Inadequate growth, over-indebtedness, and crises in microcredit: what have we learned?
Microcredit markets and institutions have experienced a certain number of major crises over the last decades. This paper aims to understand the dynamics that have led to those crises, including latent crises, by analysing a set of factors at three levels: customers, institutions, and markets. Based on multidisciplinary research, it provides a holistic and systemic understanding of microcredit crises and a graphic representation of the main causes and interactions. It calls for a broad conception of sustainability, which should be understood not only as a financial issue, but also as a sociocultural and political issue, at the level of both microfinance institutions (MFIs) and clients. The paper also identifies some of the key questions that anyone should ask when getting involved with microcredit programmes or institutions in order to avoid crises.Afonso, J., Morvant-Roux, S., Forcella, D. and Guérin, I. (2017) ‘Doing good by doing well? Microfinance, self-regulation and borrowers’ overindebtedness in the Dominican Republic?’ Journal of International Development 29(7): 919–35 <http://dx.doi.org/10.1002/jid.3244>.
Austin, J., Gutierrez, R., Labie, M. and Ogliastri, E. (1998) Finansol: Financiera para Microempresas, Harvard Business School Case, 9-398-071, Cambridge, MA: Harvard University.
Baumann, E., Godfroid, C. and Fall, A. (2015) ‘Malaise in the Senegalese microfinance landscape’, in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 133–151, London: Zed Books.
Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, Focus Note No. 61, Washington, DC: CGAP.
Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World’s Poor Live on $2 a Day, Princeton, NJ: Princeton University Press.
Cull, R. and Morduch, J. (2017) Microfinance and Economic Development [pdf], Working Paper, Wagner Institute at NYU <https://wagner.nyu.edu/files/faculty/publications/Cull%20and%20Morduch%20-%20Microfinance%20and%20Economic%20Development.pdf> [accessed 27 March 2018].
Fouillet, C., Guérin, I. Morvant-Roux, S. and Servet, J.-M. (2016) ‘De gré ou de force: le microcrédit comme dispositif néolibéral’, Tiers Monde 225(1): 21–48.
Gravesteijn, R. and Copestake, J. (2010) ‘Microfinance and social performance’, in R.A. Denemark (ed.), The International Studies Encyclopedia, pp. 5097–5116, Chichester, UK: Wiley-Blackwell.
Guérin, I. and Labie, M. (2016) Microcredit Crises Prevention Dashboard, Research and Policy Briefs n°9, Microfinance in Crisis. http://www.microfinance-in-crisis.org/wp-content/uploads/Research-and-Policy-Brief_9.pdf [last access 13th June 2018]
Guérin, I., Morvant-Roux, S. and Villarreal, M. (eds) (2013) Microfinance, Debt and Over-indebtedness: Juggling with Money, London: Routledge.
Guérin, I., Labie, M. and Servet, J.-M. (2015a) The Crises of Microcredit, London: Zed Books.
Guérin, I., Fouillet, C., Kumar, S., Roesch, M. and Venkatasubramanian, G. (2015b) ‘Is the demand for microcredit in rural Tamil Nadu sustainable?’ in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 73–91, London: Zed Books.
Labie, M. (2002) ‘De Finansol à Finamerica: quelques leçons d’une crise majeure dans le monde de la microfinance latino-américain’, in J.-M. Servet and I. Guérin (eds), Exclusion et Liens Financiers, pp. 49–55, Rapport du Centre Walras 2002, Paris: Economica.
Labie, M. and Mersland, R. (2011) ‘Corporate governance challenges in microfinance’, in B. Armendariz and M. Labie (eds), The Handbook of Microfinance, pp. 283–98, Singapore: World Scientific Publishing; London: Imperial College Press.
Labie, M. and Vanroose, A. (2013) ‘La légitimité en microfinance: tentative d’application de la théorie du champ au cas latino-américain’, Mondes en Développement 41(163): 21–36 <http://dx.doi.org/10.3917/med.163.0021>.
