más impactante y significativo.
Annim, Samuel Kobina. "Microfinance paradigm : institutional performance and outreach." Thesis, University of Manchester, 2010. https://www.research.manchester.ac.uk/portal/en/theses/microfinance-paradigm-institutional-performance-and-outreach(2b19d49b-ce81-49fe-b8ff-e65c20c7aa21).html.
Full textBui, Thu trang. "Factors affecting microfinance development in Vietnam." Thesis, Sorbonne Paris Cité, 2017. http://www.theses.fr/2017USPCD065/document.
Full textThe appearance of microfinance has been known as a remedy for many social ills rooted in poverty because of its efficacy in credit dispensation, social equality enhancement and reduction of poverty. Millions of poor and non-bankable people in developing countries have been provided access to formal financial services through microfinance programs. However, the development of microfinance is not a single model for all country and microfinance institutions (MFIs) have had various degree of sustainability. Many MFIs still face major constraints in their pursuit of effectively delivering microfinance services profitably. Expansion of microfinance programs remains a formidable challenge for the development of microfinance industry. What would be reasons for that inefficiency?This thesis seeks to contribute to the current state of knowledge and research thoroughly on the development and the characteristics of microfinance industry by investigating strategic factors affecting microfinance development in Vietnam context. It applies both qualitative and quantitative research methods.We develop comparative analysis between financial innovation of Vietnam microfinance system and two other international benchmarks namely Grameen Bank in Bangladesh and the Bank Rakyat of Indonesia (BRI) to figure out what constraints limit the scale and scope of Vietnam microfinance activities; what types of microfinance models are suitable: whether for-profit commercial models or social microfinance ventures in Vietnam context. Besides, empirical work is carried out using both OLS and GMM techniques to examine the impact of institutional environment as well as macroeconomic factors on MFIs’ profitability. The results present evidence on a dynamic role of profitability and economies of scale in microfinance. Loan quality seems to be a very important determinant of MFI’s profitability in Vietnam. Our analysis also confirms the significant role of State level as well as the decisive role in self-innovation of microfinance institutions
Oguntoyinbo, Mojisola. "Credit risk assessment of the microfinance industry in Nigeria : an application to Accion Microfinance Bank Limited (AMFB)." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/21643.
Full textThe research report provides a credit risk assessment and evaluation of Accion Microfinance Bank Limited (AMFB) for the period 2006 to 2010, using Morgan Stanley’s methodology for analysing the credits and performance ratings of microfinance institutions (MFIs). Since MFIs are set up to provide credit and other financial services to the poor, financially underserviced segment of the society, and since the credit support granted to such micro businesses usually lacks collateral, it is imperative that the management of such credit services be sound in order to mitigate the high risks involved. Thus, credit risk management determines the success and survival of microfinance banks (MFBs): weak credit management leads to capital erosion and eventual failure, whereas sound credit risk management guarantees profitability and sustainability and, hence, the realisation of the objectives of their setup – enhancing the welfare of micro-entrepreneurs. The data for the research report were sourced from AMFB’s financial statements for the years 2006 to 2010 and from interviews that were conducted with principal officials of this MFB. The research found that good regulatory corporate governance and management practices, sound quantitative credit risk assessment and management, and quality and maturity of management lead to low credit risk accompanied by high profitability and sustainability for MFBs. As AMFB matured, the quality of portfolio, profitability, sustainability and operating efficiency were seen to increase. The quality of shareholders, board and management was found to be crucial for the sound management of the MFB. The research report, therefore, recommends regular and continuous credit risk identification, assessment and management, as well as sound corporate governance, if MFBs are to survive and grow and achieve their developmental objectives.
Sackey, Frank Gyimah. "Essays on microfinance institutions and human capital." Doctoral thesis, Universitat Rovira i Virgili, 2016. http://hdl.handle.net/10803/404021.
