In this paper, we survey the various episodes of political interference in microfinance. The paper highlights the common sequences of such intervention and its aftermath as well as the reasoning behind the interferences. We discuss the steps microfinance institutions (MFIs) need to take to reduce political risks. We find that the causes of political interferences vary from country to country. However, in most of the cases rapid commercialization that entailed profiteering instead of profit maximization resulted in a political backlash causing enormous damage to microfinance.

AKMi (2010) Competition & the Role of External Agents: The 2009 Delinquency Crisis in Southern Karnataka, Gurgaon, India: EDA Rural Systems Pvt Ltd.

Akula, V. (2012) A Fistful of Rice: My Unexpected Quest to End Poverty Through Profitability, Boston, MA: Harvard Business Review Press.

Bond, P. and Rai, A. (2008) ‘Borrowers runs’, Journal of Development Economics 88(2): 185–91 <http://dx.doi.org/10.1016/j.jdeveco.2008.06.005>.

Burki, H.B. (2009) Unraveling the Delinquency Problem (2008/2009) in Punjab, MicroNOTE No. 10, Islamabad, Pakistan: Pakistan Microfinance Network.

Center for Financial Inclusion (2010) ‘Ley Moratoria (Moratorium Law) passes in Nicaragua’ [blog], Washington, DC: Center for Financial Inclusion <http://cfi-blog.org/2010/03/23/ley-moratoria-moratorium-law-passes-in-nicaragua/> [accessed 7 October 2015].

Center for Financial Inclusion (2011) ‘Nicaragua’s microfinance crisis: a coverage round-up’ [blog], Washington, DC: Center for Financial Inclusion <http://cfi-blog.org/2011/11/04/nicaragua-microfinance-crisis-coverage-round-up/> [accessed 5 October 2015].

Center for the Study of Financial Innovation (CSFI) (2011) Microfinance Banana Skins 2011: Losing its Fairy Dust, New York: CSFI.

Chakraborty, S. (2012) ‘SWAWS second microfinance firm to go into CDR in ’12’, Business Standard [online], 29 April 2012 <www.business-standard.com/india/news/swaws-second-microfinance-firm-to-go-into-cdr-in-12/472882/> [accessed 5 October 2015].

Chakraborty, S. (2014) ‘SKS Microfinance regains investor confidence’, Business Standard [online], 15 January 2014 <www.business-standard.com/article/finance/sks-microfinance-regains-investor-confidence-114011400780_1.html> [accessed 5 October 2015].

Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, CGAP Focus Note, No. 61, Washington, DC: CGAP.

Cole, S. and Kempner, A. (2011a) ‘Banex and the ‘No Pago’ Movement (A).’ Harvard Business School Finance Case no. 211-092, Boston, MA: Harvard Business School.

Cole, S and Kempner, B. (2011b). ‘Banex and the “No Pago” movement (A)’, Harvard Business School Finance Case no. 211-102, Boston, MA: Harvard Business School.

Cull, R., Demirguc-Kunt, A. and Morduch, J. (2009) ‘Microfinance meets the market’, Journal of Economic Perspectives 23(1): 167–92 <http://dx.doi.org/10.1257/jep.23.1.167>.

Fiedler, F., Pastor, F., Durstewitz, P. and Wiedmaier-Pfister, M. (2002) Bolivian Microfinance in Times of Crisis, Technical Bulletin No.2, La Paz, Bolivia: Financial System Development Project (DSF).

Gonzalez, A. (2011) ‘Sacrificing microcredit for unrealistic goals’, MicroBanking Bulletin [online], January, Washington, DC: MIX <www.themix.org/publications/microbanking-bulletin/2011/01/sacrificing-microcredit-unrealistic-goals> [accessed 5 October 2015].

Government of Andhra Pradesh (2010) Andhra Pradesh Micro Finance Institutions (regulation of money lending) Ordinance, 2010.

Johnson, D. and Meka, S. (2010) Access to Finance in Andhra Pradesh, Chennai, India: Centre for Micro Finance, Institute for Financial Management and Research (IFMR).

Kinetz, E. (2012) ‘AP IMPACT: Indian lender SKS’ own probe links it to borrower suicides, despite company denials’, Washington Post, 24 February 2012.

Legatum Ventures (2012) Indian Microfinance: Looking Beyond the AP Act and its Devastating Impact on the Poor, Dubai, UAE: Legatum Ventures.

