Drawing from discussions on the panacea problem in microfinance and natural resource management, we scrutinize a ‘green microfinance plus’ programme – Proyecto CAMBio – in a specific setting in Nicaragua, focusing in particular on its interaction with local development pathways. The programme was designed to promote biodiversity-friendly land uses through the combination of credit provision, technical assistance and conditional economic incentives. In our case study, we highlight the focus on individual producers, the implicit targeting of more established medium-sized producers, and the uncritical promotion of a particular technical model of production. The project might thereby have failed to identify and revert some negative processes of environmental degradation and did not consciously engage with the dynamics and political arenas of sustainable development. We call for a more holistic territorial perspective that is conducive to more strategic thinking about the interactive socio-technical dynamics and ensuing opportunities and constraints for different producer types and technical-commercial models. Such strategic reflection is both inevitable and political, as it impacts on the opening and closing of avenues for more or less socially inclusive and environmentally sound development pathways.

Aitken, R. (2013) ‘The financialization of micro-credit’, Development and Change 44: 473–99 <http://dx.doi.org/10.1111/Dech.12027>.

Allet, M. (2012) ‘Why do microfinance institutions go green?’ CEB Working Paper No. 12/015, Brussels: Université Libre de Bruxelles – Solvay Brussels School of Economics and Management Centre Emile Bernheim.

Arribard, L. (2013) Analyse diagnostic du système agraire à l’ouest du massif de Peñas Blancas, Master thesis, Paris: Agroparistech.

Avelino, J. and Rivas, G. (2013) ‘La roya anaranjada del cafeto’ <http://hal.archives-ouvertes.fr/hal-01071036> [accessed 20 July 2015].

Banerjee, A., Karlan, D. and Zinman, J. (2015) ‘Six randomized evaluations of microcredit: introduction and further steps’, American Economic Journal: Applied Economics 7: 1–21 <http://dx.doi.org/10.1257/app.20140287>.

Bastiaensen, J., Marchetti, P., Mendoza, R. and Perez, F. (2013) ‘After the Nicaraguan non-payment crisis: alternatives to microfinance narcissism’, Development and Change 44: 861–85 <http://dx.doi.org/10.1111/Dech.12046>.

Bastiaensen, J. and Marchetti, P. (2011) ‘Rural microfinance and agricultural value chains: strategies and perspectives of the Fondo de desarrollo local in Nicaragua’, in B. Armendáriz and M. Labie (eds), Handbook of Microfinance, Singapore: World Scientific.

Bastiaensen, J., Merlet, P., Craps, M., De Herdt, T., Flores, S., Huybrechs, F., Mendoza, R., Steel, G. and Van Hecken, G. (2015) ‘Making sense of territorial pathways to rural development: a proposal for a normative and analytical framework’, IOB Discussion Paper 2015.04, Antwerp: University of Antwerp Institute of Development Policy and Management.

Bauchet, J., Marshall, C., Starita, L., Thomas, J. and Yalouris, A. (2011) ‘Latest findings from randomized evaluations of microfinance’, Access to Finance Forum, Washington, DC: CGAP.

Cuadra Mayorga, L.C. and Alvarado Narváez, U.P. (2011) Evaluación de tres servicios ambientales de café agroforestal en fincas con diferentes tipos de manejo ubicadas en el Macizo de Peñas Blancas, Jinotega-Matagalpa, Master thesis, Managua: Universidad Nacional Agraria.

de Haan, L. and Zoomers, A. (2005) ‘Exploring the frontier of livelihoods research’, Development and Change 36: 27–47 <http://dx.doi.org/10.1111/j.0012-155X.2005.00401.x>.

Ervine, K. (2010) ‘Participation denied: the global environment facility, its universal blueprint, and the Mexico-Mesoamerican Biological Corridor in Chiapas’, Third World Quarterly 31: 773–90 <http://dx.doi.org/10.1080/01436597.2010.502694>.

Fabinyi, M., Evans, L. and Foale, S.J. (2014) ‘Social-ecological systems, social diversity, and power: insights from anthropology and political ecology’, Ecology and Society 19 <http://dx.doi.org/10.5751/Es-07029-190428>.

Ferraro, P.J. and Simpson, R.D. (2002) ‘The cost-effectiveness of conservation payments’, Land Economics 78: 339–53 <http://dx.doi.org/10.3368/le.78.4.465>.

Flyvbjerg, B. (2006) ‘Five misunderstandings about case-study research’, Qualitative Inquiry 12: 219–45 <http://dx.doi.org/10.1177/1077800405284363>.

Forcella, D. (2012). Payments for environmental services and microfinance – Proyecto Cambio in Nicaragua, European Microfinance Programme Master thesis, Brussels: Université Libre de Bruxelles.

Forcella, D. and Huybrechs, F. (2015) ‘Green microfinance for ecosystem services – an empirical quantitative study of a project’s results, the variables influencing its outcomes and the effectiveness of the related conditional payments’ <http://dx.doi.org/10.2139/ssrn.2635228> [accessed 26 August 2015].

Forcella, D. and Lucheschi, G. (2015) ‘Microfinance and ecosystems conservation – how green microfinance interacts with socio-ecological systems – lessons from Proyecto Cambio in Nicaragua and Guatemala’ <http://dx.doi.org/10.2139/ssrn.2635421> [accessed 26 August 2015].

Global Environment Facility (GEF) (2005) ‘Central American Markets for Biodiversity (CAMBio): Mainstreaming biodiversity conservation and sustainable use within micro-, small, and medium-sized enterprise development and financing’, Project Executive Summary, Washington, DC: GEF.

