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An Impact Analysis of Microfinance in Bosnia and Herzegovina

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Author Info
Valentina Hartarska ()
Denis Nadolnyak ()
Abstract

This paper applies the financing constraint approach to study whether microfinance institutions improved access to credit for microenterprises in Bosnia and Herzegovina. According to this approach, microenterprises with improved assess to credit rely less on internal funds for their investments. Thus, we compare investment sensitivity to internal funds of micorenterprises in municipalities with significant presence of MFIs to that of micorenterprises 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 constraint. This approach is applicable to evaluating microfinance impact in other countries.

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Paper provided by William Davidson Institute at the University of Michigan Stephen M. Ross Business School in its series William Davidson Institute Working Papers Series with number wp915.

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Date of creation: 01 Dec 2007
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Handle: RePEc:wdi:papers:2008-915

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Related research
Keywords: microfinance; impact study; Microfinance Institutions; financing constraints; Eastern Europe; Bosnia and Herzegovina;

Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General

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  5. Valentina M. Hartarska & Martin Holtmann, 2006. "An overview of recent developments in the microfinance literature," Agricultural Finance Review, Emerald Group Publishing, vol. 66(2), pages 147-165, September. [Downloadable!] (restricted)
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  7. Sajjad Zohir & Imran Matin, 2004. "Wider impacts of microfinance institutions: issues and concepts," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(3), pages 301-330. [Downloadable!]
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  9. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
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  11. Morduch, J., 1998. "The Microfinance Schism," Papers 626, Harvard - Institute for International Development.
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  12. Coleman, Brett E., 1999. "The impact of group lending in Northeast Thailand," Journal of Development Economics, Elsevier, vol. 60(1), pages 105-141, October. [Downloadable!] (restricted)
  13. Steven M. Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1988-1), pages 141-206. [Downloadable!]
    Other versions:
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