Mader, P. (2010) ‘A full-blown microfinance crisis brewing in Andhra Pradesh?’ [blog] Governance Across Borders <http://governancexborders.com/2010/10/19/a-full-blown-microfinance-crisis-brewing-in-andhra-pradesh/> [accessed 5 October 2015].

Magnoni, B. (2010) ‘Bubble bubble Banex trouble’ [guest blog post], New York: Financial Access Initiative <www.financialaccess.org/blog/2015/7/16/bubble-bubble-banex-trouble?rq=bubble%20bubble%20> [accessed 5 October 2015].

Magnoni, B. (2011) ‘Field notes: mission IS-possible: lessons after a shake-out in Nicaragua’, Microcapital Monitor 6(2), February 2011.

Mahalakshmi, B.V. (2012) ‘Sidbi, Andhra Pradesh in talks for MoU to reschedule loans by MFIs’, Financial Express [online], 20 January 2012 <www.financialexpress.com/news/sidbi-andhra-pradesh-in-talks-for-mou-to-reschedule-loans-by-mfis/901815/0#> [accessed 5 October 2015].

Marulanda, B., Fajury, L., Paredes, M., and Gomez, F. (2010) Failures in Microfinance: Lessons Learned, San Jose, Costa Rica: Calmeadow.

Micro-Credit Ratings International Ltd (M-CRIL) (2011) M-CRIL Microfinance Review 2011. Anatomy of a Crisis: Executive Summary, Gurgaon, India: M-CRIL.

Pachio, E. (2009) ‘“No Pago” confronts microfinance in Nicaragua’ [blog] New York: NACLA <https://nacla.org/node/6180> [accessed 5 October 2015].

Reed, L. (2013) Vulnerability: The State of the Microcredit Summit Campaign Report, 2013, Washington, DC: Microcredit Summit Campaign.

Rhyne, E. (2001) Mainstreaming Microfinance: How Lending to the Poor Began, Grew, and Came of Age in Bolivia, Bloomfield, CT: Kumarian Press.

Rhyne, E. (2010) ‘Microfinance among the populists’ [blog], Huffington Post, 11 June 2010 <www.huffingtonpost.com/elisabeth-rhyne/microfinance-among-the-po_b_609167.html> [accessed 5 October 2015].

Rhyne, E. (2011) ‘Microfinance: a world-class performance’, ReVista: Harvard Review of Latin America, Fall 2011: 42–4.

Samarapally, A. and Gaul, S. (2011) ‘Reviewing the Reserve Bank of India’s microfinance framework’ [online], Washington, DC: MIX <www.themix.org/publications/mix-microfinance-world/2011/05/reviewing-reserve-bank-indias-microfinance-framework> [accessed 5 October 2015].

Shyamsukha, R. (2011) ‘India: post microfinance crisis results’, Washington, DC: MIX <www.themix.org/publications/mix-microfinance-world/2011/11/india-microfinance-post-crisis-results> [accessed 5 October 2015].

Sinha, S. (2011) ‘Initial public offerings: the field’s salvation or downfall?’ Commissioned workshop paper for the 2011 Global Microcredit Summit, 14–17 November 2011, Valladolid, Spain [pdf] <www.globalmicrocreditsummit2011.org/userfiles/file/Workshop%20Papers/S_%20Sinha%20-%20Initial%20Public%20Offerings.pdf> [accessed 7 October 2015].

Srinivasan, N. (2009) Microfinance India State of the Sector Report 2009, New Delhi: Sage Publications India.

Unnikrishnan, D. (2012) ‘Bank convert 500 crore of Basix’s debt into equity’ [online], Live Mint, 27 September 2012 <www.livemint.com/Industry/Pm23pt7SUmoXks1sOGKotN/Banks-convert-500-crore-of-Basixs-debt-into-equity.html> [accessed 5 October 2015].

White, G. (1994) ‘Civil society, democratisation and development (I): clearing the analytical ground’, Democratisation 1(2): 375–90.

Working Capital for Community Needs (WCCN) (2011) ‘A new beginning for microfinance in Nicaragua’, WCCN’s Newsletter 27 (2), Summer 2011.

Yunus, M. (2011) ‘Sacrificing microcredit for megaprofits’, New York Times, 14 January 2011.