Gómez, L., Ravnborg, H.M. and Castillo, E. (2011) ‘Gobernanza en el uso y acceso a los recursos naturales en la dinámica territorial del Macizo de Peñas Blancas – Nicaragua’, Documento de Trabajo No. 82, Santiago de Chile, Chile: Programa Dinámicas Territoriales Rurales RIMISP, Centro Latinoamericano para el Desarrollo Rural.

Hall, J.C., Collins, L., Israel, E. and Wenner, M.D. (2008) ‘The missing bottom line: microfinance and the environment’, <http://www.microfinancegateway.org/library/missing-bottom-line-microfinance-and-environment> [accessed 20 July 2015].

Huybrechs, F., Bastiaensen, J., Forcella, D. and Van Hecken, G. (2015) ‘Enfrentando la vía ganadera extensiva: potenciales y limitaciones de los pagos por servicios ambientales y de las microfinanzas verdes’, in J. Bastiaensen, P. Merlet and S. Flores (eds), Rutas de desarrollo en territorios humanos: las dinámicas de la Vía Láctea en Nicaragua, Managua: UCA Publicaciones.

Johnson, S. (2012) ‘From microfinance to inclusive financial markets: the challenge of social regulation’, Oxford Development Studies 41: S35–S52 <http://dx.doi.org/10.1080/13600818.2012.734799>.

Leach, M., Scoones, I. and Stirling, A. (2010) Dynamic Sustainabilities: Technology, Environment, Social Justice, London: Earthscan.

Lucheschi, G. (2014) Payment for Environmental Services and Microfinance: Proyecto Cambio in Guatemala, Master thesis, Brussels: Université Libre de Bruxelles.

Mader, P. (2014) ‘Financialisation through microfinance: civil society and market-building in India’, Asian Studies Review 38: 601–19 <http://dx.doi.org/10.1080/10357823.2014.963507>.

Maldidier, C. and Marchetti, P. (1996) El campesino-finquero y el potencial económico del campesinado nicaragüense: Tipología y regionalización agrosocioeconómica de los sistemas de producción y los sectores sociales en el agro nicaragüense, Managua: Nitlapán.

Mendoza, R. and Bastiaensen, J. (2003) ‘Fair trade and the coffee crisis in the Nicaraguan Segovias’, Small Enterprise Development 14: 36–46 <http://dx.doi.org/10.3362/0957-1329.2003.020>.

Mendoza, R., Dávila, O., Fonseca, F. and Cheaz, J. (2012) ‘Modelo de Adaptación al Cambio Climático a través de la Reconversión Productiva y transformación territorial. Proyecto CAMBio en Nicaragua’, in RIMISP (ed.), Alianzas para el empoderamiento económico. Santiago.

Mendoza, R., Fernández, E. and Kuhnekath, K. (2013) ‘Institución patrón-dependiente o indeterminación social? Genealogía crítica del sistema de habilitación en el café’ Encuentro 92: 87–102.

Muñoz Araya, M.C. and Christen, R.P. (2004) ‘Microfinance as a tool to protect biodiversity hot-spots’, Annual Global Roundtable Meeting on Finance and Sustainability, Rio de Janeiro <http://www.microfinancegateway.org/library/microfinance-tool-protect-biodiversity-hot-spots> [accessed 20 July 2015].

Murgueitio, E., Ibrahim, M., Ramirez, E., Zapata, A., Mejía, C. and Casasola, F. (2003) ‘Usos de la tierra en fincas ganaderas: Guía para el pago de servicios ambientales en el Proyecto Enfoques Silvopastorales Integrados para el Manejo de Ecosistemas’, Calí: CIPAV, CATIE, Nitlapán.

Ostrom, E. and Cox, M. (2010) ‘Moving beyond panaceas: a multi-tiered diagnostic approach for social-ecological analysis’, Environmental Conservation 37: 451–63 <http://dx.doi.org/10.1017/s0376892910000834>.

Polvorosa, J.C. (2015) ‘Ruta de desarrollo ganadero lechero: el caso de Matiguás’, in J. Bastiaensen, P. Merlet and S. Flores (eds), Rutas de desarrollo en territorios humanos: las dinámicas de la Vía Láctea en Nicaragua. Managua: UCA Publicaciones.

Proyecto CAMBio (2013) ‘Lecciones aprendidas del proyecto CAMBio’, Tegucigalpa: BCIE, PNUD, FMAM <http://www.proyectocambio.org/categoria_1394581282> [accessed 20 July 2015].

Proyecto CAMBio (2014) ‘Experiencias exitosas producto de la incidencia de la asistencia técnica otorgada por el Proyecto CAMBio’, Tegucigalpa: BCIE, PNUD, FMAM [PDF] <www.proyectocambio.org/admin/documents/224> [accessed 20 July 2015].

Ramalingam, B. (2013) Aid on the Edge of Chaos: Rethinking International Cooperation in a Complex World, Oxford: Oxford University Press.

Rocha, J.L. (2001) ‘The chronicle of coffee: history, responsibility and questions’, Envío 241 <http://www.envio.org.ni/articulo/1523> [accessed 20 July 2015].

Ropke, I. (2005) ‘Trends in the development of ecological economics from the late 1980s to the early 2000s’, Ecological Economics 55: 262–90 <http://dx.doi.org/10.1016/j.ecolecon.2004.10.010>.

Schuite, G.-J. and Pater, A. (2008) ‘The triple bottom line for microfinance’, <http://www.microfinancegateway.org/library/triple-bottom-line-microfinance> [accessed 20 July 2015].

Schwittay, A. (2014) ‘Making poverty into a financial problem: from global poverty lines to kiva.org’, Journal of International Development 26: 508–19 <http://dx.doi.org/10.1002/Jid.2966>.

