Outreach and Mission Drift in Microfinance: An Interpretation of the New Trend
This paper presents a theoretical description of some of the recent developments in the financial programs offered by microfinance institutions (MFIs). We show that even under for-profit MFIs, there is not necessarily a crowding out of the poorest microentrepreneurs, and that MFIs may optimally choose to offer both joint liability contracts (to poor borrowers) and individual liability contracts (to wealthier borrowers).
Volume (Year): 33 (2013)
Issue (Month): 1 ()
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