Microfinance and Public Policy

1. Front Matter

   Pages i-xxiii

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2. Introduction

   1. Front Matter

      Pages 1-1

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   2. Efficiency and Sustainability in Microfinance

      • Bernd Balkenhol

      Pages 3-23

3. Conceptual Framework

   1. Front Matter

      Pages 25-25

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   2. Poverty versus Inequality

      • Amadou Diop, Isabelle Hillenkamp, Jean-Michel Servet

      Pages 27-46

   3. Poverty Reduction through Microfinance: A Capability Perspective

      • Flavio Comim

      Pages 47-59

   4. Achieving Poverty Outreach, Impact and Sustainability: Managing Trade-offs in Microfinance

      • Anton Simanowitz

      Pages 60-71

   5. Smart Subsidies

      • Jonathan Morduch

      Pages 72-85

4. Empirical Analysis

   1. Front Matter

      Pages 87-87

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   2. Efficiency in Microfinance Institutions: An Application of Data Envelopment Analysis to MFIs in Peru

      • Yves Flückiger, Anatoli Vassiliev

      Pages 89-110

   3. Efficiency in Financial Intermediation: Theory and Empirical Measurement

      • Thorsten Beck

      Pages 111-125

   4. Efficiency Drivers and Constraints: Empirical Findings

      • Yousra Hamed

      Pages 126-152

   5. Measuring the Performance of MFIs: An Application of Factor Analysis

      • Giovanni Ferro Luzzi, Sylvain Weber

      Pages 153-170

5. Selected Country Studies

   1. Front Matter

      Pages 171-171

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   2. Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Mali

      • Renata Serra, Fabrizio Botti, Milasoa Cherel-Robson

      Pages 173-183

   3. Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Morocco

      • Saâd Filali Meknassi

      Pages 184-190

   4. Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Eastern Europe and Central Asia

      • Justyna Pytkowska

      Pages 191-199

   5. Auctioning Subsidies: Chile’s ‘Access to Credit Program’

      • Vito Sciaraffia Merino

      Pages 200-208

6. Conclusions

   1. Front Matter

      Pages 209-209

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   2. Policy Implications

      • Bernd Balkenhol

      Pages 211-229

Microfinance institutions (MFIs) provide a public good; if MFIs create and deepen markets where none existed before, there may be a case for public support. This book is based on a study of 45 MFIs, and applies factor analysis and cluster analysis to show that MFIs form clusters in terms of social and financial performance.

• cluster
• cluster analysis
• data envelopment
• Data Envelopment Analysis
• Eastern Europe
• efficiency
• finance
• inequality
• institutions
• mediation
• microfinance
• performance
• Poverty
• public policy
• sustainability

• ILO Social Finance Programme, Switzerland

  Bernd Balkenhol

THORSTEN BECK World Bank, USA FABRIZIO BOTTI Cambridge University, UK MILASOA CHEREL-ROBSON Cambridge University, UK FLAVIO COMIM Cambridge University, UK AMADOU DIOP Institut Universitaire d'Etudes du Developpement, Switzerland YVES FLÜCKIGER University of Geneva, Switzerland YOUSRA HAMED International Labour Office, Switzerland ISABELLE HILLENKAMP Institut Universitaire d'Etudes du Developpement, Switzerland GIOVANNI FERRO LUZZI University of Geneva, Switzerland SAÂD FILALI MEKNASSI Université Mohamed V - Rabat Agdal, Morocco VITO SCIARAFFIA MERINO University of Chile, Chile JONATHAN MORDUCH New York University, USA JUSTYNA PYTKOWSKA Microfinance Centre, Poland RENATA SERRA Cambridge University, UK JEAN MICHEL SERVET Institut Universitaire d'Etudes du Developpement, Switzerland ANTON SIMANOWITZ Institute of Development Studies, Sussex, UK ANATOLI VASSILIEV University of Geneva, Switzerland SYLVAIN WEBER University of Geneva, Switzerland

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