Sievers, M. and Vandenberg, P. (2007) ‘Synergies through linkages: who benefits from linking micro-finance and business development services?’ World Development 35: 1341–58 <http://dx.doi.org/10.1016/j.worlddev.2007.04.002>.

Sullivan, S. (2013) ‘Banking nature? The spectacular financialisation of environmental conservation’, Antipode 45: 198–217 <http://dx.doi.org/10.1111/j.1467-8330.2012.00989.x>.

United Nations Development Programme (UNDP) (2006) ‘Central American Markets for Biodiversity (CAMBio): Mainstreaming biodiversity conservation and sustainable use within micro-, small, and medium-sized enterprise development and financing’, UNDP project document, New York: UNDP.

Valkila, J. (2009) ‘Fair Trade organic coffee production in Nicaragua – sustainable development or a poverty trap?’ Ecological Economics 68: 3018–25 <http://dx.doi.org/10.1016/j.ecolecon.2009.07.002>.

Van Hecken, G., & Bastiaensen, J. (2010) 'Payments for Ecosystem Services in Nicaragua: Do Market-based Approaches Work?' Development and Change 41: 421-44 <http://dx.doi.org/10.1111/j.1467-7660.2010.01644.x>

Van Hecken, G., Bastiaensen, J. and Huybrechs, F. (2015) ‘What’s in a name? Epistemic perspectives and payments for ecosystem services policies in Nicaragua’, Geoforum 63: 55–66 <http://dx.doi.org/10.1016/j.geoforum.2015.05.020>.

Vargas, E., Ramírez, L. and Vallejo, M. (2011) ‘CAMBio: tranversalización de la conservación y el uso sostenbile de la biodiversidad en el desarrollo y financiamiento de las micro, pequeñas y medianas empresas’, Evaluación de medio término, New York: UNDP.

Westphal, S.M. (2008) ‘Coffee agroforestry in the aftermath of modernization: diversified production and livelihood strategies in post-reform Nicaragua’, in C.M. Bacon, E.V. Mendez, S.R. Gliessman, D. Goodman and J.A. Fox (eds), Confronting the Coffee Crisis: Fair Trade, Sustainable Livelihoods and Ecosystems in Mexico and Central America, Cambridge: MIT Press.

Aitken, R. (2013) ‘The financialization of micro-credit’, Development and Change 44: 473–99 <http://dx.doi.org/10.1111/Dech.12027>.

Allet, M. (2012) ‘Why do microfinance institutions go green?’ CEB Working Paper No. 12/015, Brussels: Université Libre de Bruxelles – Solvay Brussels School of Economics and Management Centre Emile Bernheim.

Arribard, L. (2013) Analyse diagnostic du système agraire à l’ouest du massif de Peñas Blancas, Master thesis, Paris: Agroparistech.

Avelino, J. and Rivas, G. (2013) ‘La roya anaranjada del cafeto’ <http://hal.archives-ouvertes.fr/hal-01071036> [accessed 20 July 2015].

Banerjee, A., Karlan, D. and Zinman, J. (2015) ‘Six randomized evaluations of microcredit: introduction and further steps’, American Economic Journal: Applied Economics 7: 1–21 <http://dx.doi.org/10.1257/app.20140287>.

Bastiaensen, J., Marchetti, P., Mendoza, R. and Perez, F. (2013) ‘After the Nicaraguan non-payment crisis: alternatives to microfinance narcissism’, Development and Change 44: 861–85 <http://dx.doi.org/10.1111/Dech.12046>.

Bastiaensen, J. and Marchetti, P. (2011) ‘Rural microfinance and agricultural value chains: strategies and perspectives of the Fondo de desarrollo local in Nicaragua’, in B. Armendáriz and M. Labie (eds), Handbook of Microfinance, Singapore: World Scientific.

Bastiaensen, J., Merlet, P., Craps, M., De Herdt, T., Flores, S., Huybrechs, F., Mendoza, R., Steel, G. and Van Hecken, G. (2015) ‘Making sense of territorial pathways to rural development: a proposal for a normative and analytical framework’, IOB Discussion Paper 2015.04, Antwerp: University of Antwerp Institute of Development Policy and Management.

Bauchet, J., Marshall, C., Starita, L., Thomas, J. and Yalouris, A. (2011) ‘Latest findings from randomized evaluations of microfinance’, Access to Finance Forum, Washington, DC: CGAP.

Cuadra Mayorga, L.C. and Alvarado Narváez, U.P. (2011) Evaluación de tres servicios ambientales de café agroforestal en fincas con diferentes tipos de manejo ubicadas en el Macizo de Peñas Blancas, Jinotega-Matagalpa, Master thesis, Managua: Universidad Nacional Agraria.

de Haan, L. and Zoomers, A. (2005) ‘Exploring the frontier of livelihoods research’, Development and Change 36: 27–47 <http://dx.doi.org/10.1111/j.0012-155X.2005.00401.x>.

Ervine, K. (2010) ‘Participation denied: the global environment facility, its universal blueprint, and the Mexico-Mesoamerican Biological Corridor in Chiapas’, Third World Quarterly 31: 773–90 <http://dx.doi.org/10.1080/01436597.2010.502694>.

Fabinyi, M., Evans, L. and Foale, S.J. (2014) ‘Social-ecological systems, social diversity, and power: insights from anthropology and political ecology’, Ecology and Society 19 <http://dx.doi.org/10.5751/Es-07029-190428>.

Ferraro, P.J. and Simpson, R.D. (2002) ‘The cost-effectiveness of conservation payments’, Land Economics 78: 339–53 <http://dx.doi.org/10.3368/le.78.4.465>.

Flyvbjerg, B. (2006) ‘Five misunderstandings about case-study research’, Qualitative Inquiry 12: 219–45 <http://dx.doi.org/10.1177/1077800405284363>.

