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The Road to Financial Sustainability. Comparative Analysis of Russia and the Caucasus Region

  • Sheremenko, Ganna
  • Escalante, Cesar L.
  • Florkowski, Wojciech J.

This paper examines delinquency, profitability, and outreach determinants of microfinance institutions’ (MFIs) performance in Russia and the Caucasus. The estimation is done using the Seemingly Unrelated Regression (SUR) technique. The estimation results suggest that Russian and Caucasian MFIs are profit-driven but are expected to improve outreach in the long-run.

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File URL: http://purl.umn.edu/119525
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Paper provided by Southern Agricultural Economics Association in its series 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama with number 119525.

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Date of creation: 2012
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Handle: RePEc:ags:saea12:119525
Contact details of provider: Web page: http://www.saea.org/

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  1. Ahmad Nawaz, 2010. "Issues in Subsidies and Sustainability of Microfinance: An Empirical Investigation," Working Papers CEB 10-010.RS, ULB -- Universite Libre de Bruxelles.
  2. repec:cup:cbooks:9780521843195 is not listed on IDEAS
  3. Cull, Robert & Demirguc-Kunt, Asli & Morduch, Jonathan, 2006. "Financial performance and outreach : a global analysis of leading microbanks," Policy Research Working Paper Series 3827, The World Bank.
  4. Erica Field & Rohini Pande, 2008. "Repayment Frequency and Default in Microfinance: Evidence From India," Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 501-509, 04-05.
  5. Beatriz Armendariz & Ariane Szafarz, 2009. "On Mission Drift In Microfinance Institutions," Working Papers CEB 09-015.RS, ULB -- Universite Libre de Bruxelles.
  6. Conning, Jonathan, 1999. "Outreach, sustainability and leverage in monitored and peer-monitored lending," Journal of Development Economics, Elsevier, vol. 60(1), pages 51-77, October.
  7. Jessica Schicks, 2007. "Developmental Impact and Coexistence of Sustainable and Charitable Microfinance Institutions: Analysing BancoSol and Grameen Bank," The European Journal of Development Research, Taylor and Francis Journals, vol. 19(4), pages 551-568.
  8. Ayi Gavriel Ayayi & Maty Sene, 2010. "What drives microfinance institution's financial sustainability," Journal of Developing Areas, Tennessee State University, College of Business, vol. 44(1), pages 303-324, September.
  9. Pretes, Michael, 2002. "Microequity and Microfinance," World Development, Elsevier, vol. 30(8), pages 1341-1353, August.
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