This paper presents and interprets descriptive statistics generated from data obtained in a survey of clients of five microfinance organizations believed to be among the best in Bolivia. These lenders represent different combinations of organizational design, lending technology, and market area...

We construct a theoretical framework that puts the social worth of a microfinance organization (MFO) in terms of the depth, worth to users, cost to users, breadth, length, and scope of its output. We then analyze evidence of depth of outreach for five MFOs in Bolivia. Most of the poor households...

This paper focuses on the difficulties inherent in the prudent management of growth of microfinance organizations and on potential limits to the increased efficiency, profitability, and sustainability expected from growth and large size. The paper addresses both positive and negative...

This paper focuses on the difficulties inherent in the prudent management of growth of microfinance organizations and on potential limits to the increased efficiency, profitability, and sustainability expected from growth and large size. The paper addresses both positive and negative...

Bolivia has the most advanced microfinance sector in Latin America and has been a model worldwide. Apex banks�banks that lend to banks�have not been responsible for this success. Apex banks can provide funds for retail microfinance organizations, and/or strengthen their organizational...

Using a unique firm level data set -- the Enterprise Surveys -- this paper develops a new measure of credit-constrained status for firms using hard data instead of perceptions data. The paper classifies firms into four ordinal categories: Not Credit Constrained, Maybe Credit Constrained,...

This paper describes a new index of the quality of the business environment for microfinance institutions (the Global Microscope on the Microfinance Business Environment). Regressions are used to validate the index by linking it and its subcomponents to microfinance outcomes. The main findings...

The most common indicator of the financial performance of development finance institutions, the Subsidy Dependence Index of Yaron (1992a), fails to recognize that subsidies are like equity injections whose use over time has a cost. Thus, the SDI underestimates subsidy. This paper gives a...

This paper suggests ways donors can help the evolution of sustainable microfinance organizations. Sustainability is good because it helps MFOs help more poor people than otherwise. Sustainability is hard because it requires balancing outreach and sustainability with prices the poor can afford...