Forcella, D. (2012). Payments for environmental services and microfinance – Proyecto Cambio in Nicaragua, European Microfinance Programme Master thesis, Brussels: Université Libre de Bruxelles.

Forcella, D. and Huybrechs, F. (2015) ‘Green microfinance for ecosystem services – an empirical quantitative study of a project’s results, the variables influencing its outcomes and the effectiveness of the related conditional payments’ <http://dx.doi.org/10.2139/ssrn.2635228> [accessed 26 August 2015].

Forcella, D. and Lucheschi, G. (2015) ‘Microfinance and ecosystems conservation – how green microfinance interacts with socio-ecological systems – lessons from Proyecto Cambio in Nicaragua and Guatemala’ <http://dx.doi.org/10.2139/ssrn.2635421> [accessed 26 August 2015].

Global Environment Facility (GEF) (2005) ‘Central American Markets for Biodiversity (CAMBio): Mainstreaming biodiversity conservation and sustainable use within micro-, small, and medium-sized enterprise development and financing’, Project Executive Summary, Washington, DC: GEF.

Gómez, L., Ravnborg, H.M. and Castillo, E. (2011) ‘Gobernanza en el uso y acceso a los recursos naturales en la dinámica territorial del Macizo de Peñas Blancas – Nicaragua’, Documento de Trabajo No. 82, Santiago de Chile, Chile: Programa Dinámicas Territoriales Rurales RIMISP, Centro Latinoamericano para el Desarrollo Rural.

Hall, J.C., Collins, L., Israel, E. and Wenner, M.D. (2008) ‘The missing bottom line: microfinance and the environment’, <http://www.microfinancegateway.org/library/missing-bottom-line-microfinance-and-environment> [accessed 20 July 2015].

Huybrechs, F., Bastiaensen, J., Forcella, D. and Van Hecken, G. (2015) ‘Enfrentando la vía ganadera extensiva: potenciales y limitaciones de los pagos por servicios ambientales y de las microfinanzas verdes’, in J. Bastiaensen, P. Merlet and S. Flores (eds), Rutas de desarrollo en territorios humanos: las dinámicas de la Vía Láctea en Nicaragua, Managua: UCA Publicaciones.

Johnson, S. (2012) ‘From microfinance to inclusive financial markets: the challenge of social regulation’, Oxford Development Studies 41: S35–S52 <http://dx.doi.org/10.1080/13600818.2012.734799>.

Leach, M., Scoones, I. and Stirling, A. (2010) Dynamic Sustainabilities: Technology, Environment, Social Justice, London: Earthscan.

Lucheschi, G. (2014) Payment for Environmental Services and Microfinance: Proyecto Cambio in Guatemala, Master thesis, Brussels: Université Libre de Bruxelles.

Mader, P. (2014) ‘Financialisation through microfinance: civil society and market-building in India’, Asian Studies Review 38: 601–19 <http://dx.doi.org/10.1080/10357823.2014.963507>.

Maldidier, C. and Marchetti, P. (1996) El campesino-finquero y el potencial económico del campesinado nicaragüense: Tipología y regionalización agrosocioeconómica de los sistemas de producción y los sectores sociales en el agro nicaragüense, Managua: Nitlapán.

Mendoza, R. and Bastiaensen, J. (2003) ‘Fair trade and the coffee crisis in the Nicaraguan Segovias’, Small Enterprise Development 14: 36–46 <http://dx.doi.org/10.3362/0957-1329.2003.020>.

Mendoza, R., Dávila, O., Fonseca, F. and Cheaz, J. (2012) ‘Modelo de Adaptación al Cambio Climático a través de la Reconversión Productiva y transformación territorial. Proyecto CAMBio en Nicaragua’, in RIMISP (ed.), Alianzas para el empoderamiento económico. Santiago.

Mendoza, R., Fernández, E. and Kuhnekath, K. (2013) ‘Institución patrón-dependiente o indeterminación social? Genealogía crítica del sistema de habilitación en el café’ Encuentro 92: 87–102.

Muñoz Araya, M.C. and Christen, R.P. (2004) ‘Microfinance as a tool to protect biodiversity hot-spots’, Annual Global Roundtable Meeting on Finance and Sustainability, Rio de Janeiro <http://www.microfinancegateway.org/library/microfinance-tool-protect-biodiversity-hot-spots> [accessed 20 July 2015].

Murgueitio, E., Ibrahim, M., Ramirez, E., Zapata, A., Mejía, C. and Casasola, F. (2003) ‘Usos de la tierra en fincas ganaderas: Guía para el pago de servicios ambientales en el Proyecto Enfoques Silvopastorales Integrados para el Manejo de Ecosistemas’, Calí: CIPAV, CATIE, Nitlapán.

Ostrom, E. and Cox, M. (2010) ‘Moving beyond panaceas: a multi-tiered diagnostic approach for social-ecological analysis’, Environmental Conservation 37: 451–63 <http://dx.doi.org/10.1017/s0376892910000834>.

Polvorosa, J.C. (2015) ‘Ruta de desarrollo ganadero lechero: el caso de Matiguás’, in J. Bastiaensen, P. Merlet and S. Flores (eds), Rutas de desarrollo en territorios humanos: las dinámicas de la Vía Láctea en Nicaragua. Managua: UCA Publicaciones.

Proyecto CAMBio (2013) ‘Lecciones aprendidas del proyecto CAMBio’, Tegucigalpa: BCIE, PNUD, FMAM <http://www.proyectocambio.org/categoria_1394581282> [accessed 20 July 2015].

