Microfinance and public policy : outreach, performance and efficiency
The goal of microfinance institutions (MFIs) is to help the poor to cope better with risk, take advantage of small income generating opportunities and empower themselves through organization. To have this impact on an increasing number of people MFIs need to be financially sound and sustainable. Thi...
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| Main Author | |
|---|---|
| Format | eBook Book |
| Language | English |
| Published |
London
Palgrave Macmillan
2007
International Labour Office Palgrave Macmillan UK |
| Edition | 1 |
| Subjects | |
| Online Access | Get full text |
| ISBN | 9780230547025 0230547028 9221193470 9789221193470 |
| DOI | 10.1057/9780230300026 |
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| Abstract | The goal of microfinance institutions (MFIs) is to help the poor to cope better with risk, take advantage of small income generating opportunities and empower themselves through organization. To have this impact on an increasing number of people MFIs need to be financially sound and sustainable. This volume argues that while there may be situations where MFIs can go up-scale and thus meet both objectives at the same time, there are other market configurations where it is very difficult or even impossible for an institution to break even, no matter how efficiently it runs its operations. This is particularly the case in rural, remote and sparsely populated areas. To take account of the variety of market and contextual constraints, this book argues that public policy should be guided by efficiency, being an overarching criterion accommodating different combinations of financial performance and social impact. A valuable contribution to the debate surrounding the performance and sustainability of microfinance, this volume examines the concept of efficiency in financial intermediation, how it is measured and how public policy can be geared to provide incentives to efficiency gains. The argument is illustrated by an empirical analysis of 45 MFIs from around the world. This is a co-publication with Palgrave Macmillan Publishers. |
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| AbstractList | The goal of microfinance institutions (MFIs) is to help the poor to cope better with risk, take advantage of small income generating opportunities and empower themselves through organization. To have this impact on an increasing number of people MFIs need to be financially sound and sustainable. This volume argues that while there may be situations where MFIs can go up-scale and thus meet both objectives at the same time, there are other market configurations where it is very difficult or even impossible for an institution to break even, no matter how efficiently it runs its operations. This is particularly the case in rural, remote and sparsely populated areas. To take account of the variety of market and contextual constraints, this book argues that public policy should be guided by efficiency, being an overarching criterion accommodating different combinations of financial performance and social impact. A valuable contribution to the debate surrounding the performance and sustainability of microfinance, this volume examines the concept of efficiency in financial intermediation, how it is measured and how public policy can be geared to provide incentives to efficiency gains. The argument is illustrated by an empirical analysis of 45 MFIs from around the world. This is a co-publication with Palgrave Macmillan Publishers. This book invites aid agencies and governments to consider efficiency as a more robust and reliable criterion that should guide their decisions on continuing or discontinuing support microfinance institutions (MFIs). Efficiency is a criterion that helps discriminate with greater accuracy than financial performance alone between support-worthy and underperforming MFIs, irrespective of the overall orientation of the MFI. An MFI can be more or less efficient in reaching many poor people with on average small transactions, as an MFI can equally be more or less efficient if it seeks positive financial results in the shortest term possible. Support-worthy are both as long as they are on or near the efficiency frontier or moving towards it, for a given production function and in a given operating environment. Summary reprinted by permission of Palgrave Macmillan |
