Microequity and Microfinance

This paper examines the work of the Village Enterprise Fund, an US nongovernmental organization, in East Africa as a case study in “equity” based microfinance in low-income countries. Many small businesses established in high-income countries rely on some form of equity capital to fund the startup phase and much of the growth of the business. The success of startup grants and equity financing in high-income countries suggests that this method might also be applicable in low-income countries. Using the work of the Village Enterprise Fund as an example, the paper argues that startup grants and equity finance are useful and appropriate in addition to the more common loan-based approaches.     

Borrower Targeting under Microfinance Competition with Motivated Microfinance Institutions and Strategic Complementarity

We examine how increased competition among motivated microfinance institutions (MFIs) impacts the poorest borrowers' access to microfinance. We find that competition depends on inequality, technology, and the possibility of double‐dipping (borrowing from several sources). Without competition, even a motivated MFI may lend to the not‐so‐poor in preference to poor borrowers. If double‐dipping is feasible, competition may encourage lending to the poor. The presence of double‐dipping is critical for MFI competition to have a positive effect. When double‐dipping is feasible, MFI coordination may worsen borrower targeting whenever inequality is intermediate. We discuss policy implications dealing with double‐dipping, MFI coordination, and competition.     

Microfinance with Chinese Characteristics

Analyzing household survey data from three microfinance program sites, we provide an early systematic assessment of Chinese microfinance programs, which have grown rapidly since 1994, are based on the Grameen model, and include an unprecedented large-scale government initiative. We examine the empirical propositions that underpin successful microfinance programs—reaching the poor (targeting), financial and operational performance (sustainability), and program benefits (impact). We find that nongovernmental programs perform well in all three areas, but that governmental programs perform poorly. Given the remote location and focus on agricultural projects in China's poor areas, we advocate greater flexibility in loan contract terms, especially repayment schedules.     

Microfinance in the Asia Pacific

The use of financial services as a development tool has taken a variety of forms over the past 25 years—rural credit schemes offering heavily subsidised loans to poor farmers, microfinance organisations providing working capital loans to predominately female micro-entrepreneurs, and a variety of organisations offering a range of financial services (credit, savings and insurance) to help poor households increase incomes and reduce their vulnerability to income fluctuations. Microfinance providers in Asia and Latin America have been world leaders, and the demonstration effect of their successes has helped to build substantial microfinance industries in countries such as Indonesia, Bangladesh and Bolivia. Africa has fewer well-known programs but some notable performers and growing microfinance sectors nonetheless; while regions such as the South Pacific have few if any microfinance successes. This paper highlights some key themes in the development of microfinance, with particular reference to the Asia Pacific region.     

印度小额信贷危机以及对中国的警示

小额信贷是个卖方市场。在印度,过高的利率招致大量逐利资金涌入,而急速增长和过于集中的小额信贷机构形成恶性竞争并最终酿成危机。中国小额信贷健康发展的策略是:建立社会绩效考核体系,防止目标偏离;实行利率管制,防止对贫困群体雪上加霜;杜绝滥用小额信贷概念,防止盲目冒进;加强对商业性资金进入的监管,防止系统风险发生。     

标准小额信贷：理论、问题与对策

标准小额信贷及其成功经验已被世界各国普遍接受。作为一种有效的扶贫模式，它能在一定程度上解决逆向选择问题、降低道德风险、防范违约风险并实现贷款的可持续发展。然而，标准小额信贷在实践中，还存在着最穷的人贷不到款、联保小组制度不合理、失信问题严童、贷款效率低下、配套服务不到位等问题。因此，如何保证信誉好、最穷的人贷到款，如何设计合理的联保小组制度，如何营造良好的信用环境，如何提高贷款效率及如何健全服务体系，实现小额信贷的可持续发展就成了解决问题的关键。     

信息不对称与巴基斯坦微型金融的发展

文章指出，信息不对称问题会严重阻碍微型金融的发展。信息越是对称，交易将越方便，市场将越发达，解决好因信息不对称导致的市场摩擦对微型金融的发展至关重要。文章重点分析因信息不对称对微型金融产生的影响，提出了完善法律机制和信息披露机制、扶持交易商发展、完善保险制度和减少政府干预等促进巴基斯坦微型金融发展的建议。     

小额金融机构审慎监管的国际最新发展

小额信贷在中国的可持续发展亟待建立适合其自身特点的审慎监管体系。本文对全球主要发展中国家小额金融机构(MFI)风险控制核心部分规定的最新发展进行了考察,包括最低资本与资本充足率要求,贷款分类、损失准备计提与坏账冲销,存款准备金与流动性要求,风险集中、内部人借贷与所有权集中,以及纠偏和处罚。国际经验表明,对于接受审慎监管的MFI,应该采用与传统银行严厉程度不同的监管工具;对于接受非审慎监管的MFI,应该发布某些稳健性规则以引导其建立良好的内控机制。在此基础上,本文进一步提出了中国适度选择小额金融机构审慎监管工具的建议。     

微型金融机构目标偏移研究

通过数学模型分析发现客户风险鉴别能力是影响微型金融机构是否会发生目标偏移的一个重要因素。文章以贫困覆盖广度指标、贫困覆盖深度指标和贫困覆盖质量指标来对两种不同类型的公司进行实例分析。结果表明,客户风险鉴别能力高低是导致两家公司目标偏移程度巨大差别的重要原因;最后,提出一些缓解目标偏移的对策。     

柬埔寨小额信贷发展探究

柬埔寨小额信贷起步于上世纪90年代,历经20年,已经实现了产业的可持续发展。经济学人信息部(EIU)发布《小额信贷业务综合商业环境报告》对54个发展中国家展开调查,柬埔寨小额信贷业务商业环境排名第16位,在东南亚地区位居次席。     

农村小额信贷可持续发展国际经验分析

文章以全新的视角,从国外可持续发展的农村小额信贷的典型模式,泰国农业和农村合作社银行、印尼人民银行农村信贷部和孟加拉乡村银行等三家银行经营业绩分析与农村小额信贷可持续发展国际经验分析三个方面,为农村小额信贷的实践和发展提供了思路。     

An Impact Analysis of Microfinance in Bosnia and Herzegovina

This paper applies the financing constraints approach to study whether microfinance institutions improved access to credit for microenterprises in Bosnia and Herzegovina. According to this approach, microenterprises with improved access to credit rely less on internal funds for their investments. Thus, we compare investment sensitivity to internal funds of microenterprises in municipalities with significant presence of MFIs to that of microenterprises in municipalities with no (or limited) presence of MFIs using Living Standards Measurement Survey and MFI branch location data. Results indicate that MFIs alleviated microbusinesses’ financing constraints. This approach is applicable to evaluating microfinance impact in other countries.