Proyecto CAMBio (2014) ‘Experiencias exitosas producto de la incidencia de la asistencia técnica otorgada por el Proyecto CAMBio’, Tegucigalpa: BCIE, PNUD, FMAM [PDF] <www.proyectocambio.org/admin/documents/224> [accessed 20 July 2015].

Ramalingam, B. (2013) Aid on the Edge of Chaos: Rethinking International Cooperation in a Complex World, Oxford: Oxford University Press.

Rocha, J.L. (2001) ‘The chronicle of coffee: history, responsibility and questions’, Envío 241 <http://www.envio.org.ni/articulo/1523> [accessed 20 July 2015].

Ropke, I. (2005) ‘Trends in the development of ecological economics from the late 1980s to the early 2000s’, Ecological Economics 55: 262–90 <http://dx.doi.org/10.1016/j.ecolecon.2004.10.010>.

Schuite, G.-J. and Pater, A. (2008) ‘The triple bottom line for microfinance’, <http://www.microfinancegateway.org/library/triple-bottom-line-microfinance> [accessed 20 July 2015].

Schwittay, A. (2014) ‘Making poverty into a financial problem: from global poverty lines to kiva.org’, Journal of International Development 26: 508–19 <http://dx.doi.org/10.1002/Jid.2966>.

Sievers, M. and Vandenberg, P. (2007) ‘Synergies through linkages: who benefits from linking micro-finance and business development services?’ World Development 35: 1341–58 <http://dx.doi.org/10.1016/j.worlddev.2007.04.002>.

Sullivan, S. (2013) ‘Banking nature? The spectacular financialisation of environmental conservation’, Antipode 45: 198–217 <http://dx.doi.org/10.1111/j.1467-8330.2012.00989.x>.

United Nations Development Programme (UNDP) (2006) ‘Central American Markets for Biodiversity (CAMBio): Mainstreaming biodiversity conservation and sustainable use within micro-, small, and medium-sized enterprise development and financing’, UNDP project document, New York: UNDP.

Valkila, J. (2009) ‘Fair Trade organic coffee production in Nicaragua – sustainable development or a poverty trap?’ Ecological Economics 68: 3018–25 <http://dx.doi.org/10.1016/j.ecolecon.2009.07.002>.

Van Hecken, G., & Bastiaensen, J. (2010) 'Payments for Ecosystem Services in Nicaragua: Do Market-based Approaches Work?' Development and Change 41: 421-44 <http://dx.doi.org/10.1111/j.1467-7660.2010.01644.x>

Van Hecken, G., Bastiaensen, J. and Huybrechs, F. (2015) ‘What’s in a name? Epistemic perspectives and payments for ecosystem services policies in Nicaragua’, Geoforum 63: 55–66 <http://dx.doi.org/10.1016/j.geoforum.2015.05.020>.

Vargas, E., Ramírez, L. and Vallejo, M. (2011) ‘CAMBio: tranversalización de la conservación y el uso sostenbile de la biodiversidad en el desarrollo y financiamiento de las micro, pequeñas y medianas empresas’, Evaluación de medio término, New York: UNDP.

Westphal, S.M. (2008) ‘Coffee agroforestry in the aftermath of modernization: diversified production and livelihood strategies in post-reform Nicaragua’, in C.M. Bacon, E.V. Mendez, S.R. Gliessman, D. Goodman and J.A. Fox (eds), Confronting the Coffee Crisis: Fair Trade, Sustainable Livelihoods and Ecosystems in Mexico and Central America, Cambridge: MIT Press.

Aitken, R. (2013) ‘The financialization of micro-credit’, Development and Change 44: 473–99 <http://dx.doi.org/10.1111/Dech.12027>.

Allet, M. (2012) ‘Why do microfinance institutions go green?’ CEB Working Paper No. 12/015, Brussels: Université Libre de Bruxelles – Solvay Brussels School of Economics and Management Centre Emile Bernheim.

Arribard, L. (2013) Analyse diagnostic du système agraire à l’ouest du massif de Peñas Blancas, Master thesis, Paris: Agroparistech.

Avelino, J. and Rivas, G. (2013) ‘La roya anaranjada del cafeto’ <http://hal.archives-ouvertes.fr/hal-01071036> [accessed 20 July 2015].

Banerjee, A., Karlan, D. and Zinman, J. (2015) ‘Six randomized evaluations of microcredit: introduction and further steps’, American Economic Journal: Applied Economics 7: 1–21 <http://dx.doi.org/10.1257/app.20140287>.

Bastiaensen, J., Marchetti, P., Mendoza, R. and Perez, F. (2013) ‘After the Nicaraguan non-payment crisis: alternatives to microfinance narcissism’, Development and Change 44: 861–85 <http://dx.doi.org/10.1111/Dech.12046>.

Bastiaensen, J. and Marchetti, P. (2011) ‘Rural microfinance and agricultural value chains: strategies and perspectives of the Fondo de desarrollo local in Nicaragua’, in B. Armendáriz and M. Labie (eds), Handbook of Microfinance, Singapore: World Scientific.

Bastiaensen, J., Merlet, P., Craps, M., De Herdt, T., Flores, S., Huybrechs, F., Mendoza, R., Steel, G. and Van Hecken, G. (2015) ‘Making sense of territorial pathways to rural development: a proposal for a normative and analytical framework’, IOB Discussion Paper 2015.04, Antwerp: University of Antwerp Institute of Development Policy and Management.

Bauchet, J., Marshall, C., Starita, L., Thomas, J. and Yalouris, A. (2011) ‘Latest findings from randomized evaluations of microfinance’, Access to Finance Forum, Washington, DC: CGAP.