Zafar, R. (2012) The Conundrum of Microfinance Growth in Pakistan, Kashf Foundation Discussion Paper, April 2012, Lahore, Pakistan: Kashf Foundation.

AKMi (2010) Competition & the Role of External Agents: The 2009 Delinquency Crisis in Southern Karnataka, Gurgaon, India: EDA Rural Systems Pvt Ltd.

Akula, V. (2012) A Fistful of Rice: My Unexpected Quest to End Poverty Through Profitability, Boston, MA: Harvard Business Review Press.

Bond, P. and Rai, A. (2008) ‘Borrowers runs’, Journal of Development Economics 88(2): 185–91 <http://dx.doi.org/10.1016/j.jdeveco.2008.06.005>.

Burki, H.B. (2009) Unraveling the Delinquency Problem (2008/2009) in Punjab, MicroNOTE No. 10, Islamabad, Pakistan: Pakistan Microfinance Network.

Center for Financial Inclusion (2010) ‘Ley Moratoria (Moratorium Law) passes in Nicaragua’ [blog], Washington, DC: Center for Financial Inclusion <http://cfi-blog.org/2010/03/23/ley-moratoria-moratorium-law-passes-in-nicaragua/> [accessed 7 October 2015].

Center for Financial Inclusion (2011) ‘Nicaragua’s microfinance crisis: a coverage round-up’ [blog], Washington, DC: Center for Financial Inclusion <http://cfi-blog.org/2011/11/04/nicaragua-microfinance-crisis-coverage-round-up/> [accessed 5 October 2015].

Center for the Study of Financial Innovation (CSFI) (2011) Microfinance Banana Skins 2011: Losing its Fairy Dust, New York: CSFI.

Chakraborty, S. (2012) ‘SWAWS second microfinance firm to go into CDR in ’12’, Business Standard [online], 29 April 2012 <www.business-standard.com/india/news/swaws-second-microfinance-firm-to-go-into-cdr-in-12/472882/> [accessed 5 October 2015].

Chakraborty, S. (2014) ‘SKS Microfinance regains investor confidence’, Business Standard [online], 15 January 2014 <www.business-standard.com/article/finance/sks-microfinance-regains-investor-confidence-114011400780_1.html> [accessed 5 October 2015].

Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, CGAP Focus Note, No. 61, Washington, DC: CGAP.

Cole, S. and Kempner, A. (2011a) ‘Banex and the ‘No Pago’ Movement (A).’ Harvard Business School Finance Case no. 211-092, Boston, MA: Harvard Business School.

Cole, S and Kempner, B. (2011b). ‘Banex and the “No Pago” movement (A)’, Harvard Business School Finance Case no. 211-102, Boston, MA: Harvard Business School.

Cull, R., Demirguc-Kunt, A. and Morduch, J. (2009) ‘Microfinance meets the market’, Journal of Economic Perspectives 23(1): 167–92 <http://dx.doi.org/10.1257/jep.23.1.167>.

Fiedler, F., Pastor, F., Durstewitz, P. and Wiedmaier-Pfister, M. (2002) Bolivian Microfinance in Times of Crisis, Technical Bulletin No.2, La Paz, Bolivia: Financial System Development Project (DSF).

Gonzalez, A. (2011) ‘Sacrificing microcredit for unrealistic goals’, MicroBanking Bulletin [online], January, Washington, DC: MIX <www.themix.org/publications/microbanking-bulletin/2011/01/sacrificing-microcredit-unrealistic-goals> [accessed 5 October 2015].

Government of Andhra Pradesh (2010) Andhra Pradesh Micro Finance Institutions (regulation of money lending) Ordinance, 2010.

Johnson, D. and Meka, S. (2010) Access to Finance in Andhra Pradesh, Chennai, India: Centre for Micro Finance, Institute for Financial Management and Research (IFMR).

Kinetz, E. (2012) ‘AP IMPACT: Indian lender SKS’ own probe links it to borrower suicides, despite company denials’, Washington Post, 24 February 2012.

Legatum Ventures (2012) Indian Microfinance: Looking Beyond the AP Act and its Devastating Impact on the Poor, Dubai, UAE: Legatum Ventures.

