Microcredit: from hope to scepticism to modest hope
After its introduction in the late 1980s and its fast expansion thereafter modern microfinance, and specifically microcredit, raised the hope that it could combine access to (semi-) formal credit for the poor with financial sustainability of the new microfinance institutions, and that it would contribute to increased micro-entrepreneurial activity, consumer welfare, and the empowerment of women. More recently scepticism about the operation of microfinance institutions and their impact has arisen. Based on the literature, we discuss the possibility of combining outreach to the poor with financial sustainability, microfinance crises, and the findings of recent impact studies. Our conclusion is that microfinance is not a panacea for development, but that it is a tool poor households can use in their fight for survival.Angelucci, M., Karlan, D. and Zinman, J. (2013) Win Some Lose Some? Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco, Economic Growth Center Discussion Paper, no 1026, New Haven, CT: Yale University.
Armendáriz de Aghion, B. and Morduch, J. (2005 and 2010) The Economics of Microfinance, Cambridge, MA: MIT Press.
Arunachalam, R. (2011) The Journey of Indian Micro-Finance: Lessons for the Future, Chennai: Aapti Publications.
Attanasio, O., Augsburg, B., De Haas, R. Fitzsimmons, E. and Harmgart, H. (2011) Group Lending or Individual Lending? Evidence from a Randomized Experiment in Mongolia, Working Paper 136, London: European Bank for Reconstruction and Development.
Augsburg, B., De Haas, R., Harmgart, H. and Meghir, C. (2012) Microfinance at the Margin: Experimental Evidence from Bosnia and Herzegovina, Working Paper 146, London: Office of the Chief Economist, European Bank for Reconstruction and Development.
Banerjee, A. (2013) ‘Microcredit under the microscope: what have we learned in the past two decades, and what do we need to know’, Annual Review of Economics 5: 487-519 <http://dx.doi.org/10.1146/annurev-economics-082912-110220≯.
Banerjee, A., Duflo, E., Glennerster, R. and Kinnan, C. (2013) The Miracle of Microfinance? Evidence from a Randomized Evaluation, Working Paper Series 13-09, Cambridge, MA: MIT Department of Economics.
Bateman, M. (2010) Why Doesn't Microfinance Work? The Destructive Rise of Local Neoliberalism, London: Zed Books.
Chen, G. and Rutherford, S. (2013) A Microcredit Crisis Averted: The Case of Bangladesh, CGAP Focus Note no 87, 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.
Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2011) Impact of Microcredit in Rural Areas of Morocco: Evidence from a Randomized Evaluation, MIT J-PAL Working Paper, Cambridge, MA: J-PAL.
Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading microbanks’, The Economic Journal 117: F107-33 <http://dx.doi.org/10.1111/j.1468-0297.2007.02017.x≯.
Dichter, T. and Harper, M. (eds) (2007) What's Wrong with Microfinance? Rugby, UK: Practical Action Publishing.
Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.
Fisher, T. and Sriram, M.S. (eds) (2002) Beyond Micro-Credit: Putting Development Back into Micro-Finance, New Delhi: Vistaar Publications, Oxfam UK, New Economics Foundation.
Government of Andhra Pradesh (2010) Andhra Pradesh Microfinance Institutions (regulation of money lending) Ordinance, 2010 [pdf] <www.bu.edu/bucflp/files/2012/01/Andhra-Pradesh-Micro-Finance-Institutions-Ordinance.pdf≯
Gutiérrez-Nieto, B., Serrano-Cinca, C. and Mar Molinero, C. (2009) ‘Social efficiency in microfinance institutions’, Journal of the Operational Research Society 60: 104-19 <http://dx.doi.org/10.1057/palgrave.jors.2602527≯.
Harper, M. (2002) ‘Self-help groups and Grameen Bank groups: what are the differences?’ in T. Fisher and M.S. Sriram (eds), Beyond Micro-Credit: Putting Development Back into Micro-Finance, Chapter 7, New Delhi: Vistaar Publications, Oxfam UK, New Economics Foundation.
Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39: 938-48 <http://dx.doi.org/10.1016/j.worlddev.2009.10.018≯.
Hulme, D. and Mosley, P. (1996) Finance against Poverty, two volumes, Abingdon, UK: Routledge.