Cuadra Mayorga, L.C. and Alvarado Narváez, U.P. (2011) Evaluación de tres servicios ambientales de café agroforestal en fincas con diferentes tipos de manejo ubicadas en el Macizo de Peñas Blancas, Jinotega-Matagalpa, Master thesis, Managua: Universidad Nacional Agraria.

de Haan, L. and Zoomers, A. (2005) ‘Exploring the frontier of livelihoods research’, Development and Change 36: 27–47 <http://dx.doi.org/10.1111/j.0012-155X.2005.00401.x>.

Ervine, K. (2010) ‘Participation denied: the global environment facility, its universal blueprint, and the Mexico-Mesoamerican Biological Corridor in Chiapas’, Third World Quarterly 31: 773–90 <http://dx.doi.org/10.1080/01436597.2010.502694>.

Fabinyi, M., Evans, L. and Foale, S.J. (2014) ‘Social-ecological systems, social diversity, and power: insights from anthropology and political ecology’, Ecology and Society 19 <http://dx.doi.org/10.5751/Es-07029-190428>.

Ferraro, P.J. and Simpson, R.D. (2002) ‘The cost-effectiveness of conservation payments’, Land Economics 78: 339–53 <http://dx.doi.org/10.3368/le.78.4.465>.

Flyvbjerg, B. (2006) ‘Five misunderstandings about case-study research’, Qualitative Inquiry 12: 219–45 <http://dx.doi.org/10.1177/1077800405284363>.

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Forcella, D. and Huybrechs, F. (2015) ‘Green microfinance for ecosystem services – an empirical quantitative study of a project’s results, the variables influencing its outcomes and the effectiveness of the related conditional payments’ <http://dx.doi.org/10.2139/ssrn.2635228> [accessed 26 August 2015].

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Hall, J.C., Collins, L., Israel, E. and Wenner, M.D. (2008) ‘The missing bottom line: microfinance and the environment’, <http://www.microfinancegateway.org/library/missing-bottom-line-microfinance-and-environment> [accessed 20 July 2015].

Huybrechs, F., Bastiaensen, J., Forcella, D. and Van Hecken, G. (2015) ‘Enfrentando la vía ganadera extensiva: potenciales y limitaciones de los pagos por servicios ambientales y de las microfinanzas verdes’, in J. Bastiaensen, P. Merlet and S. Flores (eds), Rutas de desarrollo en territorios humanos: las dinámicas de la Vía Láctea en Nicaragua, Managua: UCA Publicaciones.

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Leach, M., Scoones, I. and Stirling, A. (2010) Dynamic Sustainabilities: Technology, Environment, Social Justice, London: Earthscan.

Lucheschi, G. (2014) Payment for Environmental Services and Microfinance: Proyecto Cambio in Guatemala, Master thesis, Brussels: Université Libre de Bruxelles.

Mader, P. (2014) ‘Financialisation through microfinance: civil society and market-building in India’, Asian Studies Review 38: 601–19 <http://dx.doi.org/10.1080/10357823.2014.963507>.

Maldidier, C. and Marchetti, P. (1996) El campesino-finquero y el potencial económico del campesinado nicaragüense: Tipología y regionalización agrosocioeconómica de los sistemas de producción y los sectores sociales en el agro nicaragüense, Managua: Nitlapán.

Mendoza, R. and Bastiaensen, J. (2003) ‘Fair trade and the coffee crisis in the Nicaraguan Segovias’, Small Enterprise Development 14: 36–46 <http://dx.doi.org/10.3362/0957-1329.2003.020>.

Mendoza, R., Dávila, O., Fonseca, F. and Cheaz, J. (2012) ‘Modelo de Adaptación al Cambio Climático a través de la Reconversión Productiva y transformación territorial. Proyecto CAMBio en Nicaragua’, in RIMISP (ed.), Alianzas para el empoderamiento económico. Santiago.

Mendoza, R., Fernández, E. and Kuhnekath, K. (2013) ‘Institución patrón-dependiente o indeterminación social? Genealogía crítica del sistema de habilitación en el café’ Encuentro 92: 87–102.

Muñoz Araya, M.C. and Christen, R.P. (2004) ‘Microfinance as a tool to protect biodiversity hot-spots’, Annual Global Roundtable Meeting on Finance and Sustainability, Rio de Janeiro <http://www.microfinancegateway.org/library/microfinance-tool-protect-biodiversity-hot-spots> [accessed 20 July 2015].

Murgueitio, E., Ibrahim, M., Ramirez, E., Zapata, A., Mejía, C. and Casasola, F. (2003) ‘Usos de la tierra en fincas ganaderas: Guía para el pago de servicios ambientales en el Proyecto Enfoques Silvopastorales Integrados para el Manejo de Ecosistemas’, Calí: CIPAV, CATIE, Nitlapán.

Ostrom, E. and Cox, M. (2010) ‘Moving beyond panaceas: a multi-tiered diagnostic approach for social-ecological analysis’, Environmental Conservation 37: 451–63 <http://dx.doi.org/10.1017/s0376892910000834>.

Polvorosa, J.C. (2015) ‘Ruta de desarrollo ganadero lechero: el caso de Matiguás’, in J. Bastiaensen, P. Merlet and S. Flores (eds), Rutas de desarrollo en territorios humanos: las dinámicas de la Vía Láctea en Nicaragua. Managua: UCA Publicaciones.

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Schwittay, A. (2014) ‘Making poverty into a financial problem: from global poverty lines to kiva.org’, Journal of International Development 26: 508–19 <http://dx.doi.org/10.1002/Jid.2966>.

Sievers, M. and Vandenberg, P. (2007) ‘Synergies through linkages: who benefits from linking micro-finance and business development services?’ World Development 35: 1341–58 <http://dx.doi.org/10.1016/j.worlddev.2007.04.002>.