Mader, Ph. (2013) ‘Rise and fall of microfinance in India: The Andhra Pradesh crisis in perspective’, Strategic Change 22: 47–66 <http://dx.doi.org/10.1002/jsc.1921>.
Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617–29.
Morvant-Roux, S. and Roesch, M. (2015) ‘The social credibility of microcredit in Morocco after the default crisis’, in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 113–130, London: Zed Books.
Morvant-Roux, S., Guérin, I., Roesch, M. and Moisseron, J.-Y. (2014) ‘Adding value to randomization with qualitative analysis: the case of microcredit in rural Morocco’, World Development 56: 302–12 <https://doi.org/10.1016/j.worlddev.2013.03.002>.
Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41: S95–116 <https://doi.org/10.1080/13600818.2013.778237>.
Servet, J.-M. (2011) ‘La crise du microcrédit en Andhra Pradesh (Inde)’, Revue Tiers Monde 207: 43–59 <http://dx.doi.org/10.3917/rtm.207.0043>.
Taylor, M. (2011) ‘Freedom from poverty is not for free’: rural development and the microfinance crisis in Andhra Pradesh, India’, Journal of Agrarian Change 11: 484–504 <https://doi.org/10.1111/j.1471-0366.2011.00330.x>.
Wilhite, H. (2008) Consumption and the Transformation of Everyday Life: A View from South India, New York: Palgrave Macmillan.
Woller, G.M., Dunford, C., and Warner, W. (1999) ‘Where to microfinance?’ International Journal of Economic Development 1(1): 29–64.
Afonso, J., Morvant-Roux, S., Forcella, D. and Guérin, I. (2017) ‘Doing good by doing well? Microfinance, self-regulation and borrowers’ overindebtedness in the Dominican Republic?’ Journal of International Development 29(7): 919–35 <http://dx.doi.org/10.1002/jid.3244>.
Austin, J., Gutierrez, R., Labie, M. and Ogliastri, E. (1998) Finansol: Financiera para Microempresas, Harvard Business School Case, 9-398-071, Cambridge, MA: Harvard University.
Baumann, E., Godfroid, C. and Fall, A. (2015) ‘Malaise in the Senegalese microfinance landscape’, in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 133–151, London: Zed Books.
Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, Focus Note No. 61, Washington, DC: CGAP.
Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World’s Poor Live on $2 a Day, Princeton, NJ: Princeton University Press.
Cull, R. and Morduch, J. (2017) Microfinance and Economic Development [pdf], Working Paper, Wagner Institute at NYU <https://wagner.nyu.edu/files/faculty/publications/Cull%20and%20Morduch%20-%20Microfinance%20and%20Economic%20Development.pdf> [accessed 27 March 2018].
Fouillet, C., Guérin, I. Morvant-Roux, S. and Servet, J.-M. (2016) ‘De gré ou de force: le microcrédit comme dispositif néolibéral’, Tiers Monde 225(1): 21–48.
Gravesteijn, R. and Copestake, J. (2010) ‘Microfinance and social performance’, in R.A. Denemark (ed.), The International Studies Encyclopedia, pp. 5097–5116, Chichester, UK: Wiley-Blackwell.
Guérin, I. and Labie, M. (2016) Microcredit Crises Prevention Dashboard, Research and Policy Briefs n°9, Microfinance in Crisis. http://www.microfinance-in-crisis.org/wp-content/uploads/Research-and-Policy-Brief_9.pdf [last access 13th June 2018]
Guérin, I., Morvant-Roux, S. and Villarreal, M. (eds) (2013) Microfinance, Debt and Over-indebtedness: Juggling with Money, London: Routledge.
Guérin, I., Labie, M. and Servet, J.-M. (2015a) The Crises of Microcredit, London: Zed Books.
Guérin, I., Fouillet, C., Kumar, S., Roesch, M. and Venkatasubramanian, G. (2015b) ‘Is the demand for microcredit in rural Tamil Nadu sustainable?’ in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 73–91, London: Zed Books.
