This paper starts from the observation that 23% of the world’s microfinance institutions (MFIs) manage without subsidies. We examine how unsubsidized institutions cope with their social mission. Overall, the lack of subsidies worsens social performances. However, our results show that...

Microfinance is often assumed to be an ethically progressive industry, but in recent years it has been the target of much ethical criticism. Microfinance institutions have been accused of using exploitative lending techniques and charging usurious interest rates; and critics even question the...

Among the contingent factors of the repayment rate of the microcredits, the joint responsibility of the borrowers is little analyzed in the empirical studies. Thanks to an original database, this article estimates the impact of the contingent factors of the repayment rate, particularly the loan...