Product Description

This work is an assessment of "the microfinance revolution" from an economics perspective that draws on lessons from academia and international practice to challenge conventional assumptions.The microfinance revolution, begun with independent initiatives in Latin America and South Asia starting in the 1970s, has so far allowed 65 million poor people around the world to receive small loans without collateral, build up assets, and buy insurance. This comprehensive survey of microfinance seeks to bridge the gap in the existing literature on microfinance between academic economists and practitioners. Both authors have pursued the subject not only in academia but in the field; Beatriz Armendariz founded a microfinance bank in Chiapas, Mexico, and Jonathan Morduch has done fieldwork in Bangladesh, China, and Indonesia.The book provides an overview of microfinance by addressing a range of issues, including lessons from informal markets, savings and insurance, the role of women, the place of subsidies, impact measurement, and management incentives. It integrates theory with empirical data, citing studies from Asia, Africa, and Latin America and introducing ideas about asymmetric information, principal-agent theory, and household decision making in the context of microfinance.

Product Details

• Amazon Sales Rank: #115629 in Books
• Published on: 2007-09-14
• Original language: English
• Number of items: 1
• Binding: Paperback
• 360 pages

Review
"A great place to learn how and why microfinance really works, and where it hits its limits. The book, written by two leading young economists, brims with new evidence and provides fresh perspectives on old debates." - Joseph E. Stiglitz, Professor of Economics and Finance, Columbia University, Nobel Laureate in Economics (2001) "This book provides an accessible, analytical roadmap for understanding this important trend. The authors tackle central debates and provide new evidence, giving readers tools to create future innovations." - George Soros, Founder and Chairman, Open Society Institute"

About the Author
Beatriz Armendariz is Lecturer in Economics at Harvard University, on leave from University College London, where she is Senior Lecturer in Economics. Jonathan Morduch is Associate Professor of Public Policy and Economics at New York University.