CAUDILL, STEVEN B.; GROPPER, DANIEL M.; HARTARSKA, VALENTINA - In: Journal of Money, Credit and Banking 41 (2009) 4, pp. 651-672
Microfinance institutions (MFIs) play a key role in many developing countries. Utilizing data from Eastern Europe and Central Asia, MFIs are found to generally operate with lower costs the longer they are in operation. Given the differences in operating environments, subsidies, and...