Labie, M. (2002) ‘De Finansol à Finamerica: quelques leçons d’une crise majeure dans le monde de la microfinance latino-américain’, in J.-M. Servet and I. Guérin (eds), Exclusion et Liens Financiers, pp. 49–55, Rapport du Centre Walras 2002, Paris: Economica.
Labie, M. and Mersland, R. (2011) ‘Corporate governance challenges in microfinance’, in B. Armendariz and M. Labie (eds), The Handbook of Microfinance, pp. 283–98, Singapore: World Scientific Publishing; London: Imperial College Press.
Labie, M. and Vanroose, A. (2013) ‘La légitimité en microfinance: tentative d’application de la théorie du champ au cas latino-américain’, Mondes en Développement 41(163): 21–36 <http://dx.doi.org/10.3917/med.163.0021>.
Mader, Ph. (2013) ‘Rise and fall of microfinance in India: The Andhra Pradesh crisis in perspective’, Strategic Change 22: 47–66 <http://dx.doi.org/10.1002/jsc.1921>.
Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617–29.
Morvant-Roux, S. and Roesch, M. (2015) ‘The social credibility of microcredit in Morocco after the default crisis’, in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 113–130, London: Zed Books.
Morvant-Roux, S., Guérin, I., Roesch, M. and Moisseron, J.-Y. (2014) ‘Adding value to randomization with qualitative analysis: the case of microcredit in rural Morocco’, World Development 56: 302–12 <https://doi.org/10.1016/j.worlddev.2013.03.002>.
Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41: S95–116 <https://doi.org/10.1080/13600818.2013.778237>.
Servet, J.-M. (2011) ‘La crise du microcrédit en Andhra Pradesh (Inde)’, Revue Tiers Monde 207: 43–59 <http://dx.doi.org/10.3917/rtm.207.0043>.
Taylor, M. (2011) ‘Freedom from poverty is not for free’: rural development and the microfinance crisis in Andhra Pradesh, India’, Journal of Agrarian Change 11: 484–504 <https://doi.org/10.1111/j.1471-0366.2011.00330.x>.
Wilhite, H. (2008) Consumption and the Transformation of Everyday Life: A View from South India, New York: Palgrave Macmillan.
Woller, G.M., Dunford, C., and Warner, W. (1999) ‘Where to microfinance?’ International Journal of Economic Development 1(1): 29–64.
Afonso, J., Morvant-Roux, S., Forcella, D. and Guérin, I. (2017) ‘Doing good by doing well? Microfinance, self-regulation and borrowers’ overindebtedness in the Dominican Republic?’ Journal of International Development 29(7): 919–35 <http://dx.doi.org/10.1002/jid.3244>.
Austin, J., Gutierrez, R., Labie, M. and Ogliastri, E. (1998) Finansol: Financiera para Microempresas, Harvard Business School Case, 9-398-071, Cambridge, MA: Harvard University.
Baumann, E., Godfroid, C. and Fall, A. (2015) ‘Malaise in the Senegalese microfinance landscape’, in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 133–151, London: Zed Books.
Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, Focus Note No. 61, Washington, DC: CGAP.
Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World’s Poor Live on $2 a Day, Princeton, NJ: Princeton University Press.
Cull, R. and Morduch, J. (2017) Microfinance and Economic Development [pdf], Working Paper, Wagner Institute at NYU <https://wagner.nyu.edu/files/faculty/publications/Cull%20and%20Morduch%20-%20Microfinance%20and%20Economic%20Development.pdf> [accessed 27 March 2018].
Fouillet, C., Guérin, I. Morvant-Roux, S. and Servet, J.-M. (2016) ‘De gré ou de force: le microcrédit comme dispositif néolibéral’, Tiers Monde 225(1): 21–48.
Gravesteijn, R. and Copestake, J. (2010) ‘Microfinance and social performance’, in R.A. Denemark (ed.), The International Studies Encyclopedia, pp. 5097–5116, Chichester, UK: Wiley-Blackwell.
