Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America
Microfinance institutions (MFIs) are seen often by aid practitioners as an obvious means of improving the position of the poor. Despite this widely held view, detailed research studies have been much more guarded about the impact of MFIs. In particular several studies have raised doubts about the effectiveness of MFIs in reaching the 'core poor.'
This paper surveys the evidence from Asia and Latin America and contrasts experiences in the two regions. Studies on the former have been carried out more 'rigorously', but in both regions the evidence that microfinance is reaching the core poor is very limited.
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The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.
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