Mader, P. (2010) ‘A full-blown microfinance crisis brewing in Andhra Pradesh?’ [blog] Governance Across Borders <http://governancexborders.com/2010/10/19/a-full-blown-microfinance-crisis-brewing-in-andhra-pradesh/> [accessed 5 October 2015].

Magnoni, B. (2010) ‘Bubble bubble Banex trouble’ [guest blog post], New York: Financial Access Initiative <www.financialaccess.org/blog/2015/7/16/bubble-bubble-banex-trouble?rq=bubble%20bubble%20> [accessed 5 October 2015].

Magnoni, B. (2011) ‘Field notes: mission IS-possible: lessons after a shake-out in Nicaragua’, Microcapital Monitor 6(2), February 2011.

Mahalakshmi, B.V. (2012) ‘Sidbi, Andhra Pradesh in talks for MoU to reschedule loans by MFIs’, Financial Express [online], 20 January 2012 <www.financialexpress.com/news/sidbi-andhra-pradesh-in-talks-for-mou-to-reschedule-loans-by-mfis/901815/0#> [accessed 5 October 2015].

Marulanda, B., Fajury, L., Paredes, M., and Gomez, F. (2010) Failures in Microfinance: Lessons Learned, San Jose, Costa Rica: Calmeadow.

Micro-Credit Ratings International Ltd (M-CRIL) (2011) M-CRIL Microfinance Review 2011. Anatomy of a Crisis: Executive Summary, Gurgaon, India: M-CRIL.

Pachio, E. (2009) ‘“No Pago” confronts microfinance in Nicaragua’ [blog] New York: NACLA <https://nacla.org/node/6180> [accessed 5 October 2015].

Reed, L. (2013) Vulnerability: The State of the Microcredit Summit Campaign Report, 2013, Washington, DC: Microcredit Summit Campaign.

Rhyne, E. (2001) Mainstreaming Microfinance: How Lending to the Poor Began, Grew, and Came of Age in Bolivia, Bloomfield, CT: Kumarian Press.

Rhyne, E. (2010) ‘Microfinance among the populists’ [blog], Huffington Post, 11 June 2010 <www.huffingtonpost.com/elisabeth-rhyne/microfinance-among-the-po_b_609167.html> [accessed 5 October 2015].

Rhyne, E. (2011) ‘Microfinance: a world-class performance’, ReVista: Harvard Review of Latin America, Fall 2011: 42–4.

Samarapally, A. and Gaul, S. (2011) ‘Reviewing the Reserve Bank of India’s microfinance framework’ [online], Washington, DC: MIX <www.themix.org/publications/mix-microfinance-world/2011/05/reviewing-reserve-bank-indias-microfinance-framework> [accessed 5 October 2015].

Shyamsukha, R. (2011) ‘India: post microfinance crisis results’, Washington, DC: MIX <www.themix.org/publications/mix-microfinance-world/2011/11/india-microfinance-post-crisis-results> [accessed 5 October 2015].

Sinha, S. (2011) ‘Initial public offerings: the field’s salvation or downfall?’ Commissioned workshop paper for the 2011 Global Microcredit Summit, 14–17 November 2011, Valladolid, Spain [pdf] <www.globalmicrocreditsummit2011.org/userfiles/file/Workshop%20Papers/S_%20Sinha%20-%20Initial%20Public%20Offerings.pdf> [accessed 7 October 2015].

Srinivasan, N. (2009) Microfinance India State of the Sector Report 2009, New Delhi: Sage Publications India.

Unnikrishnan, D. (2012) ‘Bank convert 500 crore of Basix’s debt into equity’ [online], Live Mint, 27 September 2012 <www.livemint.com/Industry/Pm23pt7SUmoXks1sOGKotN/Banks-convert-500-crore-of-Basixs-debt-into-equity.html> [accessed 5 October 2015].

White, G. (1994) ‘Civil society, democratisation and development (I): clearing the analytical ground’, Democratisation 1(2): 375–90.

Working Capital for Community Needs (WCCN) (2011) ‘A new beginning for microfinance in Nicaragua’, WCCN’s Newsletter 27 (2), Summer 2011.

Yunus, M. (2011) ‘Sacrificing microcredit for megaprofits’, New York Times, 14 January 2011.

Zafar, R. (2012) The Conundrum of Microfinance Growth in Pakistan, Kashf Foundation Discussion Paper, April 2012, Lahore, Pakistan: Kashf Foundation.

