The impact of subsidies on the efficiency of microfinance institutions (MFIs) is a key question in the field, given the large volume of subsidies received over the last twenty years. Using an original database of rating agencies, this paper gives empirical evidence on the impact of subsidy...

Contents: Introduction -- Part I: Framing research on microfinance and financial inclusion -- 1. The challenges of social investment through the microfinance lens / Jonathan Morduch and Timothy Ogden -- 2. Microfinance and management theory / Brian Hathaway and Tyler Wry -- 3. Breaking away from...