Sullivan, S. (2013) ‘Banking nature? The spectacular financialisation of environmental conservation’, Antipode 45: 198–217 <http://dx.doi.org/10.1111/j.1467-8330.2012.00989.x>.

United Nations Development Programme (UNDP) (2006) ‘Central American Markets for Biodiversity (CAMBio): Mainstreaming biodiversity conservation and sustainable use within micro-, small, and medium-sized enterprise development and financing’, UNDP project document, New York: UNDP.

Valkila, J. (2009) ‘Fair Trade organic coffee production in Nicaragua – sustainable development or a poverty trap?’ Ecological Economics 68: 3018–25 <http://dx.doi.org/10.1016/j.ecolecon.2009.07.002>.

Van Hecken, G., & Bastiaensen, J. (2010) 'Payments for Ecosystem Services in Nicaragua: Do Market-based Approaches Work?' Development and Change 41: 421-44 <http://dx.doi.org/10.1111/j.1467-7660.2010.01644.x>

Van Hecken, G., Bastiaensen, J. and Huybrechs, F. (2015) ‘What’s in a name? Epistemic perspectives and payments for ecosystem services policies in Nicaragua’, Geoforum 63: 55–66 <http://dx.doi.org/10.1016/j.geoforum.2015.05.020>.

Vargas, E., Ramírez, L. and Vallejo, M. (2011) ‘CAMBio: tranversalización de la conservación y el uso sostenbile de la biodiversidad en el desarrollo y financiamiento de las micro, pequeñas y medianas empresas’, Evaluación de medio término, New York: UNDP.

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Bastiaensen, J., Merlet, P., Craps, M., De Herdt, T., Flores, S., Huybrechs, F., Mendoza, R., Steel, G. and Van Hecken, G. (2015) ‘Making sense of territorial pathways to rural development: a proposal for a normative and analytical framework’, IOB Discussion Paper 2015.04, Antwerp: University of Antwerp Institute of Development Policy and Management.

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Ferraro, P.J. and Simpson, R.D. (2002) ‘The cost-effectiveness of conservation payments’, Land Economics 78: 339–53 <http://dx.doi.org/10.3368/le.78.4.465>.

Flyvbjerg, B. (2006) ‘Five misunderstandings about case-study research’, Qualitative Inquiry 12: 219–45 <http://dx.doi.org/10.1177/1077800405284363>.

Forcella, D. (2012). Payments for environmental services and microfinance – Proyecto Cambio in Nicaragua, European Microfinance Programme Master thesis, Brussels: Université Libre de Bruxelles.

Forcella, D. and Huybrechs, F. (2015) ‘Green microfinance for ecosystem services – an empirical quantitative study of a project’s results, the variables influencing its outcomes and the effectiveness of the related conditional payments’ <http://dx.doi.org/10.2139/ssrn.2635228> [accessed 26 August 2015].

Forcella, D. and Lucheschi, G. (2015) ‘Microfinance and ecosystems conservation – how green microfinance interacts with socio-ecological systems – lessons from Proyecto Cambio in Nicaragua and Guatemala’ <http://dx.doi.org/10.2139/ssrn.2635421> [accessed 26 August 2015].

Global Environment Facility (GEF) (2005) ‘Central American Markets for Biodiversity (CAMBio): Mainstreaming biodiversity conservation and sustainable use within micro-, small, and medium-sized enterprise development and financing’, Project Executive Summary, Washington, DC: GEF.

Gómez, L., Ravnborg, H.M. and Castillo, E. (2011) ‘Gobernanza en el uso y acceso a los recursos naturales en la dinámica territorial del Macizo de Peñas Blancas – Nicaragua’, Documento de Trabajo No. 82, Santiago de Chile, Chile: Programa Dinámicas Territoriales Rurales RIMISP, Centro Latinoamericano para el Desarrollo Rural.

Hall, J.C., Collins, L., Israel, E. and Wenner, M.D. (2008) ‘The missing bottom line: microfinance and the environment’, <http://www.microfinancegateway.org/library/missing-bottom-line-microfinance-and-environment> [accessed 20 July 2015].

Huybrechs, F., Bastiaensen, J., Forcella, D. and Van Hecken, G. (2015) ‘Enfrentando la vía ganadera extensiva: potenciales y limitaciones de los pagos por servicios ambientales y de las microfinanzas verdes’, in J. Bastiaensen, P. Merlet and S. Flores (eds), Rutas de desarrollo en territorios humanos: las dinámicas de la Vía Láctea en Nicaragua, Managua: UCA Publicaciones.

Johnson, S. (2012) ‘From microfinance to inclusive financial markets: the challenge of social regulation’, Oxford Development Studies 41: S35–S52 <http://dx.doi.org/10.1080/13600818.2012.734799>.

Leach, M., Scoones, I. and Stirling, A. (2010) Dynamic Sustainabilities: Technology, Environment, Social Justice, London: Earthscan.

Lucheschi, G. (2014) Payment for Environmental Services and Microfinance: Proyecto Cambio in Guatemala, Master thesis, Brussels: Université Libre de Bruxelles.

Mader, P. (2014) ‘Financialisation through microfinance: civil society and market-building in India’, Asian Studies Review 38: 601–19 <http://dx.doi.org/10.1080/10357823.2014.963507>.

Maldidier, C. and Marchetti, P. (1996) El campesino-finquero y el potencial económico del campesinado nicaragüense: Tipología y regionalización agrosocioeconómica de los sistemas de producción y los sectores sociales en el agro nicaragüense, Managua: Nitlapán.

Mendoza, R. and Bastiaensen, J. (2003) ‘Fair trade and the coffee crisis in the Nicaraguan Segovias’, Small Enterprise Development 14: 36–46 <http://dx.doi.org/10.3362/0957-1329.2003.020>.

