TY - CHAP
T1 - Are Microfinance Institutions in Developing Countries a Safe Harbor Against the Contagion of Global Recession?
AU - Moro Visconti, Roberto
PY - 2009
Y1 - 2009
N2 - The global recession has strongly affected the credibility of the international banking system, damaging also the real economy.
Developing countries, not fully integrated with international markets, seem less affected and local microfinance institutions might also allow for a further shelter against recession, even if foreign support is slowing down and collection of international capital is harder and more expensive.
Intrinsic characteristics of microfinance, such as closeness to the borrowers, limited risk and exposure and little if any correlation with international markets have an anti-cyclical effect. In hard and confused times, it pays to be little, flexible and simple.
AB - The global recession has strongly affected the credibility of the international banking system, damaging also the real economy.
Developing countries, not fully integrated with international markets, seem less affected and local microfinance institutions might also allow for a further shelter against recession, even if foreign support is slowing down and collection of international capital is harder and more expensive.
Intrinsic characteristics of microfinance, such as closeness to the borrowers, limited risk and exposure and little if any correlation with international markets have an anti-cyclical effect. In hard and confused times, it pays to be little, flexible and simple.
KW - microfinance
KW - recession
KW - microfinance
KW - recession
UR - http://hdl.handle.net/10807/27682
UR - http://www.emeraldinsight.com/books.htm?issn=1569-3767&volume=10&chapterid=1822381&show=abstract
U2 - 10.1108/S1569-3767(2009)0000010016
DO - 10.1108/S1569-3767(2009)0000010016
M3 - Chapter
SN - 978-1-84950-601-4
SP - 389
EP - 438
BT - Credit, Currency, or Derivatives: Instrumentsof Global Financial Stability Or crisis?,
A2 - J. Jay Choi, Michael G. Papaioannou
ER -