Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2013 | vol. 9, iss. 4 | 27--43
Tytuł artykułu

Contribution of Microfinance to Economic Growth: Transmission Channel and the Ways to Test It

Treść / Zawartość
Warianty tytułu
Języki publikacji
Since its birth in 1970s microfinance has been growing rapidly with the aim to lift people out of poverty and promote economic growth. Its role and importance has been amplified amidst the global financial crisis when trust into formal banking is shaken. Despite global recognition and popularity of microfinance there is mixed evidence of its net benefits and very limited work on its contribution to financial intermediation and economic growth. This paper first, identifies and discusses possible transmission channels for microfinance and second, establishes the choice of appropriate methodology for robust empirical test. Adapted for panel data the Arellano-Bond (1991) technique allows for the Granger-Causality type test to reveal the direction of causality and overcome endogeneity issue. The main purpose of the estimation is to check whether microfinance matters for financial sector development and economic growth.(original abstract)
Opis fizyczny
  • CERGE-EI, Czech Republic
  • Adams, D., Douglas, G. and Von Pischke, J., 1984. "Undermining rural development with cheap credit", Westview Press, Boulder & London
  • Arellano, M. and Bond, S., 1991. "Some tests of specification for panel data: Monte Carlo evidence and an application to employment fluctuations", Review of Economic Studies 58 (April): 277-97,
  • Barr, M., 2005. "Microfinance and financial development". Michigan Journal of International Law, Vol. 26, p. 271, 2005, Available at SSRN:
  • Beck, T, Demirgüç-Kunt, A. and Peria, M., 2007a. "Banking services for everyone? Barriers to bank access and use around the world", Policy Research Working Paper 4079, World Bank, Washington, DC
  • Beck, T, Demirgüç-Kunt, A. and Peria, M., 2007b. "Reaching out: Access to and use of banking services across countries", Journal of Banking and Finance
  • Beck, T, Demirgüç-Kunt, A. and Honohan, P., 2008. "Finance for all?: Policies and pitfalls in expanding access", World Bank Policy Research Report, World Bank
  • Bogan, V., 2008. "Microfinance institutions: Does capital structure matter?". Available at SSRN:
  • Cull, R., Demirgüç-Kunt, A. and Morduch, J., 2007. "Financial performance and outreach: A global analysis of leading microbanks", World Bank Policy Research Working Paper No. 3827. Available at SSRN:
  • Cull, R., Morduch, J. and Demirguc-Kunt, A., 2008. "Microfinance meets the market", The World Bank Policy Research Working Paper 4630. Available from
  • Delfiner, M. and Peron, S., 2007. "Commercial banks and microfinance", Central Bank of Argentina, Munich Personal RePEc Archive (MPRA) Paper No. 10229.
  • Dichter, T., and Harper, M., 2007. "What's wrong with microfinance?", Intermediate Technology Publications Ltd, 2007, ISBN 9781853396670
  • Ferro-Luzzi, G. and Weber, S., 2006. "Measuring the performance of microfinance institutions", (July 2006). Available at SSRN:
  • Galema, R., Lensink, R., and Spierdijk, L., 2008. "International diversification and microfinance". Available at SSRN:
  • Gonzalez, A., 2007. "Resilience of microfinance institutions to national macroeconomic events: An econometric analysis of MFI asset quality". Available at SSRN:
  • Hanousek, J., Hajkova, D. and Filer, R. K. 2008. "A rise by any other name? Sensitivity of growth regressions to data source", Journal of Macroeconomics, 30, 3: 1188-1206,
  • Hartaska, V., 2005. "Governance and performance of microfinance institutions in Central and Eastern Europe and the Newly Independent States", World Development Vol. 33, No.10, pp 1627-1643,
  • Hartarska, V. and Nadolnyak, D., 2008. "An impact analysis of microfinance in Bosnia and Herzegovina". William Davidson Institute Working Paper No. 915. Available at SSRN:
  • Hannan, E., and Quinn, B., 1979. "The determination of the order of an autoregressive," Journal of Royal Statistical Society. 41: 190-195
  • Hermes, N., Lensink, R. and Meesters, A., 2008. "Outreach and efficiency of microfinance institutions", Available at SSRN:
  • Hermes, N., Lensink, R., and Meesters, A., 2009. "Financial development and the efficiency of microfinance institutions". Available at SSRN:
  • Holtz-Eakin, D., Newey, W. and Rosen, R., 1988. "Estimating vector Autoregressives with panel data", Econometrica 56 (November):1371-95,
  • Honohan, P., 2004. "Financial sector policy and the poor: Selected findings and issues", Working Paper, no. 43, World Bank, Washintong D.C.
  • Honohan, P., 2008. "Cross-country variation in household access to financial services", Journal of Banking & Finance,
  • Hurlin, Ch., 2004. "Testing Granger Causality in Hetergoeneous Panel Data Models with Fixed Coefficients," Working Paper 2004-05, Laboratoire d'Economie d'Orleans
  • Hurlin, Ch. and Venet, B., 2004. "Financial Development and Growth: A Re-examination Using a Panel Granger Causality Test", Working Paper 2004-18, Laboratoire d'Economie d'Orleans
  • Karnani, A., 2007. "Fortune at the Bottom of the Pyramid: A Mirage", Ross School of Business Paper No. 1035; California Management Review, Forthcoming. Available at SSRN:
  • King, R. and Levine, R., 1993. "Finance and growth: Schumpeter might be right", Quarterly Journal of Economics, Vol. 108, Issue 3, pp.717-737,
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., 1998. "Law and Finance", Journal of Political Economy, Vol. 106, Issue 6, pp.1113-1155,
  • Leegwater, A., and Shaw, A., 2008. "How do microenterprises contribute to economic growth in developing countries?", AMAP microREPORT
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.