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Microfinance tradeoffs : regulation, competition, and financing, Volume 1
 
Author:Cull, Robert; Demirguc-Kunt, Asli; Morduch, Jonathan; Country:World;
Date Stored:2009/10/21Document Date:2009/10/01
Document Type:Policy Research Working PaperSubTopics:Access to Finance; Rural Finance; Emerging Markets; Debt Markets; Banks & Banking Reform
Language:EnglishMajor Sector:Finance
Rel. Proj ID:1W-Program Research Proposal In Finance -- -- P107616;Region:The World Region
Report Number:WPS5086Sub Sectors:General finance sector
Collection Title:Policy Research working paper ; no. WPS 5086Volume No:1

Summary: This paper describes important trade-offs that microfinance practitioners, donors, and regulators navigate. Drawing evidence from large, global surveys of microfinance institutions, the authors find a basic tension between meeting social goals and maximizing financial performance. For example, non-profit microfinance institutions make far smaller loans on average and serve more women as a fraction of customers than do commercialized microfinance banks, but their costs per dollar lent are also much higher. Potential trade-offs therefore arise when selecting contracting mechanisms, level of commercialization, rigor of regulation, and the extent of competition. Meaningful interventions in microfinance will require making deliberate choices - and thus embracing and weighing tradeoffs carefully.

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