References
- Ahlin , C . 2011 . Lin, J. and Maio, M. , Where does microfinance flourish? Microfinance institutions’ performance in macroeconomic context, Journal of Development Economics, 95, 105–20
- Armendáriz , B and Morduch , J . 2000 . Beyond group lending . Economics of Transition , 8 : 401 – 20 .
- Armendáriz , B and Morduch , J . 2010 . The Economics of Microfinance, , 2nd edn , Boston : MIT Press .
- Armendáriz , B and Szafarz , A . 2009 . On mission drift of microfinance institutions CEB Working Papers Series No. 09/015, Université Libre de Bruxelles, Brussels
- Barham , BL , Boucher , S and Carter , MR . 1996 . Credit constraints, credit unions and small-scale producers in Guatemala . World Development , 24 : 793 – 806 .
- Barr , M . 2005 . Microfinance and financial development . Michigan Journal of International Law , 26 : 271 – 96 .
- Beck , T , Demirgüç-Kunt , A and Levine , R . 1999 . A new database on financial development and structure , Washington , DC : World Bank Policy Research Report No. 2146, The World Bank .
- Beck , T , Demirgüç-Kunt , A and Martinez Peria , M . 2007 . Reaching out: access to and use of banking services across countries . Journal of Financial Economics , 85 : 234 – 66 .
- Besley , T and Coate , S . 1995 . Group lending, repayment incentives and social collateral . Journal of Development Economics , 46 : 1 – 18 .
- Boyd , J , Levine , R and Smith , B . 2001 . the impact of inflation on financial sector development . Journal of Monetary Economics , 47 : 221 – 48 .
- Chahine , S and Tannir , L . 2010 . On the social and financial effects of the transformation of microfinance NGOs . Voluntas , 21 : 440 – 61 .
- Christen , RP , Rosenberg , R and Jayadeva , V . 2004 . Financial institutions with a ‘double bottom line’: implications for the future development of microfinance, CGAP Occasional Papers No. 8, Consultative Group to Assist the Poor , Washington , DC : The World Bank .
- Claessens , S . 2005 . Access to financial services: a review of the issues and public policy objectives , Washington , DC : World Bank Policy Research Working Paper No. 3589, The World Bank .
- Copestake , J . 2007 . Mainstreaming microfinance: social performance management or mission drift? . World Development , 35 : 1721 – 38 .
- Cull , R , Demirgüç-Kunt , A and Morduch , J . 2007 . Financial performance and outreach: a global analysis of leading microbanks . Economic Journal , 117 : 107 – 33 .
- Cull , R . 2009 . Demirgüç-Kunt, A. and Morduch, J. , Microfinance tradeoffs: regulation, competition, and financing, World Bank Policy Research Working Paper No. 5086. Available at http://ssrn.com/abstract=1492566 (accessed December 2010)
- de Crombrugghe , A , Tenikue , M and Sureda , J . 2008 . Performance analysis for a sample of microfinance institutions in India . Annals of Public and Cooperative Economics , 79 : 269 – 99 .
- Demirgüç-Kunt , A . 2008 . Beck, T. and Honohan, P. , Finance for all? Policies and pitfalls in expanding access, World Bank Policy Research Report, The World Bank, Washington, DC, 246p
- Dunford , C . 2002 . What's wrong with average loan size Discussion Paper, Freedom from Hunger, Washington, DC, 7p
- Fernando , J . 2006 . Introduction blurring the boundary between development and capitalism, in Microfinance: Perils and Prospects (Ed. ) J. Fernando, Microcredit and empowerment of women Routledge Studies, Oxon, 242p
- Gonzalez , A . (2007a) Resilience of microfinance institutions to macroeconomic events, MIX Discussion Paper No. 1, The MIX, Washington, DC
- Gonzalez , A . (2007b) Efficiency drivers of microfinance institutions (MFIs): the case of operating costs, Microbanking Bulletin, Vol. 15, The MIX, Washington, DC
- Gutiérrez-Nieto , B , Serrano-Cinca , C and Molinero , CM . 2007 . Microfinance institutions and efficiency . Omega , 35 : 131 – 42 .
- Gutiérrez-Nieto , B , Serrano-Cinca , C and Molinero , CM . 2009 . Social efficiency in microfinance institutions . Journal of the Operational Research Society , 60 : 104 – 19 .
- Hamada , M . 2010 . Commercialisation of microfinance in Indonesia: the shortage of funds and the linkage programme . The Developing Economies , 48 : 156 – 76 .
- Hartarska , V . 2005 . Governance and performance of microfinance institutions in Central and Eastern Europe and the newly independent states . World Development , 33 : 1627 – 43 .
- Hartarska , V and Nadolnyak , D . 2007 . Do regulated microfinance institutions achieve better sustainability and outreach? Cross-country evidence . Applied Economics , 39 : 1207 – 22 .