| Author | Balkenhol, B |
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| Notes | Includes bibliographical references (p. 247-257) and index SourceType-Books-1 ObjectType-Book-1 content type line 7 |
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| Snippet | The goal of microfinance institutions (MFIs) is to help the poor to cope better with risk, take advantage of small income generating opportunities and empower... This book invites aid agencies and governments to consider efficiency as a more robust and reliable criterion that should guide their decisions on continuing... |
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| StartPage | xxiii |
| SubjectTerms | Case studies Developing countries Finance Financial aid Institutions Management science Microfinance Microfinance -- Developing countries -- Case studies Poverty Poverty -- Developing countries -- Case studies Poverty alleviation Public policy Small business Small business -- Developing countries -- Finance -- Case studies |
| TableOfContents | 7.1 Introduction -- 7.2 Interest spreads and credit rationing: theory -- 7.3 Interest spreads and credit rationing: cross-country evidence -- 7.4 Decomposing spreads -- 7.5 Explaining spreads -- 7.6 Conclusions and policy lessons -- 8 Efficiency Drivers and Constraints: Empirical Findings -- 8.1 Introduction -- 8.2 Methodology -- 8.3 The data -- 8.4 MFI clusters -- 8.5 Performance drivers and constraints -- 8.6 Conclusions -- 9 Measuring the Performance of MFIs: An Application of Factor Analysis -- 9.1 Introduction -- 9.2 The data -- 9.3 Factor analysis: theory and practice -- 9.4 Cluster analysis -- 9.5 Assessing what determines performance -- 9.6 Conclusions -- Part IV Selected Country Studies -- 10 Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Mali -- 10.1 Introduction -- 10.2 Domestic contextual factors: institutions, state and markets -- 10.3 External factors: the implications of subsidy withdrawal -- 10.4 Conclusion -- 11 Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Morocco -- 11.1 Introduction -- 11.2 Institutional context -- 11.3 Support by banks -- 11.4 Subsidies -- 11.5 Conclusion -- 12 Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Eastern Europe and Central Asia -- 12.1 Introduction -- 12.2 Access to resources -- 12.3 Financial performance -- 12.4 Social performance -- 13 Auctioning Subsidies: Chile's 'Access to Credit Program' -- 13.1 Introduction -- 13.2 Microenterprises in Chile -- 13.3 Has the PAC achieved its goals? -- 13.4 Conclusions -- Part V Conclusions -- 14 Policy Implications -- 14.1 Global donor support to microfinance -- 14.2 Weight of subsidies in microfinance -- 14.3 What prompts public policy support to MFIs? -- 14.4 General effects of public policy on efficiency in microfinance at the sectoral level Intro -- Half Title -- Title -- Copyright -- Contents -- List of Tables -- List of Figures and Boxes -- List of Abbreviations -- Acknowledgements -- Foreword -- Notes on Contributors -- Part I Introduction -- 1 Efficiency and Sustainability in Microfinance -- 1.1 Promise and achievements -- 1.2 Efficiency in the microfinance literature -- 1.3 Efficiency: the concept -- 1.4 Applicability of efficiency concepts in microfinance -- 1.5 Efficiency versus financial sustainability -- 1.6 Structure of the book -- Part II Conceptual Framework -- 2 Poverty versus Inequality -- 2.1 Introduction -- 2.2 Defining and measuring poverty -- 2.3 How microfinance can help reduce poverty -- 2.4 Poverty reduction and financial performance -- 2.5 Can microfinance reach the poor? -- 2.6 The harmful side-effects: increased disparities -- 3 Poverty Reduction through Microfinance: A Capability Perspective -- 3.1 Introduction -- 3.2 Who are the poor? What are the issues? -- 3.3 Positive mechanisms -- 3.4 Negative mechanisms -- 3.5 A capability perspective -- 4 Achieving Poverty Outreach, Impact and Sustainability: Managing Trade-offs in Microfinance -- 4.1 Introduction: combining social and financial objectives -- 4.2 Trade-offs -- 4.3 Managing trade-offs -- 4.4 Conclusions -- 5 Smart Subsidies -- 5.1 Introduction -- 5.2 Subsidies and microfinance -- 5.3 Valuing subsidies -- 5.4 'Crowding in' and 'crowding out' -- 5.5 Conclusions -- Part III Empirical Analysis -- 6 Efficiency in Microfinance Institutions: An Application of Data Envelopment Analysis to MFIs in Peru -- 6.1 Introduction -- 6.2 Previous research on MFIs' performance evaluation -- 6.3 Performance analysis methodology -- 6.4 Data sources and variable construction -- 6.5 Efficiency analysis with the DEA model -- 6.6 Conclusions -- 7 Efficiency in Financial Intermediation: Theory and Empirical Measurement 14.5 Support measures affecting the efficiency of individual MFIs -- 14.6 The way forward: how to support the best of class and the others -- Annex I The GIAN Survey -- Annex II Multivariate analysis and classification: social and financial performance -- Annex III Multivariate analysis and classification: efficiency, social and financial performance -- Bibliography -- Index Cover -- Half-Title -- Title -- Copyright -- Contents -- List of Tables -- List of Figures and Boxes -- List of Abbreviations -- Acknowledgements -- Foreword -- Notes on Contributors -- Part I: Introduction -- 1 Efficiency and Sustainability in Microfinance -- 1.1 Promise and achievements -- 1.2 Efficiency in the microfinance literature -- 1.3 Efficiency: the concept -- 1.4 Applicability of efficiency concepts in microfinance -- 1.5 Efficiency versus financial sustainability -- 1.6 Structure of the book -- Part II: Conceptual Framework -- 2 Poverty versus Inequality -- 2.1 Introduction -- 2.2 Defining and measuring poverty -- 2.3 How microfinance can help reduce poverty -- Untitled -- 2.5 Can microfinance reach the poor? -- 2.6 The harmful side-effects: increased disparities -- Part III: Empirical Analysis -- 6 Efficiency in Microfinance Institutions: An Application of Data Envelopment Analysis to MFIs in Peru -- 6.1 Introduction -- 6.2 Previous research on MFIs' performance evaluation -- 6.3 Performance analysis methodology -- 6.4 Data sources and variable construction -- 6.5 Efficiency analysis with the DEA model -- 6.6 Conclusions -- 7 Efficiency in Financial Intermediation: Theory and Empirical Measurement -- 7.1 Introduction -- 7.2 Interest spreads and credit rationing: theory -- 7.3 Interest spreads and credit rationing: cross-country evidence -- 7.4 Decomposing spreads -- 7.5 Explaining spreads -- 7.6 Conclusions and policy lessons -- 8 Efficiency Drivers and Constraints: Empirical Findings -- 8.1 Introduction -- 8.2 Methodology -- 8.3 The data -- 8.4 MFI clusters -- 8.5 Performance drivers and constraints -- 8.6 Conclusions -- 9 Measuring the Performance of MFIs: An Application of Factor Analysis -- 9.1 Introduction -- 9.2 The data -- 9.3 Factor analysis: theory and practice -- 9.4 Cluster analysis 9.5 Assessing what determines performance -- 9.6 Conclusions -- Part IV: Selected Country Studies -- 10 Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Mali -- 10.1 Introduction -- 10.2 Domestic contextual factors: institutions, state and markets -- 10.3 External factors: the implications of subsidy withdrawal -- 10.4 Conclusion -- 11 Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Morocco -- 11.1 Introduction -- 11.2 Institutional context -- 11.3 Support by banks -- 11.4 Subsidies -- 11.5 Conclusion -- 12 Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Eastern Europe and Central Asia -- 12.1 Introduction -- 12.2 Access to resources -- 12.3 Financial performance -- 12.4 Social performance -- 13 Auctioning Subsidies: Chile's 'Access to Credit Program' -- 13.1 Introduction -- 13.2 Microenterprises in Chile -- 13.3 Has the PAC achieved its goals? -- 13.4 Conclusions -- Part V: Conclusions -- 14 Policy Implications -- 14.1 Global donor support to microfinance -- 14.2 Weight of subsidies in microfinance -- 14.3 What prompts public policy support to MFIs? -- 14.4 General effects of public policy on efficiency in microfinance at the sectoral level -- 14.5 Support measures affecting the efficiency of individual MFIs -- 14.6 The way forward: how to support the best of class and the others -- Annex I: The GIAN Survey -- Annex II: Multivariate analysis and classification: social and financial performance -- Annex III: Multivariate analysis and classification: efficiency, social and financial performance -- Bibliography -- Index |
| Title | Microfinance and public policy : outreach, performance and efficiency |
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