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The Microfinance Promise

文献名称	The Microfinance Promise
文献作者	Jonathan Morduch
作者所在单位	New York University
文献分类	已发表文献
学科一级分类	经济
学科二级分类	发展经济学
文献摘要	In the past decade, microfinance programs have demonstrated that it is possible to lend to low-income households while maintaining high repayment rates--even without requiring collateral. The programs promise a revolution in approaches to alleviating poverty and spreading financial services, and millions of poor households are served globally. A growing body of economic theory demonstrates how new contractual forms offer a key to microfinance success--particularly the use of group-lending contracts with joint liability. For the most part, however, high repayment rates have not translated into profits, and studies of impacts on poverty yield a mixed picture. In describing emerging tensions, the paper highlights the diversity of innovative mechanisms beyond group-lending contracts, the measurement of financial sustainability, the estimation of economic and social impacts, the costs and benefits of subsidization, and the potential to reduce poverty through savings programs rather than just credit. The promise of microfinance has pushed far ahead of the evidence, and an agenda is put forward for addressing critical empirical gaps and sharpening the terms of policy discussion.
参考文献
关键字	low-income households，alleviating poverty，Microfinance
发表所在刊物（或来源）	Journal of Economic Literature, Vol. 37, No. 4. (1999), pp. 1569-1614.
发表时间	1999
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