This book argues that efficiency in both social and financial performance is a reliable criterion that can and should guide public policy support, regardless of orientation of a microfinance institution.
Microfinance institutions (MFIs) provide a public good: they provide income-creating financial services to un-bankable people. If MFIs create and deepen markets where none existed before, there may be a case for public support. While subsidies are generally not favorably seen in financial sector development, being difficult to target and possibly distorting the local financial market, there may be situations where the net social benefits of micro-finance may exceed those of not doing anything and of alternative anti-poverty programs. Under such circumstances longer-term public support may be justifiable. This book is based on a study of forty-five MFIs carried out by ILO, in partnership with the Universities of Geneva and Cambridge. The application of factor analysis and cluster analysis shows that MFIs form clusters in terms of social and performance. Within each cluster there is one institution that is most efficient on both scores. Public support should ensure that the relative efficiency of MFIs is enhanced, it should not prod MFIs to modify their mission and position between poverty outreach and profitability.
Papildus informācija
THORSTEN BECK World Bank, USA FABRIZIO BOTTI Cambridge University, UK MILASOA CHEREL-ROBSON Cambridge University, UK FLAVIO COMIM Cambridge University, UK AMADOU DIOP Institut Universitaire d'Etudes du Developpement, Switzerland YVES FLA CKIGER University of Geneva, Switzerland YOUSRA HAMED International Labour Office, Switzerland ISABELLE HILLENKAMP Institut Universitaire d'Etudes du Developpement, Switzerland GIOVANNI FERRO LUZZI University of Geneva, Switzerland SAA D FILALI MEKNASSI Universite Mohamed V - Rabat Agdal, Morocco VITO SCIARAFFIA MERINO University of Chile, Chile JONATHAN MORDUCH New York University, USA JUSTYNA PYTKOWSKA Microfinance Centre, Poland RENATA SERRA Cambridge University, UK JEAN MICHEL SERVET Institut Universitaire d'Etudes du Developpement, Switzerland ANTON SIMANOWITZ Institute of Development Studies, Sussex, UK ANATOLI VASSILIEV University of Geneva, Switzerland SYLVAIN WEBER University of Geneva, Switzerland
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x | |
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List of Figures and Boxes |
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xii | |
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xiii | |
| Acknowledgements |
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xv | |
| Foreword |
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xvii | |
| Notes on Contributors |
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xix | |
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Efficiency and Sustainability in Microfinance |
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3 | (24) |
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3 | (6) |
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Efficiency in the microfinance literature |
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9 | (2) |
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11 | (3) |
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Applicability of efficiency concepts in microfinance |
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14 | (4) |
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Efficiency versus financial sustainability |
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18 | (2) |
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20 | (7) |
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Part II Conceptual Framework |
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Poverty versus Inequality |
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27 | (20) |
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27 | (2) |
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Defining and measuring poverty |
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29 | (4) |
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How microfinance can help reduce poverty |
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33 | (4) |
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Poverty reduction and financial performance |
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37 | (3) |
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Can microfinance reach the poor? |
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40 | (2) |
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The harmful side-effects: increased disparities |
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42 | (5) |
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Poverty Reduction through Microfinance: A Capability Perspective |
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47 | (13) |
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47 | (1) |
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Who are the poor? What are the issues? |
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48 | (3) |
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51 | (3) |
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54 | (2) |
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56 | (4) |
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Achieving Poverty Outreach, Impact and Sustainability: Managing Trade-offs in Microfinance |
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60 | (12) |
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Introduction: combining social and financial objectives |
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60 | (2) |
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62 | (5) |
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67 | (2) |
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69 | (3) |
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72 | (17) |
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72 | (1) |
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Subsidies and microfinance |
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73 | (3) |
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76 | (2) |
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`Crowding in' and `crowding out' |
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78 | (4) |
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82 | (7) |
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Part III Empirical Analysis |
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Efficiency in Microfinance Institutions: An Application of Data Envelopment Analysis to MFIs in Peru |
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89 | (22) |
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89 | (1) |
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Previous research on MFIs' performance evaluation |
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90 | (2) |
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Performance analysis methodology |
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92 | (4) |
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Data sources and variable construction |
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96 | (3) |
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Efficiency analysis with the DEA model |