AKMi (2010) Competition & the Role of External Agents: The 2009 Delinquency Crisis in Southern Karnataka, Gurgaon, India: EDA Rural Systems Pvt Ltd.

Akula, V. (2012) A Fistful of Rice: My Unexpected Quest to End Poverty Through Profitability, Boston, MA: Harvard Business Review Press.

Bond, P. and Rai, A. (2008) ‘Borrowers runs’, Journal of Development Economics 88(2): 185–91 <http://dx.doi.org/10.1016/j.jdeveco.2008.06.005>.

Burki, H.B. (2009) Unraveling the Delinquency Problem (2008/2009) in Punjab, MicroNOTE No. 10, Islamabad, Pakistan: Pakistan Microfinance Network.

Center for Financial Inclusion (2010) ‘Ley Moratoria (Moratorium Law) passes in Nicaragua’ [blog], Washington, DC: Center for Financial Inclusion <http://cfi-blog.org/2010/03/23/ley-moratoria-moratorium-law-passes-in-nicaragua/> [accessed 7 October 2015].

Center for Financial Inclusion (2011) ‘Nicaragua’s microfinance crisis: a coverage round-up’ [blog], Washington, DC: Center for Financial Inclusion <http://cfi-blog.org/2011/11/04/nicaragua-microfinance-crisis-coverage-round-up/> [accessed 5 October 2015].

Center for the Study of Financial Innovation (CSFI) (2011) Microfinance Banana Skins 2011: Losing its Fairy Dust, New York: CSFI.

Chakraborty, S. (2012) ‘SWAWS second microfinance firm to go into CDR in ’12’, Business Standard [online], 29 April 2012 <www.business-standard.com/india/news/swaws-second-microfinance-firm-to-go-into-cdr-in-12/472882/> [accessed 5 October 2015].

Chakraborty, S. (2014) ‘SKS Microfinance regains investor confidence’, Business Standard [online], 15 January 2014 <www.business-standard.com/article/finance/sks-microfinance-regains-investor-confidence-114011400780_1.html> [accessed 5 October 2015].

Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, CGAP Focus Note, No. 61, Washington, DC: CGAP.

Cole, S. and Kempner, A. (2011a) ‘Banex and the ‘No Pago’ Movement (A).’ Harvard Business School Finance Case no. 211-092, Boston, MA: Harvard Business School.

Cole, S and Kempner, B. (2011b). ‘Banex and the “No Pago” movement (A)’, Harvard Business School Finance Case no. 211-102, Boston, MA: Harvard Business School.

Cull, R., Demirguc-Kunt, A. and Morduch, J. (2009) ‘Microfinance meets the market’, Journal of Economic Perspectives 23(1): 167–92 <http://dx.doi.org/10.1257/jep.23.1.167>.

Fiedler, F., Pastor, F., Durstewitz, P. and Wiedmaier-Pfister, M. (2002) Bolivian Microfinance in Times of Crisis, Technical Bulletin No.2, La Paz, Bolivia: Financial System Development Project (DSF).

Gonzalez, A. (2011) ‘Sacrificing microcredit for unrealistic goals’, MicroBanking Bulletin [online], January, Washington, DC: MIX <www.themix.org/publications/microbanking-bulletin/2011/01/sacrificing-microcredit-unrealistic-goals> [accessed 5 October 2015].

Government of Andhra Pradesh (2010) Andhra Pradesh Micro Finance Institutions (regulation of money lending) Ordinance, 2010.

Johnson, D. and Meka, S. (2010) Access to Finance in Andhra Pradesh, Chennai, India: Centre for Micro Finance, Institute for Financial Management and Research (IFMR).

Kinetz, E. (2012) ‘AP IMPACT: Indian lender SKS’ own probe links it to borrower suicides, despite company denials’, Washington Post, 24 February 2012.

Legatum Ventures (2012) Indian Microfinance: Looking Beyond the AP Act and its Devastating Impact on the Poor, Dubai, UAE: Legatum Ventures.

Mader, P. (2010) ‘A full-blown microfinance crisis brewing in Andhra Pradesh?’ [blog] Governance Across Borders <http://governancexborders.com/2010/10/19/a-full-blown-microfinance-crisis-brewing-in-andhra-pradesh/> [accessed 5 October 2015].

