Community or complementary currency systems have spread all around the world. Most often, they have been promoted as tools to foster sustainable development albeit they differ in terms of specific objectives. While many case studies have tried to assess the actual impact of these systems, there...

This paper uses a unique database from a leading microfinance rating agency to assess the impact of management on the functioning of microfinance institutions (MFIs). It focuses on MFIs’ financial performance, and on the level of subsidies received. The results show that the management skills...