Intellecap (2010) Indian Microfinance Crisis of 2010: Turf War or a Battle of Intentions? Intellecap White Paper, Hyderabad, India: Intellecap.
Johnson, D. and Meka S. (2010) Access to Finance in Andhra Pradesh, Chittoor, India: Institute for Financial Management and Research, Centre for Micro Finance.
Kaboski, J. and Towsend, R. (2012) ‘The impact on credit on village economies’, American Economic Journal: Applied Economics 4: 98-133 <http://dx.doi.org/10.1257/app.4.2.98≯.
Karlan, D. and Zinman, J. (2011) ‘Microcredit in theory and practice: using randomized credit scoring for impact evaluation’, Science 332: 1278-84 <http://dx.doi.org/10.1126/science.1200138≯.
Khandker, S. (2005) ‘Microfinance and poverty: evidence using panel data from Bangladesh’, The World Bank Economic Review 19: 262-86 <http://dx.doi.org/10.1093/wber/lhi008≯.
Khandker, S. and Samad, H. (2014) Dynamic Effects of Microcredit in Bangladesh, Policy Research Working Paper WPS6821, Washington, DC: World Bank.
Louis, P., Seret, A. and Baesens, B. (2013) ‘Financial efficiency and social impact of microfinance institutions using self-organizing maps’, World Development 46: 197-210 <http://dx.doi.org/10.1016/j.worlddev.2013.02.006≯.
Mersland, R. and Strøm, R.O. (2010) ‘Microfinance mission drift?’ World Development 38: 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37: 1569-614.
Mosley, P. and Hulme, D. (1998) ‘Microenterprise finance: is there a conflict between growth and poverty alleviation?’ World Development 26(5): 783-90 <http://dx.doi.org/10.1016/S0305-750X(98)00021-7ã.
Nayar, L., Tata, M. and Mitra, D. (2010) ‘Is it micro usury?’ Outlook India, 18 October 2010.
Pitt, M. and Khandker, S. (1998) ‘The impact of group-based credit programs on poor households in Bangladesh: does the gender of participants matter?’ The Journal of Political Economy 106: 958-96 <http://dx.doi.org/10.1086/250037≯.
Quayes, S. (2011) ‘Depth of outreach and financial sustainability of microfinance institutions’, Applied Economics 44: 3421-33 <http://dx.doi.org/10.1080/00036846.2011.577016≯.
Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? CGAP Focus Paper no 15, Washington, DC: CGAP.
Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants, Access to Finance Forum, Reports by CGAP and Its Partners, no 7, Washington, DC: CGAP.
Angelucci, M., Karlan, D. and Zinman, J. (2013) Win Some Lose Some? Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco, Economic Growth Center Discussion Paper, no 1026, New Haven, CT: Yale University.
Armendáriz de Aghion, B. and Morduch, J. (2005 and 2010) The Economics of Microfinance, Cambridge, MA: MIT Press.
Arunachalam, R. (2011) The Journey of Indian Micro-Finance: Lessons for the Future, Chennai: Aapti Publications.
Attanasio, O., Augsburg, B., De Haas, R. Fitzsimmons, E. and Harmgart, H. (2011) Group Lending or Individual Lending? Evidence from a Randomized Experiment in Mongolia, Working Paper 136, London: European Bank for Reconstruction and Development.
Augsburg, B., De Haas, R., Harmgart, H. and Meghir, C. (2012) Microfinance at the Margin: Experimental Evidence from Bosnia and Herzegovina, Working Paper 146, London: Office of the Chief Economist, European Bank for Reconstruction and Development.
Banerjee, A. (2013) ‘Microcredit under the microscope: what have we learned in the past two decades, and what do we need to know’, Annual Review of Economics 5: 487-519 <http://dx.doi.org/10.1146/annurev-economics-082912-110220≯.
Banerjee, A., Duflo, E., Glennerster, R. and Kinnan, C. (2013) The Miracle of Microfinance? Evidence from a Randomized Evaluation, Working Paper Series 13-09, Cambridge, MA: MIT Department of Economics.
Bateman, M. (2010) Why Doesn't Microfinance Work? The Destructive Rise of Local Neoliberalism, London: Zed Books.
Chen, G. and Rutherford, S. (2013) A Microcredit Crisis Averted: The Case of Bangladesh, CGAP Focus Note no 87, 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.
Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2011) Impact of Microcredit in Rural Areas of Morocco: Evidence from a Randomized Evaluation, MIT J-PAL Working Paper, Cambridge, MA: J-PAL.
Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading microbanks’, The Economic Journal 117: F107-33 <http://dx.doi.org/10.1111/j.1468-0297.2007.02017.x≯.
Dichter, T. and Harper, M. (eds) (2007) What's Wrong with Microfinance? Rugby, UK: Practical Action Publishing.
Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.
Fisher, T. and Sriram, M.S. (eds) (2002) Beyond Micro-Credit: Putting Development Back into Micro-Finance, New Delhi: Vistaar Publications, Oxfam UK, New Economics Foundation.
Government of Andhra Pradesh (2010) Andhra Pradesh Microfinance Institutions (regulation of money lending) Ordinance, 2010 [pdf] <www.bu.edu/bucflp/files/2012/01/Andhra-Pradesh-Micro-Finance-Institutions-Ordinance.pdf≯
Gutiérrez-Nieto, B., Serrano-Cinca, C. and Mar Molinero, C. (2009) ‘Social efficiency in microfinance institutions’, Journal of the Operational Research Society 60: 104-19 <http://dx.doi.org/10.1057/palgrave.jors.2602527≯.
Harper, M. (2002) ‘Self-help groups and Grameen Bank groups: what are the differences?’ in T. Fisher and M.S. Sriram (eds), Beyond Micro-Credit: Putting Development Back into Micro-Finance, Chapter 7, New Delhi: Vistaar Publications, Oxfam UK, New Economics Foundation.
Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39: 938-48 <http://dx.doi.org/10.1016/j.worlddev.2009.10.018≯.
Hulme, D. and Mosley, P. (1996) Finance against Poverty, two volumes, Abingdon, UK: Routledge.
Intellecap (2010) Indian Microfinance Crisis of 2010: Turf War or a Battle of Intentions? Intellecap White Paper, Hyderabad, India: Intellecap.
Johnson, D. and Meka S. (2010) Access to Finance in Andhra Pradesh, Chittoor, India: Institute for Financial Management and Research, Centre for Micro Finance.
Kaboski, J. and Towsend, R. (2012) ‘The impact on credit on village economies’, American Economic Journal: Applied Economics 4: 98-133 <http://dx.doi.org/10.1257/app.4.2.98≯.
Karlan, D. and Zinman, J. (2011) ‘Microcredit in theory and practice: using randomized credit scoring for impact evaluation’, Science 332: 1278-84 <http://dx.doi.org/10.1126/science.1200138≯.
Khandker, S. (2005) ‘Microfinance and poverty: evidence using panel data from Bangladesh’, The World Bank Economic Review 19: 262-86 <http://dx.doi.org/10.1093/wber/lhi008≯.
Khandker, S. and Samad, H. (2014) Dynamic Effects of Microcredit in Bangladesh, Policy Research Working Paper WPS6821, Washington, DC: World Bank.
Louis, P., Seret, A. and Baesens, B. (2013) ‘Financial efficiency and social impact of microfinance institutions using self-organizing maps’, World Development 46: 197-210 <http://dx.doi.org/10.1016/j.worlddev.2013.02.006≯.
Mersland, R. and Strøm, R.O. (2010) ‘Microfinance mission drift?’ World Development 38: 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37: 1569-614.
Mosley, P. and Hulme, D. (1998) ‘Microenterprise finance: is there a conflict between growth and poverty alleviation?’ World Development 26(5): 783-90 <http://dx.doi.org/10.1016/S0305-750X(98)00021-7ã.
Nayar, L., Tata, M. and Mitra, D. (2010) ‘Is it micro usury?’ Outlook India, 18 October 2010.
Pitt, M. and Khandker, S. (1998) ‘The impact of group-based credit programs on poor households in Bangladesh: does the gender of participants matter?’ The Journal of Political Economy 106: 958-96 <http://dx.doi.org/10.1086/250037≯.
Quayes, S. (2011) ‘Depth of outreach and financial sustainability of microfinance institutions’, Applied Economics 44: 3421-33 <http://dx.doi.org/10.1080/00036846.2011.577016≯.
Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? CGAP Focus Paper no 15, Washington, DC: CGAP.
Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants, Access to Finance Forum, Reports by CGAP and Its Partners, no 7, Washington, DC: CGAP.
Angelucci, M., Karlan, D. and Zinman, J. (2013) Win Some Lose Some? Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco, Economic Growth Center Discussion Paper, no 1026, New Haven, CT: Yale University.
Armendáriz de Aghion, B. and Morduch, J. (2005 and 2010) The Economics of Microfinance, Cambridge, MA: MIT Press.
Arunachalam, R. (2011) The Journey of Indian Micro-Finance: Lessons for the Future, Chennai: Aapti Publications.
Attanasio, O., Augsburg, B., De Haas, R. Fitzsimmons, E. and Harmgart, H. (2011) Group Lending or Individual Lending? Evidence from a Randomized Experiment in Mongolia, Working Paper 136, London: European Bank for Reconstruction and Development.
Augsburg, B., De Haas, R., Harmgart, H. and Meghir, C. (2012) Microfinance at the Margin: Experimental Evidence from Bosnia and Herzegovina, Working Paper 146, London: Office of the Chief Economist, European Bank for Reconstruction and Development.
Banerjee, A. (2013) ‘Microcredit under the microscope: what have we learned in the past two decades, and what do we need to know’, Annual Review of Economics 5: 487-519 <http://dx.doi.org/10.1146/annurev-economics-082912-110220≯.
Banerjee, A., Duflo, E., Glennerster, R. and Kinnan, C. (2013) The Miracle of Microfinance? Evidence from a Randomized Evaluation, Working Paper Series 13-09, Cambridge, MA: MIT Department of Economics.
Bateman, M. (2010) Why Doesn't Microfinance Work? The Destructive Rise of Local Neoliberalism, London: Zed Books.
Chen, G. and Rutherford, S. (2013) A Microcredit Crisis Averted: The Case of Bangladesh, CGAP Focus Note no 87, 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.
Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2011) Impact of Microcredit in Rural Areas of Morocco: Evidence from a Randomized Evaluation, MIT J-PAL Working Paper, Cambridge, MA: J-PAL.
Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading microbanks’, The Economic Journal 117: F107-33 <http://dx.doi.org/10.1111/j.1468-0297.2007.02017.x≯.
Dichter, T. and Harper, M. (eds) (2007) What's Wrong with Microfinance? Rugby, UK: Practical Action Publishing.
Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.
Fisher, T. and Sriram, M.S. (eds) (2002) Beyond Micro-Credit: Putting Development Back into Micro-Finance, New Delhi: Vistaar Publications, Oxfam UK, New Economics Foundation.
Government of Andhra Pradesh (2010) Andhra Pradesh Microfinance Institutions (regulation of money lending) Ordinance, 2010 [pdf] <www.bu.edu/bucflp/files/2012/01/Andhra-Pradesh-Micro-Finance-Institutions-Ordinance.pdf≯
Gutiérrez-Nieto, B., Serrano-Cinca, C. and Mar Molinero, C. (2009) ‘Social efficiency in microfinance institutions’, Journal of the Operational Research Society 60: 104-19 <http://dx.doi.org/10.1057/palgrave.jors.2602527≯.
Harper, M. (2002) ‘Self-help groups and Grameen Bank groups: what are the differences?’ in T. Fisher and M.S. Sriram (eds), Beyond Micro-Credit: Putting Development Back into Micro-Finance, Chapter 7, New Delhi: Vistaar Publications, Oxfam UK, New Economics Foundation.
Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39: 938-48 <http://dx.doi.org/10.1016/j.worlddev.2009.10.018≯.
Hulme, D. and Mosley, P. (1996) Finance against Poverty, two volumes, Abingdon, UK: Routledge.
Intellecap (2010) Indian Microfinance Crisis of 2010: Turf War or a Battle of Intentions? Intellecap White Paper, Hyderabad, India: Intellecap.
Johnson, D. and Meka S. (2010) Access to Finance in Andhra Pradesh, Chittoor, India: Institute for Financial Management and Research, Centre for Micro Finance.
Kaboski, J. and Towsend, R. (2012) ‘The impact on credit on village economies’, American Economic Journal: Applied Economics 4: 98-133 <http://dx.doi.org/10.1257/app.4.2.98≯.
