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Microcredit Under the Microscope: What Have We Learned in the Past Two Decades, and What Do We Need to Know?

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  • Abhijit Vinayak Banerjee

    (Department of Economics and Abdul Latif Jameel Poverty Action Lab (J-PAL), Massachusetts Institute of Technology, Cambridge, Massachusetts 02142; Bureau for Research Economic Analysis of Development, Duke University, Durham, North Carolina 27705; Centre for Economic and Policy Research, London EC1V 3PZ, United Kingdom; and National Bureau of Economic Research, Cambridge, Massachusetts 02138)

Abstract

Research on microcredit is now two decades old. There has been enormous progress in understanding both what microcredit does and how. Yet a lot of what we have learned has raised new and often quite fundamental questions about its nature: Is microcredit primarily about investment, consumption, or savings? Why is it that the investments financed by microcredit do not always lead to income growth, and does this have to do with the structure of microlending? What are the roles of social capital, reputation, and group lending? This article attempts to take stock of this significant body of work and tries to identify the most important questions for future research.

Suggested Citation

  • Abhijit Vinayak Banerjee, 2013. "Microcredit Under the Microscope: What Have We Learned in the Past Two Decades, and What Do We Need to Know?," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 487-519, May.
    • Handle: RePEc:anr:reveco:v:5:y:2013:p:487-519
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    File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-economics-082912-110220
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    More about this item

    Keywords

    credit markets; group lending; impact evaluations;
    All these keywords.

    JEL classification:

    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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