Guérin, I. and Labie, M. (2016) Microcredit Crises Prevention Dashboard, Research and Policy Briefs n°9, Microfinance in Crisis. http://www.microfinance-in-crisis.org/wp-content/uploads/Research-and-Policy-Brief_9.pdf [last access 13th June 2018]
Guérin, I., Morvant-Roux, S. and Villarreal, M. (eds) (2013) Microfinance, Debt and Over-indebtedness: Juggling with Money, London: Routledge.
Guérin, I., Labie, M. and Servet, J.-M. (2015a) The Crises of Microcredit, London: Zed Books.
Guérin, I., Fouillet, C., Kumar, S., Roesch, M. and Venkatasubramanian, G. (2015b) ‘Is the demand for microcredit in rural Tamil Nadu sustainable?’ in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 73–91, London: Zed Books.
Labie, M. (2002) ‘De Finansol à Finamerica: quelques leçons d’une crise majeure dans le monde de la microfinance latino-américain’, in J.-M. Servet and I. Guérin (eds), Exclusion et Liens Financiers, pp. 49–55, Rapport du Centre Walras 2002, Paris: Economica.
Labie, M. and Mersland, R. (2011) ‘Corporate governance challenges in microfinance’, in B. Armendariz and M. Labie (eds), The Handbook of Microfinance, pp. 283–98, Singapore: World Scientific Publishing; London: Imperial College Press.
Labie, M. and Vanroose, A. (2013) ‘La légitimité en microfinance: tentative d’application de la théorie du champ au cas latino-américain’, Mondes en Développement 41(163): 21–36 <http://dx.doi.org/10.3917/med.163.0021>.
Mader, Ph. (2013) ‘Rise and fall of microfinance in India: The Andhra Pradesh crisis in perspective’, Strategic Change 22: 47–66 <http://dx.doi.org/10.1002/jsc.1921>.
Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617–29.
Morvant-Roux, S. and Roesch, M. (2015) ‘The social credibility of microcredit in Morocco after the default crisis’, in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 113–130, London: Zed Books.
Morvant-Roux, S., Guérin, I., Roesch, M. and Moisseron, J.-Y. (2014) ‘Adding value to randomization with qualitative analysis: the case of microcredit in rural Morocco’, World Development 56: 302–12 <https://doi.org/10.1016/j.worlddev.2013.03.002>.
Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41: S95–116 <https://doi.org/10.1080/13600818.2013.778237>.
Servet, J.-M. (2011) ‘La crise du microcrédit en Andhra Pradesh (Inde)’, Revue Tiers Monde 207: 43–59 <http://dx.doi.org/10.3917/rtm.207.0043>.
Taylor, M. (2011) ‘Freedom from poverty is not for free’: rural development and the microfinance crisis in Andhra Pradesh, India’, Journal of Agrarian Change 11: 484–504 <https://doi.org/10.1111/j.1471-0366.2011.00330.x>.
Wilhite, H. (2008) Consumption and the Transformation of Everyday Life: A View from South India, New York: Palgrave Macmillan.
Woller, G.M., Dunford, C., and Warner, W. (1999) ‘Where to microfinance?’ International Journal of Economic Development 1(1): 29–64.
Afonso, J., Morvant-Roux, S., Forcella, D. and Guérin, I. (2017) ‘Doing good by doing well? Microfinance, self-regulation and borrowers’ overindebtedness in the Dominican Republic?’ Journal of International Development 29(7): 919–35 <http://dx.doi.org/10.1002/jid.3244>.
Austin, J., Gutierrez, R., Labie, M. and Ogliastri, E. (1998) Finansol: Financiera para Microempresas, Harvard Business School Case, 9-398-071, Cambridge, MA: Harvard University.
Baumann, E., Godfroid, C. and Fall, A. (2015) ‘Malaise in the Senegalese microfinance landscape’, in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 133–151, London: Zed Books.
Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, Focus Note No. 61, Washington, DC: CGAP.
Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World’s Poor Live on $2 a Day, Princeton, NJ: Princeton University Press.