Karlan, D. and Zinman, J. (2011) ‘Microcredit in theory and practice: using randomized credit scoring for impact evaluation’, Science 332: 1278-84 <http://dx.doi.org/10.1126/science.1200138≯.
Khandker, S. (2005) ‘Microfinance and poverty: evidence using panel data from Bangladesh’, The World Bank Economic Review 19: 262-86 <http://dx.doi.org/10.1093/wber/lhi008≯.
Khandker, S. and Samad, H. (2014) Dynamic Effects of Microcredit in Bangladesh, Policy Research Working Paper WPS6821, Washington, DC: World Bank.
Louis, P., Seret, A. and Baesens, B. (2013) ‘Financial efficiency and social impact of microfinance institutions using self-organizing maps’, World Development 46: 197-210 <http://dx.doi.org/10.1016/j.worlddev.2013.02.006≯.
Mersland, R. and Strøm, R.O. (2010) ‘Microfinance mission drift?’ World Development 38: 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37: 1569-614.
Mosley, P. and Hulme, D. (1998) ‘Microenterprise finance: is there a conflict between growth and poverty alleviation?’ World Development 26(5): 783-90 <http://dx.doi.org/10.1016/S0305-750X(98)00021-7ã.
Nayar, L., Tata, M. and Mitra, D. (2010) ‘Is it micro usury?’ Outlook India, 18 October 2010.
Pitt, M. and Khandker, S. (1998) ‘The impact of group-based credit programs on poor households in Bangladesh: does the gender of participants matter?’ The Journal of Political Economy 106: 958-96 <http://dx.doi.org/10.1086/250037≯.
Quayes, S. (2011) ‘Depth of outreach and financial sustainability of microfinance institutions’, Applied Economics 44: 3421-33 <http://dx.doi.org/10.1080/00036846.2011.577016≯.
Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? CGAP Focus Paper no 15, Washington, DC: CGAP.
Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants, Access to Finance Forum, Reports by CGAP and Its Partners, no 7, Washington, DC: CGAP.
Angelucci, M., Karlan, D. and Zinman, J. (2013) Win Some Lose Some? Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco, Economic Growth Center Discussion Paper, no 1026, New Haven, CT: Yale University.
Armendáriz de Aghion, B. and Morduch, J. (2005 and 2010) The Economics of Microfinance, Cambridge, MA: MIT Press.
Arunachalam, R. (2011) The Journey of Indian Micro-Finance: Lessons for the Future, Chennai: Aapti Publications.
Attanasio, O., Augsburg, B., De Haas, R. Fitzsimmons, E. and Harmgart, H. (2011) Group Lending or Individual Lending? Evidence from a Randomized Experiment in Mongolia, Working Paper 136, London: European Bank for Reconstruction and Development.
Augsburg, B., De Haas, R., Harmgart, H. and Meghir, C. (2012) Microfinance at the Margin: Experimental Evidence from Bosnia and Herzegovina, Working Paper 146, London: Office of the Chief Economist, European Bank for Reconstruction and Development.
Banerjee, A. (2013) ‘Microcredit under the microscope: what have we learned in the past two decades, and what do we need to know’, Annual Review of Economics 5: 487-519 <http://dx.doi.org/10.1146/annurev-economics-082912-110220≯.
Banerjee, A., Duflo, E., Glennerster, R. and Kinnan, C. (2013) The Miracle of Microfinance? Evidence from a Randomized Evaluation, Working Paper Series 13-09, Cambridge, MA: MIT Department of Economics.
Bateman, M. (2010) Why Doesn't Microfinance Work? The Destructive Rise of Local Neoliberalism, London: Zed Books.
Chen, G. and Rutherford, S. (2013) A Microcredit Crisis Averted: The Case of Bangladesh, CGAP Focus Note no 87, 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.
Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2011) Impact of Microcredit in Rural Areas of Morocco: Evidence from a Randomized Evaluation, MIT J-PAL Working Paper, Cambridge, MA: J-PAL.
Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2007) ‘Financial performance and outreach: a global analysis of leading microbanks’, The Economic Journal 117: F107-33 <http://dx.doi.org/10.1111/j.1468-0297.2007.02017.x≯.
