Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market
Brière, Marie; Szafarz, Ariane (2015), Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market, World Development, 67, p. 110–125. http://dx.doi.org/10.1016/j.worlddev.2014.10.007
TypeArticle accepté pour publication ou publié
Journal nameWorld Development
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Laboratoire d'Economie de Dauphine [LEDa]
Université Libre de Bruxelles
Abstract (EN)This paper is the first to draw a global picture of worldwide microfinance equity by taking full advantage of daily quoted prices. We revisit previous findings showing that investors shouldconsider microfinance as a self-standing sector. Our results are threefold.First, microfinance has become less risky and more closely correlated with the financial sector.This convergence is associated with a decline in the proportion of women borrowers. Second, microfinance and finance shares have equivalent currency exposure. Last,introducing a self-standingmicrofinance sector presents few diversification benefits.This paper confirms thatmicrofinance has changed dramatically during the last decade.
Subjects / KeywordsMicrofinance; South Africa; Kenya; Bangladesh; Indonesia; Mexico
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