Mendoza, R., Dávila, O., Fonseca, F. and Cheaz, J. (2012) ‘Modelo de Adaptación al Cambio Climático a través de la Reconversión Productiva y transformación territorial. Proyecto CAMBio en Nicaragua’, in RIMISP (ed.), Alianzas para el empoderamiento económico. Santiago.

Mendoza, R., Fernández, E. and Kuhnekath, K. (2013) ‘Institución patrón-dependiente o indeterminación social? Genealogía crítica del sistema de habilitación en el café’ Encuentro 92: 87–102.

Muñoz Araya, M.C. and Christen, R.P. (2004) ‘Microfinance as a tool to protect biodiversity hot-spots’, Annual Global Roundtable Meeting on Finance and Sustainability, Rio de Janeiro <http://www.microfinancegateway.org/library/microfinance-tool-protect-biodiversity-hot-spots> [accessed 20 July 2015].

Murgueitio, E., Ibrahim, M., Ramirez, E., Zapata, A., Mejía, C. and Casasola, F. (2003) ‘Usos de la tierra en fincas ganaderas: Guía para el pago de servicios ambientales en el Proyecto Enfoques Silvopastorales Integrados para el Manejo de Ecosistemas’, Calí: CIPAV, CATIE, Nitlapán.

Ostrom, E. and Cox, M. (2010) ‘Moving beyond panaceas: a multi-tiered diagnostic approach for social-ecological analysis’, Environmental Conservation 37: 451–63 <http://dx.doi.org/10.1017/s0376892910000834>.

Polvorosa, J.C. (2015) ‘Ruta de desarrollo ganadero lechero: el caso de Matiguás’, in J. Bastiaensen, P. Merlet and S. Flores (eds), Rutas de desarrollo en territorios humanos: las dinámicas de la Vía Láctea en Nicaragua. Managua: UCA Publicaciones.

Proyecto CAMBio (2013) ‘Lecciones aprendidas del proyecto CAMBio’, Tegucigalpa: BCIE, PNUD, FMAM <http://www.proyectocambio.org/categoria_1394581282> [accessed 20 July 2015].

Proyecto CAMBio (2014) ‘Experiencias exitosas producto de la incidencia de la asistencia técnica otorgada por el Proyecto CAMBio’, Tegucigalpa: BCIE, PNUD, FMAM [PDF] <www.proyectocambio.org/admin/documents/224> [accessed 20 July 2015].

Ramalingam, B. (2013) Aid on the Edge of Chaos: Rethinking International Cooperation in a Complex World, Oxford: Oxford University Press.

Rocha, J.L. (2001) ‘The chronicle of coffee: history, responsibility and questions’, Envío 241 <http://www.envio.org.ni/articulo/1523> [accessed 20 July 2015].

Ropke, I. (2005) ‘Trends in the development of ecological economics from the late 1980s to the early 2000s’, Ecological Economics 55: 262–90 <http://dx.doi.org/10.1016/j.ecolecon.2004.10.010>.

Schuite, G.-J. and Pater, A. (2008) ‘The triple bottom line for microfinance’, <http://www.microfinancegateway.org/library/triple-bottom-line-microfinance> [accessed 20 July 2015].

Schwittay, A. (2014) ‘Making poverty into a financial problem: from global poverty lines to kiva.org’, Journal of International Development 26: 508–19 <http://dx.doi.org/10.1002/Jid.2966>.

Sievers, M. and Vandenberg, P. (2007) ‘Synergies through linkages: who benefits from linking micro-finance and business development services?’ World Development 35: 1341–58 <http://dx.doi.org/10.1016/j.worlddev.2007.04.002>.

Sullivan, S. (2013) ‘Banking nature? The spectacular financialisation of environmental conservation’, Antipode 45: 198–217 <http://dx.doi.org/10.1111/j.1467-8330.2012.00989.x>.

United Nations Development Programme (UNDP) (2006) ‘Central American Markets for Biodiversity (CAMBio): Mainstreaming biodiversity conservation and sustainable use within micro-, small, and medium-sized enterprise development and financing’, UNDP project document, New York: UNDP.

Valkila, J. (2009) ‘Fair Trade organic coffee production in Nicaragua – sustainable development or a poverty trap?’ Ecological Economics 68: 3018–25 <http://dx.doi.org/10.1016/j.ecolecon.2009.07.002>.

Van Hecken, G., & Bastiaensen, J. (2010) 'Payments for Ecosystem Services in Nicaragua: Do Market-based Approaches Work?' Development and Change 41: 421-44 <http://dx.doi.org/10.1111/j.1467-7660.2010.01644.x>

Van Hecken, G., Bastiaensen, J. and Huybrechs, F. (2015) ‘What’s in a name? Epistemic perspectives and payments for ecosystem services policies in Nicaragua’, Geoforum 63: 55–66 <http://dx.doi.org/10.1016/j.geoforum.2015.05.020>.

Vargas, E., Ramírez, L. and Vallejo, M. (2011) ‘CAMBio: tranversalización de la conservación y el uso sostenbile de la biodiversidad en el desarrollo y financiamiento de las micro, pequeñas y medianas empresas’, Evaluación de medio término, New York: UNDP.

Westphal, S.M. (2008) ‘Coffee agroforestry in the aftermath of modernization: diversified production and livelihood strategies in post-reform Nicaragua’, in C.M. Bacon, E.V. Mendez, S.R. Gliessman, D. Goodman and J.A. Fox (eds), Confronting the Coffee Crisis: Fair Trade, Sustainable Livelihoods and Ecosystems in Mexico and Central America, Cambridge: MIT Press.