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99 | (10) |
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109 | (2) |
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Efficiency in Financial Intermediation: Theory and Empirical Measurement |
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111 | (15) |
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111 | (1) |
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Interest spreads and credit rationing: theory |
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112 | (4) |
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Interest spreads and credit rationing: cross-country evidence |
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116 | (1) |
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117 | (3) |
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120 | (3) |
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Conclusions and policy lessons |
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123 | (3) |
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Efficiency Drivers and Constraints: Empirical Findings |
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126 | (27) |
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126 | (1) |
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126 | (1) |
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127 | (2) |
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129 | (9) |
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Performance drivers and constraints |
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138 | (11) |
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149 | (4) |
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Measuring the Performance of MFIs: An Application of Factor Analysis |
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153 | (20) |
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153 | (1) |
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154 | (1) |
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Factor analysis: theory and practice |
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155 | (6) |
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161 | (5) |
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Assessing what determines performance |
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166 | (3) |
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169 | (4) |
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Part IV Selected Country Studies |
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Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Mali |
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173 | (11) |
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173 | (1) |
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Domestic contextual factors: institutions, state and markets |
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174 | (3) |
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External factors: the implications of subsidy withdrawal |
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177 | (5) |
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182 | (2) |
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Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Morocco |
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184 | (7) |
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184 | (2) |
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186 | (1) |
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186 | (1) |
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187 | (1) |
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188 | (3) |
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Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Eastern Europe and Central Asia |
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191 | (9) |
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191 | (4) |
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195 | (1) |
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195 | (2) |
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197 | (3) |
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Auctioning Subsidies: Chile's `Access to Credit Program' |
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200 | (11) |
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200 | (1) |
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Microenterprises in Chile |
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201 | (1) |
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Has the PAC achieved its goals? |
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202 | (5) |
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207 | (4) |
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211 | (19) |
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Global donor support to microfinance |
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213 | (2) |
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Weight of subsidies in microfinance |
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215 | (1) |
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What prompts public policy support to MFIs? |
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216 | (1) |
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General effects of public policy on efficiency in microfinance at the sectoral level |
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217 | (4) |
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Support measures affecting the efficiency of individual MFIs |
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221 | (6) |
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The way forward: how to support the best of class and the others |
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227 | (3) |
| Annex I The GIAN Survey |
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230 | (2) |
| Annex II Multivariate analysis and classification: social and financial performance |
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232 | (8) |
| Annex III Multivariate analysis and classification: efficiency, social and financial performance |
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240 | (7) |
| Bibliography |
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247 | (11) |
| Index |
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258 | |
THORSTEN BECK World Bank, USA FABRIZIO BOTTI Cambridge University, UK MILASOA CHEREL-ROBSON Cambridge University, UK FLAVIO COMIM Cambridge University, UK AMADOU DIOP Institut Universitaire d'Etudes du Developpement, Switzerland YVES FLÜCKIGER University of Geneva, Switzerland YOUSRA HAMED International Labour Office, Switzerland ISABELLE HILLENKAMP Institut Universitaire d'Etudes du Developpement, Switzerland GIOVANNI FERRO LUZZI University of Geneva, Switzerland SAĀD FILALI MEKNASSI Université Mohamed V - Rabat Agdal, Morocco VITO SCIARAFFIA MERINO University of Chile, Chile JONATHAN MORDUCH New York University, USA JUSTYNA PYTKOWSKA Microfinance Centre, Poland RENATA SERRA Cambridge University, UK JEAN MICHEL SERVET Institut Universitaire d'Etudes du Developpement, Switzerland ANTON SIMANOWITZ Institute of Development Studies, Sussex, UK ANATOLI VASSILIEV University of Geneva, Switzerland SYLVAIN WEBER University of Geneva, Switzerland
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