Microfinance, entrepreneurship and institutional quality

IF 1.5 Q2 ECONOMICS
Malavika Nair, Martha Njolomole
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引用次数: 9

Abstract

The purpose of this paper is to consider the success and failure of microfinance institutions in generating economic growth over the past 30 years and propose a dual criterion of evaluation.,It surveys the empirical literature on microfinance and finds that while there has been small and localized success in various countries in improving access to credit, at the same time there has been a broader failure to generate economic growth. The authors argue that this broader failure should be viewed from the viewpoint of institutional failure or the lack of supporting institutions such as private property rights and stable rule of law within developing countries.,Using Baumol’s (1968) theory of entrepreneurship, the authors argue that the broader failure of microfinance is a case of poor institutional quality leading to unproductive or even destructive entrepreneurship rather than productive entrepreneurship. The paper also suggests a link between the literature criticizing foreign aid and this view on microfinance.,The paper provides a survey of the empirical literature on micro finance as well as a novel framework that aids in understanding both the localized small-scale success as well as broader failure to generate economic growth.
小额信贷、创业精神和机构质量
本文的目的是考虑过去30年来小额信贷机构在促进经济增长方面的成功和失败,并提出双重评估标准。它调查了关于小额信贷的实证文献,发现虽然在改善获得信贷的机会方面,各国取得了小而局部的成功,但与此同时,在促进经济增长方面,却出现了更广泛的失败。这组作者认为,应该从制度失败或发展中国家缺乏诸如私有产权和稳定的法治等支持制度的角度来看待这种更广泛的失败。运用Baumol(1968)的企业家精神理论,作者认为小额信贷更广泛的失败是一个糟糕的制度质量导致非生产性甚至破坏性企业家精神而不是生产性企业家精神的例子。本文还提出了批评外援的文献与这种小额信贷观点之间的联系。本文对微观金融的实证文献进行了调查,并提供了一个新的框架,有助于理解局部小规模的成功和更广泛的失败,以产生经济增长。
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来源期刊
CiteScore
3.70
自引率
15.80%
发文量
22
期刊介绍: Institutions – especially public policies – are a significant determinant of economic outcomes; entrepreneurship and enterprise development are often the channel by which public policies affect economic outcomes, and by which outcomes feed back to the policy process. The Journal of Entrepreneurship & Public Policy (JEPP) was created to encourage and disseminate quality research about these vital relationships. The ultimate aim is to improve the quality of the political discourse about entrepreneurship and development policies. JEPP publishes two issues per year and welcomes: Empirically oriented academic papers and accepts a wide variety of empirical evidence. Generally, the journal considers any analysis based on real-world circumstances and conditions that can change behaviour, legislation, or outcomes, Conceptual or theoretical papers that indicate a direction for future research, or otherwise advance the field of study, A limited number of carefully and accurately executed replication studies, Book reviews. In general, JEPP seeks high-quality articles that say something interesting about the relationships among public policy and entrepreneurship, entrepreneurship and economic development, or all three areas. Scope/Coverage: Entrepreneurship, Public policy, Public policies and behaviour of economic agents, Interjurisdictional differentials and their effects, Law and entrepreneurship, New firms; startups, Microeconomic analyses of economic development, Development planning and policy, Innovation and invention: processes and incentives, Regional economic activity: growth, development, and changes, Regional development policy.
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