Full textEl primer capítulo examina la medida en que el acceso al crédito y el racionamiento del crédito están influenciados por el tipo de microfinanzas basado en los principales factores que determinan las micro, acceso de las pequeñas y medianas empresas al crédito de las instituciones de microfinanzas en la era de la liberalización financiera. Los datos para el estudio fueron recogidos de los registros de crédito y préstamos de las instituciones de microfinanzas que comprendía las diversas piezas de información proporcionados por los prestatarios en el proceso de solicitud de préstamo. Nuestros resultados son desconcertantes y muestran que el racionamiento del crédito no está influenciada por los tipos de microfinanzas sino por las empresas microfinancieras individuales. Nuestros resultados también muestran que el tipo microfinanzas Gobierno es el más grave en el comportamiento de racionamiento El segundo capítulo tiene por objeto probar la política de microfinanciación de Ghana, creado para apoyar y capacitar a las personas vulnerables a través del acceso al crédito. Se recurre a la descomposición Blinder-Oaxaca para determinar si existe una discriminación positiva a favor de las mujeres y los jóvenes empresarios en el comportamiento de racionamiento de las empresas de microfinanzas. Esto es lo que deberíamos esperar si la política es efectiva. Nuestros resultados muestran que incluso después de controlar un gran número de características del prestatario, el tipo de microfinanzas y las variables de solvencia crediticia, existe una discriminación positiva que favorece a las mujeres empresarias y jóvenes. El tercer y último capítulo examina la importancia de las características de los países africanos "líderes" y transiciones de régimen y cómo estos factores afectan el estado de salud como un indicador de desarrollo de sus ciudadanos utilizando tasa de mortalidad infantil como medida. Un conjunto de datos única que comprende 45 países del África subsahariana que abarca desde 1970 t0 2010 se utilizaron para el estudio. Los resultados globales sugieren una ventaja democrática en el proceso de lograr resultados eficaces de política de salud para promover la salud y el bienestar de los ciudadanos en el África subsahariana contemporánea, al menos en el largo plazo.
The first chapter examines the extent to which access to credit and credit rationing are influenced by the microfinance type based on the major factors determining micro, small and medium enterprises’ access to credit from microfinance institutions in the era of financial liberalization. The data for the study were gleaned from the microfinance institutions’ credit and loan records consisting of the various pieces of information provided by the borrowers in the loan application process. Our results are puzzling and show that credit rationing is not influenced by the microfinance types but by the individual microfinance companies. Our results also show that the Government microfinance type is the most severe in the rationing behavior The second chapter aims at testing the Ghana Microfinance Policy, set up to support and empower the vulnerable through access to credit. We resort to the Blinder-Oaxaca decomposition to determine if there is positive discrimination in favour of women and young entrepreneurs in the rationing behavior of the microfinance companies. This is what we should expect if the policy is effective. Our results show that even after controlling for a large number of borrower characteristics, microfinance type and credit worthiness variables, there is positive discrimination that favors female and young entrepreneurs. The third and the last chapter looks at the importance of African countries’ leaders’ characteristics and regime transitions and how these factors affect the health status as a development indicator of their citizens using infant mortality rate as a measure. A unique dataset comprising 45 sub-Saharan African countries spanning from 1970 t0 2010 were used for the study. The overall results are suggestive of a democratic advantage in the process of achieving effective health policy outcomes for promoting health and the wellbeing of the citizens in contemporary sub-Saharan Africa, at least in the long run.
McCleary, Marlee R. "Microfinance and women's empowerment interviews from Kosovo /." Tallahassee, Fla. : Florida State University, 2010. http://purl.fcla.edu/fsu/lib/digcoll/undergraduate/honors-theses/2181957.
Full textAdvisor: Dr. Will Moore, Florida State University, College of Social Sciences, Dept. of International Affairs. Includes bibliographical references.
Berglind, Viktor, and Arizo Karimi. "Repayment performance in Microfinance: a theoretical analysis." Thesis, Uppsala University, Department of Economics, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8540.
Full textOffering financial services to the unprivileged is a complex task and past attempts have been rather unsuccessful. One commendable effort that has sprung from the failures of commercial banks is microfinance and thanks to innovative ideas microfinance institutions have managed to cope with many of the challenges previously experienced by the formal bank sector in the 1970’s through the 90’s.
The “new” approach has successfully managed to overcome obstacles such as lack of collateral and information asymmetry. By using joint-liability schemes and by requiring frequent installments microfinance institutions have managed to reduce their risk exposure and by outsourcing the screening process to the borrowers they have dealt with the lack of information on their clients.
The purpose of this thesis is to investigate what microfinance institutions do that make them more suitable for delivering financial services to the poor. We will look at the supply driven efforts carried out in the past and see how they differ from the demand driven approach taken today.
We will evaluate some of the most common mechanisms of microfinance and assess their potential contribution to achieving the high repayment rates that many of these institutions obtain today.
The main finding is that group lending subject to social sanctions should improve the repayment rate. Other mechanisms that may enhance the performance are the use of dynamic incentives and regular repayment schedules. The effect of targeting women and social programs on repayment rates are ambiguous although their empowerment effect is notable.
