Microfinance: Broader Achievements and New Challenges
Creators:González Vega, Claudio
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Publisher:Ohio State University. Department of Agricultural, Environmental, and Development Economics
Series/Report no.:Ohio State University. Department of Agricultural, Environmental, and Development Economics. ESO (Economics and Sociology Occasional Paper). No. 2518
This is the author's opening statement at the Second Annual Seminar on New Development Finance. It contains three parts. The first part assesses dimensions of recent achievements in micro finance. It defines achievements in terms of six dimensions of outreach (quality, cost, depth, breadth, length, and variety) and of its relationships with sustainability. A rigorous definition of expansion of the frontier is also provided. The second part discusses the reasons for gaps among current achievements, potential supply, legitimate demand, and political expectations. A distinction is made between gains in technical efficiency and innovation, and the determinants of each type of improvement are examined. Threats from unwarranted political expectations are also identified. The third part discusses recent changes in the microfinance field due to systemic risk, increasing competition, improper regulation, and attempts of return by the state to development finance. This section evaluates threats emerging from these changes.
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