Magnoni, B. (2010) ‘Bubble bubble Banex trouble’ [guest blog post], New York: Financial Access Initiative <www.financialaccess.org/blog/2015/7/16/bubble-bubble-banex-trouble?rq=bubble%20bubble%20> [accessed 5 October 2015].

Magnoni, B. (2011) ‘Field notes: mission IS-possible: lessons after a shake-out in Nicaragua’, Microcapital Monitor 6(2), February 2011.

Mahalakshmi, B.V. (2012) ‘Sidbi, Andhra Pradesh in talks for MoU to reschedule loans by MFIs’, Financial Express [online], 20 January 2012 <www.financialexpress.com/news/sidbi-andhra-pradesh-in-talks-for-mou-to-reschedule-loans-by-mfis/901815/0#> [accessed 5 October 2015].

Marulanda, B., Fajury, L., Paredes, M., and Gomez, F. (2010) Failures in Microfinance: Lessons Learned, San Jose, Costa Rica: Calmeadow.

Micro-Credit Ratings International Ltd (M-CRIL) (2011) M-CRIL Microfinance Review 2011. Anatomy of a Crisis: Executive Summary, Gurgaon, India: M-CRIL.

Pachio, E. (2009) ‘“No Pago” confronts microfinance in Nicaragua’ [blog] New York: NACLA <https://nacla.org/node/6180> [accessed 5 October 2015].

Reed, L. (2013) Vulnerability: The State of the Microcredit Summit Campaign Report, 2013, Washington, DC: Microcredit Summit Campaign.

Rhyne, E. (2001) Mainstreaming Microfinance: How Lending to the Poor Began, Grew, and Came of Age in Bolivia, Bloomfield, CT: Kumarian Press.

Rhyne, E. (2010) ‘Microfinance among the populists’ [blog], Huffington Post, 11 June 2010 <www.huffingtonpost.com/elisabeth-rhyne/microfinance-among-the-po_b_609167.html> [accessed 5 October 2015].

Rhyne, E. (2011) ‘Microfinance: a world-class performance’, ReVista: Harvard Review of Latin America, Fall 2011: 42–4.

Samarapally, A. and Gaul, S. (2011) ‘Reviewing the Reserve Bank of India’s microfinance framework’ [online], Washington, DC: MIX <www.themix.org/publications/mix-microfinance-world/2011/05/reviewing-reserve-bank-indias-microfinance-framework> [accessed 5 October 2015].

Shyamsukha, R. (2011) ‘India: post microfinance crisis results’, Washington, DC: MIX <www.themix.org/publications/mix-microfinance-world/2011/11/india-microfinance-post-crisis-results> [accessed 5 October 2015].

Sinha, S. (2011) ‘Initial public offerings: the field’s salvation or downfall?’ Commissioned workshop paper for the 2011 Global Microcredit Summit, 14–17 November 2011, Valladolid, Spain [pdf] <www.globalmicrocreditsummit2011.org/userfiles/file/Workshop%20Papers/S_%20Sinha%20-%20Initial%20Public%20Offerings.pdf> [accessed 7 October 2015].

Srinivasan, N. (2009) Microfinance India State of the Sector Report 2009, New Delhi: Sage Publications India.

Unnikrishnan, D. (2012) ‘Bank convert 500 crore of Basix’s debt into equity’ [online], Live Mint, 27 September 2012 <www.livemint.com/Industry/Pm23pt7SUmoXks1sOGKotN/Banks-convert-500-crore-of-Basixs-debt-into-equity.html> [accessed 5 October 2015].

White, G. (1994) ‘Civil society, democratisation and development (I): clearing the analytical ground’, Democratisation 1(2): 375–90.

Working Capital for Community Needs (WCCN) (2011) ‘A new beginning for microfinance in Nicaragua’, WCCN’s Newsletter 27 (2), Summer 2011.

Yunus, M. (2011) ‘Sacrificing microcredit for megaprofits’, New York Times, 14 January 2011.

Zafar, R. (2012) The Conundrum of Microfinance Growth in Pakistan, Kashf Foundation Discussion Paper, April 2012, Lahore, Pakistan: Kashf Foundation.

AKMi (2010) Competition & the Role of External Agents: The 2009 Delinquency Crisis in Southern Karnataka, Gurgaon, India: EDA Rural Systems Pvt Ltd.