- Hausman , JA and Taylor , WE . 1981 . Panel data and unobservable individual effects . Econometrica , 49 : 1377 – 98 .
- Hermes , N . 2008 . Lensink, R. and Meesters, A. , Outreach and efficiency of microfinance institutions, Working Paper, Groningen Universiteit, Groningen. Available at SSRN: http://ssrn.com/abstract=1143925 (accessed December 2010)
- Hermes , N . 2009 . Lensink, R. and Meesters, A. , Financial development and the efficiency of microfinance institutions, Working Paper, Groningen Universiteit, Groningen. Available at http://ssrn.com/abstract=1396202 (accessed December 2010)
- Honohan , P . 2004 . Financial sector policy and the poor: selected findings and issues World Bank Research Paper No. 43, The World Bank, Washington, DC
- Honohan , P . 2008 . Cross-country variation in household access to financial services . Journal of Banking and Finance , 32 : 2493 – 500 .
- Hudon , M . 2010 . Management of microfinance institutions: do subsidies matter? . Journal of International Development , 22 : 890 – 905 .
- Isern , J and Porteous , D . 2005 . Commercial banks and microfinance: evolving models of success CGAP Focus Note, 28, Consultative Group to Assist the Poor, The World Bank, Washington, DC
- Kaufmann , D . 2007 . Kraay, A. and Mastruzzi, M. , Governance matters VI: aggregate and individual governance indicators 1996–2006, World Bank Policy Research Working Paper No. 4280, The World Bank, Washington, DC
- King , R and Levine , R . 1993 . Finance and growth: Schumpeter might be right . The Quarterly Journal of Economics , 108 : 717 – 37 .
- Kono , H and Takahashi , K . 2010 . Microfinance revolution: its effects, innovations and challenges . The Developing Economies , 48 : 15 – 73 .
- Krauss , NA and Walter , I . 2008 . Can microfinance reduce portfolio volatility? Working Paper. Available at http://ssrn.com/abstract=943786 (accessed December 2010)
- Lensink , R and Mersland , R . 2009 . Microfinance plus Unpublished Working Paper, Groningen University, Groningen
- Levine, R. (2004) Finance and growth: theory and evidence, NBER Working Papers No. 10766, National Bureau of Economic Research, Massachusetts
- McIntosh , C and Wydick , B . 2005 . Competition and microfinance . Journal of Development Economics , 78 : 271 – 98 .
- Mersland , R and Strøm , Ø . 2008 . Performance and trade-offs in microfinance organizations – Does ownership matter? . Journal of International Development , 20 : 598 – 612 .
- Mersland , R and Strøm , Ø . 2009 . Performance and governance in microfinance . Journal of Banking and Finance , 33 : 662 – 9 .
- Mersland , R and Strøm , Ø . 2010 . Microfinance mission drift? . World Development , 38 : 28 – 36 .
- Morduch , J . 1999 . The microfinance promise . Journal of Economic Literature , 37 : 1569 – 614 .
- Morduch , J . 2000 . The microfinance schism . World Development , 26 : 783 – 90 .
- Morduch , J and Johnston , D . 2008 . The unbanked: evidence from Indonesia . World Bank Economic Review , 22 : 517 – 37 .
- Plümper , T and Troeger , V . 2007 . Efficient estimation of time-invariant and rarely changing variables in finite sample panel analyses with unit fixed effects . Political Analysis , 15 : 124 – 39 .
- Richter , P . 2004 . The integration of the microfinance sector in the financial sector in developing countries: the role that Apex mechanisms play in Uganda in paper presented at WIDER Conference, Finland, September 2004
- Rosenberg , R . 2009 . Gonzalez, A. and Narain, S. , The new moneylenders: are the poor being exploited by high microcredit interest rates?, CGAP Occasional Papers No. 15, Consultative Group to Assist the Poor, The World Bank, Washington, DC
- Stiglitz , J and Weiss , A . 1981 . Credit rationing in markets with imperfect information . American Economic Review , 71 : 393 – 419 .
- Stock , J and Watson , M . 2007 . Introduction to Econometrics , Boston : Pearson Education .
- van Leuvensteijn , M , Kok Sørensen , C , Bikker , J and van Rixtel , A . 2008 . Impact of bank competition on interest rate pass-through in the Euro Area ECB Working Paper Series No. 885, The European Central Bank, Brussels
- Vanroose , A . 2008 . What macro factors make microfinance institutions reach out? . Savings and Development , 32 : 153 – 74 .
- World Bank . 2008 . Payment Systems Worldwide: A Snapshot , Washington , DC : The World Bank .
- Zeller , M and Meyer , RL . (Eds) (2002) The Triangle of Microfinance: Financial Sustainability, Outreach and Impact, International Food Policy Research Institute, John Hopkins University Press, London