By joining forces with NGOs, local authorities and the commercial financial sector microfinance has emerged as a viable poverty reduction tool alongside traditional aid.
ITO, Sanae, and 早苗 伊東. "Cambodian Microfinance: A Case of Successful Commercialization?" 名古屋大学大学院国際開発研究科, 2008. http://hdl.handle.net/2237/10581.
Full textAlia, Hayyan. "Microfinance Consumer Research : Diaries, Surveys and Experiments." Thesis, Besançon, 2015. http://www.theses.fr/2015BESA0004.
Full textThe thesis is built on seven chapters. In chapter 1, we explore the views on poverty of a sample of poor women. In chapter 2, we review the literature on the use of time-diary in research. Chapter 3 develops and investigates the diary method as a qualitative non-experimental impact evaluation tool. For this objective, we study "the household economic portfolio model (HEP)“ a comprehensive impact evaluation model designed by Chen and Dunn (1996) that overcomes the obstacle of fungibility of money. We propose a modified version (M-HEP), a simplified framework for non- experimental evaluation of impact with clear assessment units and efficient measurement tools. The collection of simple self-reported information on the daily use of time and money is suggested for implementing the model. We test our proposition with a case study from Cairo. In chapter 4, we provide another test of the combined diaries through a case study on two poor single mothers one of whom is handicapped. In chapter 5, we present a fina1 example on the combined diary of a poor woman. The study highlights one limitation in the non-stylized combined diary approach. In chapter 6, we use experimental games in Cairo to study two aspects of behavioral microfinance by comparing microfinance clients to non-clients. In chapter 7, we present an impact evaluation study on microfinance in Mali, using the quasi-experimental statistical technique. Finally, we conclude the thesis suggesting applications of the M-HEP, and comparing the three methods used in the thesis. This comparisons aims to evaluate the advantages and disadvantages of each of the methods when used for evaluating microfinance impact
Vanroose, Annabel. "The Uneven development of the microfinance sector." Doctoral thesis, Universite Libre de Bruxelles, 2011. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209955.
Full textThe dissertation consists of three main parts. The first part, which consists of two papers, combines different datasets on the outreach of MFIs to assess in which countries MFIs have developed most. The papers indicate that the microfinance sector is more present in the richer countries of the developing world. It also reaches more clients in countries that receive more international aid. Population density also plays a stimulating role, which partially explains why the sector is still underdeveloped in rural areas.
The second part of the dissertation, which exists of one paper, explores in more depth the relationship between traditional financial sector development and microfinance institutions. The paper, co-authored with Bert D’Espallier, shows that MFIs reach more clients and are more profitable in countries where access to the traditional financial system is low. This is in line with the market-failure hypothesis. Along the same line, we find that MFIs serve poorer people in countries with well-developed financial systems. This observation is an important element to take into account in the debate on mission drift of the sector, where it is feared that MFIs drift away from serving the poor. The paper shows that MFIs in countries with well-developed banking sectors have less space to move up market and consequently to drift from the sector’s general mission.
The third and final part of the dissertation is a quantitative study on the spread and expansion process of MFIs in one Latin American country, Peru. The roles that district characteristics play in the decision to open an MFI branch are scrutinized. The paper finds that MFIs mainly increase financial access in districts with higher levels of development. Districts where banks are already present also have a higher probability that MFIs will open a branch there. This demonstrates that the two kinds of institutions co-exist in several districts, but most probably serve another clientele. Overall, although strategies differ between different types of Peruvian MFIs, the paper finds that they do not seem to be driven by a pure developmental logic that would push them towards the poorest or totally unbanked regions of the country.
On the whole, the main conclusions of the dissertation can be summarized as follows. First, the dissertation demonstrates that the outreach of the microfinance sector is influenced by a number of macro factors. Consequently, country-specific and macro-economic factors should be taken into account when evaluating MFI performance. Second, the dissertation shows that MFIs substitute the traditional banking sector. MFIs thus fulfill an important part of their mission, i.e. they have helped to increase financial access in the developing world. However, the study also suggests that MFIs still fail to serve a significant number of poor people. This leads to a third important observation, namely that MFIs may in fact not strive to serve the poor as such. Rather, it seems that they are currently focusing on the un-served market in general. The observation indicates that there is a need for a more thorough investigation on the issue of whom the unbanked in the developing countries are and whom MFIs actually strive to serve. Finally, since the outreach and performance of MFIs is dependent on the presence of a stimulating macro-environment, it remains a challenge to serve the financially excluded in the more remote areas of the developing countries and the people in the poorest ones.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished