Overview

Since the 1980s when the microfinance revolution began, much has been accomplished, but the field became more refined in the 1990s as a result of shifts in paradigms, strategies and development practices. This volume addresses the three policy objectives that now occupy those who wish to use credit as a development tool: financial sustainability of microfinance institutions, outreach to the poor and welfare impact. Inevitable trade-offs exist among these objectives, and the book advances an analytical framework that assists students of and experts in microfinance to identify the tradeoffs and synergies at the institutional level and in the policy environment. The book features a wealth of empirical data and innovative analytical studies, and critically discusses the role of public support for microfinance institutions (MFIs) in light of the social costs and benefits generated by such financial systems. The book is organized into five parts. The first discusses the demand for and access to financial services by the poor, emphasizing that demand-oriented, pro-poor financial services are crucial in reaching the poor. The second is concerned with two of the criteria used to evaluate MFIs - outreach and financial sustainability. The third features innovative econometric studies seeking to evaluate the impact of MFIs at the household level. The fourth looks at the role of both public- and private-sector institutions in developing sustainable financial systems, and the fifth summarizes implications for policy and research.

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9780801871481

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<p> The book features a wealth of empirical data and innovative analytical studies and critical discussions of the role of public support for microfinance institutions in light of the social coasts and benefits generated by such financial systems... The book provides sound information and remarkable experience from many countries about financial services for the poor. -- S. Bauer, German Journal of Agricultural Economics

Author Information

Manfred Zeller was a research fellow at IFPRI and leader of its multicountry program on rural financial policies and food security until 1999. He is now professor at the University of Gottingen, Germany, and director of its Institute of Rural Development. Richard L. Meyer is Emeritus Professor and Senior Research Specialist in the Department of Agricultural, Environmental, and Development Economics at The Ohio State University.

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