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Microfinance Revolution: Its Effects, Innovations, And Challenges

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  • Hisaki KONO
  • Kazushi TAKAHASHI

Abstract

“Microfinance revolution” is the term often applied to the successful expansion of small‐scale financial services to the poor with high repayment records in developing countries. The present paper investigates the extent to which the microfinance revolution is truly revolutionary. More specifically, it explores the impact of microfinance institutions on the poor, the mechanisms underlying high repayment rates and their innovations, and the new challenges microfinance institutions are currently facing. Different from the existing published survey literature, we focus on current topics and attempt to show recent theoretical developments in a comprehensive manner using simplified models with very similar settings. We contend that microfinance is developing in a promising direction but has yet to reach its full potential.

Suggested Citation

  • Hisaki KONO & Kazushi TAKAHASHI, 2010. "Microfinance Revolution: Its Effects, Innovations, And Challenges," The Developing Economies, Institute of Developing Economies, vol. 48(1), pages 15-73, March.
    • Handle: RePEc:bla:deveco:v:48:y:2010:i:1:p:15-73
    DOI: 10.1111/j.1746-1049.2010.00098.x
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    Cited by:

    1. Janda, Karel & Zetek, Pavel, 2014. "Mikrofinanční Revoluce: Aktuální Kontroverze A Výzvy [Microfinance Revolution: Recent Controversies And Challenges]," MPRA Paper 54098, University Library of Munich, Germany.
    2. Weber, Ron & Musshoff, Oliver, 2012. "Microfinance for Agricultural Firms- Credit Access and Loan Repayment in Tanzania," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122552, European Association of Agricultural Economists.
    3. Juan José Echavarría, 2018. "Impacto del crédito sobre el agro en Colombia: evidencia del nuevo Censo nacional agropecuario," Chapters, in: Mauricio Villamizar-Villegas & Sara Restrepo-Tamayo & Juan David Hernández-Leal (ed.), Superando barreras: el impacto del crédito en el sector agrario en Colombia, chapter 2, pages 41-72, Banco de la Republica de Colombia.
    4. Rahul Nilakantan & Deepak Iyengar & Samar K. Datta & Shashank Rao, 2021. "On Ethical Violations in Microfinance Backed Small Businesses: Family and Household Welfare," Journal of Business Ethics, Springer, vol. 172(4), pages 785-802, September.
    5. Brata, Aloysius Gunadi, 2010. "Financial Inclusion for Youth Entrepreneurs in Creative Industry: a case of youth entrepreneurs in clothing industry in Yogyakarta, Indonesia," MPRA Paper 44289, University Library of Munich, Germany.
    6. Karel Janda & Pavel Zetek, 2015. "Mikrofinanční revoluce: kontroverze a výzvy [Microfinance Revolution: Controversies and Challenges]," Politická ekonomie, Prague University of Economics and Business, vol. 2015(1), pages 108-130.
    7. Nakano, Yuko & Magezi, Eustadius F., 2020. "The impact of microcredit on agricultural technology adoption and productivity: Evidence from randomized control trial in Tanzania," World Development, Elsevier, vol. 133(C).
    8. Cherry Wyle G. Layaoen & Kazushi Takahashi, 2022. "Can microfinance lending crowd out informal lenders? Evidence from the Philippines," Journal of International Development, John Wiley & Sons, Ltd., vol. 34(2), pages 379-414, March.
    9. Dilruba Khanam & Syeda Sonia Parvin & Muhammad Mohiuddin & Asadul Hoque & Zhan Su, 2018. "Financial Sustainability of Non-Governmental Microfinance Institutions (MFIs): A Cost-Efficiency Analysis of BRAC, ASA, and PROSHIKA from Bangladesh," Review of Economics & Finance, Better Advances Press, Canada, vol. 12, pages 43-56, May.
    10. Kazushi Takahashi & Abu Shonchoy & Seiro Ito & Takashi Kurosaki, 2017. "How Does Contract Design Affect the Uptake of Microcredit among the Ultra-poor? Experimental Evidence from the River Islands of Northern Bangladesh," Journal of Development Studies, Taylor & Francis Journals, vol. 53(4), pages 530-547, April.
    11. Kyriazopoulos Georgios, 2019. "Financial Evaluation and Efficiency of Microfinance Institutions: A cross-country analysis," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 9(6), pages 1-1.
    12. Kazushi TAKAHASHI & Takayuki HIGASHIKATA & Kazunari TSUKADA, 2010. "The Short‐Term Poverty Impact Of Small‐Scale, Collateral‐Free Microcredit In Indonesia: A Matching Estimator Approach," The Developing Economies, Institute of Developing Economies, vol. 48(1), pages 128-155, March.
    13. Miki HAMADA, 2010. "Financial Services To The Poor: An Introduction To The Special Issue On Microfinance," The Developing Economies, Institute of Developing Economies, vol. 48(1), pages 1-14, March.
    14. Janda, Karel & Zetek, Pavel, 2014. "Survey of Microfinance Controversies and Challenges," MPRA Paper 56657, University Library of Munich, Germany.
    15. Khondoker, Abdul Mottaleb & Sonobe, Tetsushi, 2011. "Determinants of Small Enterprises’ Performance in Developing Countries: A Bangladesh Case," MPRA Paper 44006, University Library of Munich, Germany.
    16. Mohamed, Toka S. & Elgammal, Mohammed M., 2023. "Credit risk in Islamic microfinance institutions: The role of women, groups, and rural borrowers," Emerging Markets Review, Elsevier, vol. 54(C).
    17. Hosaki Kono, 2011. "Economic Integration and Poverty," Chapters, in: Masahisa Fujita & Ikuo Kuroiwa & Satoru Kumagai (ed.), The Economics of East Asian Integration, chapter 16, Edward Elgar Publishing.
    18. Jun Goto, 2013. "The Impacts of Self-Help Group Programs: Experimental and Survey Evidence from South India," Economics Bulletin, AccessEcon, vol. 33(4), pages 2874-2889.
    19. Md. Ali Rasel & Sandar Win, 2020. "Microfinance governance: a systematic review and future research directions," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 47(7), pages 1811-1847, April.
    20. Maricruz Lacalle†Calderon & Manuel Perez†Trujillo & Isabel Neira, 2018. "Does Microfinance Reduce Poverty among the Poorest? A Macro Quantile Regression Approach," The Developing Economies, Institute of Developing Economies, vol. 56(1), pages 51-65, March.
    21. Dilruba Khanam & Muhammad Mohiuddin & Asadul Hoque & Olaf Weber, 2018. "Financing micro-entrepreneurs for poverty alleviation: a performance analysis of microfinance services offered by BRAC, ASA, and Proshika from Bangladesh," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 8(1), pages 1-17, December.
    22. Weber, Ron & Musshoff, Oliver, 2012. "Microfinance for agricultural firms - What can we learn from bank data?," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil 126708, International Association of Agricultural Economists.
    23. Raquel Marbán-Flores, 2014. "The microfinance sector in Vietnam: An overview of its present state and future prospects," Local Economy, London South Bank University, vol. 29(3), pages 213-227, May.

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