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What Makes Rural Finance Institutions Successful?

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  • Yaron, Jacob
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    Abstract

    Providing affordable credit to the rural population has long been a prime component of development strategy. Governments and donors have sponsored and supported supply-led rural finance institutions both to improve growth and equity and to neutralize or mitigate urban-biased macroeconomic policies. But because of high risks, heavy transaction costs, and mounting loan losses, many of the programs have drained state resources to little purpose, reaching only a small part of the rural population and making little progress toward self-sustainability. There are, however, a few success stories. This article reviews the policies, modes of operation, incentives, and financial performance of four publicly sponsored programs in Asia that are widely perceived to be successful, to find out what economic, social, and institutional factors contributed to their success. Copyright 1994 by Oxford University Press.

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    Bibliographic Info

    Article provided by World Bank Group in its journal World Bank Research Observer.

    Volume (Year): 9 (1994)
    Issue (Month): 1 (January)
    Pages: 49-70

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    Handle: RePEc:oup:wbrobs:v:9:y:1994:i:1:p:49-70

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    Cited by:
    1. Bhatt, Nitin & Tang, Shui-Yan, 1998. "The problem of transaction costs in group-based microlending: An institutional perspective," World Development, Elsevier, vol. 26(4), pages 623-637, April.
    2. Navajas, Sergio & Schreiner, Mark & Meyer, Richard L. & Gonzalez-vega, Claudio & Rodriguez-meza, Jorge, 2000. "Microcredit and the Poorest of the Poor: Theory and Evidence from Bolivia," World Development, Elsevier, vol. 28(2), pages 333-346, February.
    3. Congo, Youssoufou, 2002. "Performance of Microfinance Institutions in Burkina Faso," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    4. repec:phd:rpseri:rps_2006-02 is not listed on IDEAS
    5. Shahidur R. Khandker, 2005. "Microfinance and Poverty: Evidence Using Panel Data from Bangladesh," World Bank Economic Review, World Bank Group, vol. 19(2), pages 263-286.
    6. Nissanke, Machiko, 2002. "Donors' Support for Microcredit as Social Enterprise: A Critial Reappraisal," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    7. Piot-Lepetit, Isabelle & Nzongang, Joseph, 2014. "Financial sustainability and poverty outreach within a network of village banks in Cameroon: A multi-DEA approach," European Journal of Operational Research, Elsevier, vol. 234(1), pages 319-330.
    8. Giné, Xavier, 2011. "Access to capital in rural Thailand: An estimated model of formal vs. informal credit," Journal of Development Economics, Elsevier, vol. 96(1), pages 16-29, September.
    9. Stein Kristiansen, 2003. "Linkages and Rural Non-Farm Employment Creation: Changing Challenges and Policies in Indonesia," Working Papers 03-22, Agricultural and Development Economics Division of the Food and Agriculture Organization of the United Nations (FAO - ESA).
    10. Ahlin, Christian & Lin, Jocelyn & Maio, Michael, 2011. "Where does microfinance flourish? Microfinance institution performance in macroeconomic context," Journal of Development Economics, Elsevier, vol. 95(2), pages 105-120, July.
    11. Llanto, Gilberto M. & Fukui, Ryu, 2003. "Innovations in Microfinance in Southeast Asia," Discussion Papers DP 2003-11, Philippine Institute for Development Studies.
    12. Jean-François Maystadt, 2004. "Microfinance au Nord : Un effet de mode importé du Sud ?," Mondes en développement, De Boeck Université, vol. 126(2), pages 69-82.
    13. Junior Davis & Angela Gaburici, 2005. "Non-farm employment in small-scale enterprises in Romania: policy and development issues," Development and Comp Systems 0510019, EconWPA.
    14. Gonzalez-Vega, Claudio & Meyer, Richard L. & Navajas, Sergio & Schreiner, Mark & Rodriguez-Meza, Jorge & Monje, Guillermo F., 1996. "Microfinance Market Niches And Client Profiles In Bolivia," Economics and Sociology Occasional Papers 28332, Ohio State University, Department of Agricultural, Environmental and Development Economics.
    15. Ravicz, R. Marisol, 1998. "Searching for sustainable microfinance : a review of five Indonesian initiatives," Policy Research Working Paper Series 1878, The World Bank.
    16. Seemi Waheed, 2001. "Analysis of Issues on Micro Credit—The Case of Two Villages in Punjab," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 40(4), pages 723-750.
    17. Blanchflower, David G., 2001. "Unemployment, Well-Being, and Wage Curves in Eastern and Central Europe," Journal of the Japanese and International Economies, Elsevier, vol. 15(4), pages 364-402, December.
    18. Morduch, Jonathan, 1999. "The role of subsidies in microfinance: evidence from the Grameen Bank," Journal of Development Economics, Elsevier, vol. 60(1), pages 229-248, October.
    19. Ben Abdelkader, Ines & Hathroubi, Salem & Ben Jemaa, Mohamed Mekki, 2012. "Microfinance Institutions’ Efficiency in the MENA region: a Bootstrap-DEA approach," EconStor Preprints 69525, ZBW - German National Library of Economics.
    20. Vega, Claudio Gonzalez & Schreiner, Mark & Meyer, Richard L. & Meza, Jorge Rodriguez & Navajas, Sergio, 1996. "Bancosol: El Reto Del Crecimiento En Organizaciones De Microfinanzas," Economics and Sociology Occasional Papers 28328, Ohio State University, Department of Agricultural, Environmental and Development Economics.
    21. Paul, Bénédique & Garrabé, Michel, 2011. "Le capital institutionnel dans l'analyse du développement : Prolongement théorique et premier test empirique
      [Institutional Capital in Economic Development Analysis: Theoretical Continuation and
      ," MPRA Paper 39016, University Library of Munich, Germany.

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