Microfinance and Public Policy

THORSTEN BECK World Bank, USA FABRIZIO BOTTI Cambridge University, UK MILASOA CHEREL-ROBSON Cambridge University, UK FLAVIO COMIM Cambridge University, UK AMADOU DIOP Institut Universitaire d'Etudes du Developpement, Switzerland YVES FLÜCKIGER University of Geneva, Switzerland YOUSRA HAMED International Labour Office, Switzerland ISABELLE HILLENKAMP Institut Universitaire d'Etudes du Developpement, Switzerland GIOVANNI FERRO LUZZI University of Geneva, Switzerland SAÂD FILALI MEKNASSI Université Mohamed V - Rabat Agdal, Morocco VITO SCIARAFFIA MERINO University of Chile, Chile JONATHAN MORDUCH New York University, USA JUSTYNA PYTKOWSKA Microfinance Centre, Poland RENATA SERRA Cambridge University, UK JEAN MICHEL SERVET Institut Universitaire d'Etudes du Developpement, Switzerland ANTON SIMANOWITZ Institute of Development Studies, Sussex, UK ANATOLI VASSILIEV University of Geneva, Switzerland SYLVAIN WEBER University of Geneva, Switzerland

PART I: INTRODUCTION Efficiency and Sustainability in Microfinance; B.Balkenhol PART II: CONCEPTUAL FRAMEWORK Poverty versus Inequality; A.Diop, I.Hillenkamp & J.M.Servet Poverty Reduction through Microfinance: A Capability Perspective; F.Comim Achieving Poverty Outreach, Impact and Sustainability: Managing Trade-Offs in Microfinance; A.Simanowitz Smart Subsidies; J.Morduch PART III: EMPIRICAL ANALYSIS Efficiency in Microfinance Institutions: An Application of Data Envelopment Analysis to MFIs in Peru; Y.Flückiger & A.Vassiliev Efficiency in Financial Intermediation: Theory and Empirical Measurement; T.Beck Efficiency Drivers and Constraints: Empirical Findings; Y.Hamed Measuring the Performance of MFIs: An Application of Factor Analysis; G.F.Luzzi & S.Weber PART IV: SELECTED COUNTRY STUDIES Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Mali; R.Serra, F.Botti & M.Cherel-Robson Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Morocco; S.F.Meknassi Contextual Factors Determining Poverty Outreach and Financial Performance: The Case of Central and Eastern Europe; J.Pytkowska Auctioning Subsidies: Chile's 'Access to Credit Program'; V.S.Merino PART V: CONCLUSIONS Policy Implications; B.Balkenhol