Cull, R. and Morduch, J. (2017) Microfinance and Economic Development [pdf], Working Paper, Wagner Institute at NYU <https://wagner.nyu.edu/files/faculty/publications/Cull%20and%20Morduch%20-%20Microfinance%20and%20Economic%20Development.pdf> [accessed 27 March 2018].
Fouillet, C., Guérin, I. Morvant-Roux, S. and Servet, J.-M. (2016) ‘De gré ou de force: le microcrédit comme dispositif néolibéral’, Tiers Monde 225(1): 21–48.
Gravesteijn, R. and Copestake, J. (2010) ‘Microfinance and social performance’, in R.A. Denemark (ed.), The International Studies Encyclopedia, pp. 5097–5116, Chichester, UK: Wiley-Blackwell.
Guérin, I. and Labie, M. (2016) Microcredit Crises Prevention Dashboard, Research and Policy Briefs n°9, Microfinance in Crisis. http://www.microfinance-in-crisis.org/wp-content/uploads/Research-and-Policy-Brief_9.pdf [last access 13th June 2018]
Guérin, I., Morvant-Roux, S. and Villarreal, M. (eds) (2013) Microfinance, Debt and Over-indebtedness: Juggling with Money, London: Routledge.
Guérin, I., Labie, M. and Servet, J.-M. (2015a) The Crises of Microcredit, London: Zed Books.
Guérin, I., Fouillet, C., Kumar, S., Roesch, M. and Venkatasubramanian, G. (2015b) ‘Is the demand for microcredit in rural Tamil Nadu sustainable?’ in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 73–91, London: Zed Books.
Labie, M. (2002) ‘De Finansol à Finamerica: quelques leçons d’une crise majeure dans le monde de la microfinance latino-américain’, in J.-M. Servet and I. Guérin (eds), Exclusion et Liens Financiers, pp. 49–55, Rapport du Centre Walras 2002, Paris: Economica.
Labie, M. and Mersland, R. (2011) ‘Corporate governance challenges in microfinance’, in B. Armendariz and M. Labie (eds), The Handbook of Microfinance, pp. 283–98, Singapore: World Scientific Publishing; London: Imperial College Press.
Labie, M. and Vanroose, A. (2013) ‘La légitimité en microfinance: tentative d’application de la théorie du champ au cas latino-américain’, Mondes en Développement 41(163): 21–36 <http://dx.doi.org/10.3917/med.163.0021>.
Mader, Ph. (2013) ‘Rise and fall of microfinance in India: The Andhra Pradesh crisis in perspective’, Strategic Change 22: 47–66 <http://dx.doi.org/10.1002/jsc.1921>.
Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617–29.
Morvant-Roux, S. and Roesch, M. (2015) ‘The social credibility of microcredit in Morocco after the default crisis’, in I. Guérin, M. Labie, and J.-M. Servet (eds), The Crises of Microcredit, pp. 113–130, London: Zed Books.
Morvant-Roux, S., Guérin, I., Roesch, M. and Moisseron, J.-Y. (2014) ‘Adding value to randomization with qualitative analysis: the case of microcredit in rural Morocco’, World Development 56: 302–12 <https://doi.org/10.1016/j.worlddev.2013.03.002>.
Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41: S95–116 <https://doi.org/10.1080/13600818.2013.778237>.
Servet, J.-M. (2011) ‘La crise du microcrédit en Andhra Pradesh (Inde)’, Revue Tiers Monde 207: 43–59 <http://dx.doi.org/10.3917/rtm.207.0043>.
Taylor, M. (2011) ‘Freedom from poverty is not for free’: rural development and the microfinance crisis in Andhra Pradesh, India’, Journal of Agrarian Change 11: 484–504 <https://doi.org/10.1111/j.1471-0366.2011.00330.x>.
Wilhite, H. (2008) Consumption and the Transformation of Everyday Life: A View from South India, New York: Palgrave Macmillan.
Woller, G.M., Dunford, C., and Warner, W. (1999) ‘Where to microfinance?’ International Journal of Economic Development 1(1): 29–64.
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