Akula, V. (2012) A Fistful of Rice: My Unexpected Quest to End Poverty Through Profitability, Boston, MA: Harvard Business Review Press.

Bond, P. and Rai, A. (2008) ‘Borrowers runs’, Journal of Development Economics 88(2): 185–91 <http://dx.doi.org/10.1016/j.jdeveco.2008.06.005>.

Burki, H.B. (2009) Unraveling the Delinquency Problem (2008/2009) in Punjab, MicroNOTE No. 10, Islamabad, Pakistan: Pakistan Microfinance Network.

Center for Financial Inclusion (2010) ‘Ley Moratoria (Moratorium Law) passes in Nicaragua’ [blog], Washington, DC: Center for Financial Inclusion <http://cfi-blog.org/2010/03/23/ley-moratoria-moratorium-law-passes-in-nicaragua/> [accessed 7 October 2015].

Center for Financial Inclusion (2011) ‘Nicaragua’s microfinance crisis: a coverage round-up’ [blog], Washington, DC: Center for Financial Inclusion <http://cfi-blog.org/2011/11/04/nicaragua-microfinance-crisis-coverage-round-up/> [accessed 5 October 2015].

Center for the Study of Financial Innovation (CSFI) (2011) Microfinance Banana Skins 2011: Losing its Fairy Dust, New York: CSFI.

Chakraborty, S. (2012) ‘SWAWS second microfinance firm to go into CDR in ’12’, Business Standard [online], 29 April 2012 <www.business-standard.com/india/news/swaws-second-microfinance-firm-to-go-into-cdr-in-12/472882/> [accessed 5 October 2015].

Chakraborty, S. (2014) ‘SKS Microfinance regains investor confidence’, Business Standard [online], 15 January 2014 <www.business-standard.com/article/finance/sks-microfinance-regains-investor-confidence-114011400780_1.html> [accessed 5 October 2015].

Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, CGAP Focus Note, No. 61, Washington, DC: CGAP.

Cole, S. and Kempner, A. (2011a) ‘Banex and the ‘No Pago’ Movement (A).’ Harvard Business School Finance Case no. 211-092, Boston, MA: Harvard Business School.

Cole, S and Kempner, B. (2011b). ‘Banex and the “No Pago” movement (A)’, Harvard Business School Finance Case no. 211-102, Boston, MA: Harvard Business School.

Cull, R., Demirguc-Kunt, A. and Morduch, J. (2009) ‘Microfinance meets the market’, Journal of Economic Perspectives 23(1): 167–92 <http://dx.doi.org/10.1257/jep.23.1.167>.

Fiedler, F., Pastor, F., Durstewitz, P. and Wiedmaier-Pfister, M. (2002) Bolivian Microfinance in Times of Crisis, Technical Bulletin No.2, La Paz, Bolivia: Financial System Development Project (DSF).

Gonzalez, A. (2011) ‘Sacrificing microcredit for unrealistic goals’, MicroBanking Bulletin [online], January, Washington, DC: MIX <www.themix.org/publications/microbanking-bulletin/2011/01/sacrificing-microcredit-unrealistic-goals> [accessed 5 October 2015].

Government of Andhra Pradesh (2010) Andhra Pradesh Micro Finance Institutions (regulation of money lending) Ordinance, 2010.

Johnson, D. and Meka, S. (2010) Access to Finance in Andhra Pradesh, Chennai, India: Centre for Micro Finance, Institute for Financial Management and Research (IFMR).

Kinetz, E. (2012) ‘AP IMPACT: Indian lender SKS’ own probe links it to borrower suicides, despite company denials’, Washington Post, 24 February 2012.

Legatum Ventures (2012) Indian Microfinance: Looking Beyond the AP Act and its Devastating Impact on the Poor, Dubai, UAE: Legatum Ventures.

Mader, P. (2010) ‘A full-blown microfinance crisis brewing in Andhra Pradesh?’ [blog] Governance Across Borders <http://governancexborders.com/2010/10/19/a-full-blown-microfinance-crisis-brewing-in-andhra-pradesh/> [accessed 5 October 2015].

Magnoni, B. (2010) ‘Bubble bubble Banex trouble’ [guest blog post], New York: Financial Access Initiative <www.financialaccess.org/blog/2015/7/16/bubble-bubble-banex-trouble?rq=bubble%20bubble%20> [accessed 5 October 2015].

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