Dichter, T. and Harper, M. (eds) (2007) What's Wrong with Microfinance? Rugby, UK: Practical Action Publishing.
Duvendack, M., Palmer-Jones, R., Copestake, J., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.
Fisher, T. and Sriram, M.S. (eds) (2002) Beyond Micro-Credit: Putting Development Back into Micro-Finance, New Delhi: Vistaar Publications, Oxfam UK, New Economics Foundation.
Government of Andhra Pradesh (2010) Andhra Pradesh Microfinance Institutions (regulation of money lending) Ordinance, 2010 [pdf] <www.bu.edu/bucflp/files/2012/01/Andhra-Pradesh-Micro-Finance-Institutions-Ordinance.pdf≯
Gutiérrez-Nieto, B., Serrano-Cinca, C. and Mar Molinero, C. (2009) ‘Social efficiency in microfinance institutions’, Journal of the Operational Research Society 60: 104-19 <http://dx.doi.org/10.1057/palgrave.jors.2602527≯.
Harper, M. (2002) ‘Self-help groups and Grameen Bank groups: what are the differences?’ in T. Fisher and M.S. Sriram (eds), Beyond Micro-Credit: Putting Development Back into Micro-Finance, Chapter 7, New Delhi: Vistaar Publications, Oxfam UK, New Economics Foundation.
Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39: 938-48 <http://dx.doi.org/10.1016/j.worlddev.2009.10.018≯.
Hulme, D. and Mosley, P. (1996) Finance against Poverty, two volumes, Abingdon, UK: Routledge.
Intellecap (2010) Indian Microfinance Crisis of 2010: Turf War or a Battle of Intentions? Intellecap White Paper, Hyderabad, India: Intellecap.
Johnson, D. and Meka S. (2010) Access to Finance in Andhra Pradesh, Chittoor, India: Institute for Financial Management and Research, Centre for Micro Finance.
Kaboski, J. and Towsend, R. (2012) ‘The impact on credit on village economies’, American Economic Journal: Applied Economics 4: 98-133 <http://dx.doi.org/10.1257/app.4.2.98≯.
Karlan, D. and Zinman, J. (2011) ‘Microcredit in theory and practice: using randomized credit scoring for impact evaluation’, Science 332: 1278-84 <http://dx.doi.org/10.1126/science.1200138≯.
Khandker, S. (2005) ‘Microfinance and poverty: evidence using panel data from Bangladesh’, The World Bank Economic Review 19: 262-86 <http://dx.doi.org/10.1093/wber/lhi008≯.
Khandker, S. and Samad, H. (2014) Dynamic Effects of Microcredit in Bangladesh, Policy Research Working Paper WPS6821, Washington, DC: World Bank.
Louis, P., Seret, A. and Baesens, B. (2013) ‘Financial efficiency and social impact of microfinance institutions using self-organizing maps’, World Development 46: 197-210 <http://dx.doi.org/10.1016/j.worlddev.2013.02.006≯.
Mersland, R. and Strøm, R.O. (2010) ‘Microfinance mission drift?’ World Development 38: 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37: 1569-614.
Mosley, P. and Hulme, D. (1998) ‘Microenterprise finance: is there a conflict between growth and poverty alleviation?’ World Development 26(5): 783-90 <http://dx.doi.org/10.1016/S0305-750X(98)00021-7ã.
Nayar, L., Tata, M. and Mitra, D. (2010) ‘Is it micro usury?’ Outlook India, 18 October 2010.
Pitt, M. and Khandker, S. (1998) ‘The impact of group-based credit programs on poor households in Bangladesh: does the gender of participants matter?’ The Journal of Political Economy 106: 958-96 <http://dx.doi.org/10.1086/250037≯.
Quayes, S. (2011) ‘Depth of outreach and financial sustainability of microfinance institutions’, Applied Economics 44: 3421-33 <http://dx.doi.org/10.1080/00036846.2011.577016≯.
Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? CGAP Focus Paper no 15, Washington, DC: CGAP.
Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants, Access to Finance Forum, Reports by CGAP and Its Partners, no 7, Washington, DC: CGAP.
Impact Analysis of Formal Microcredit on Income of Borrowers in Rural Areas of Sidama Region, Ethiopia: A Propensity Score Matching Approach
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2021
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