Can We Improve the Impact of Microfinance?

R. Lensink, E. Bulte
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Abstract

By surveying the latest literature, this chapter aims to contribute to the recent discussion on the successes and failures of microfinance. We argue that the question “does microfinance work?” is neither important nor informative. What matters is knowing when, and in which conditions, microfinance works—and for whom. We claim that the answers to these questions depend on the details of the microcredit contract as well as on the range of services that microfinance institutions provide (including non-financial ones). We point at two important reasons why the impact of several microcredit programs is lower than expected: (1) the rigidness of credit contracts, and (2) the human capital of end-users. As reforming contract terms and building human capital via business training and technical assistance are costly, we argue that perhaps subsidies are needed. We focus on studies dealing with end-users, and pay specific attention to the evolving discussion on group lending and the role of joint liability to reduce asymmetric information problems and improve repayment rates. We also discuss the literature focusing on the recent shift of several microfinance institutions to individual lending, and the related trend toward commercialization of microfinance.
我们能改善小额信贷的影响吗?
通过调查最新的文献,本章旨在为最近关于小额信贷的成功和失败的讨论做出贡献。我们认为“小额信贷有效吗?”既不重要,也没有信息。重要的是知道什么时候,在什么条件下,小额信贷能起作用,以及为谁起作用。我们认为,这些问题的答案取决于小额信贷合同的细节以及小额信贷机构提供的服务范围(包括非金融服务)。我们指出了几个小额信贷项目的影响低于预期的两个重要原因:(1)信贷合同的刚性,(2)最终用户的人力资本。由于改革合同条款和通过商业培训和技术援助建立人力资本的成本高昂,我们认为或许需要补贴。我们将重点关注与终端用户有关的研究,并特别关注关于群体借贷和共同责任在减少信息不对称问题和提高还款率方面的作用的不断发展的讨论。我们还讨论了最近几个小额信贷机构转向个人贷款的文献,以及小额信贷商业化的相关趋势。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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