Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market

Marie Brière and Ariane Szafarz
Additional contact information
Marie Brière: LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

Post-Print from HAL

Abstract: 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 should consider 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-standing microfinance sector presents few diversification benefits. This paper confirms that microfinance has changed dramatically during the last decade.

Keywords: Microfinance; South Africa; Kenya; Indonesia; Bangladesh; Mexico (search for similar items in EconPapers)
Date: 2015-03
Note: View the original document on HAL open archive server: https://hal.science/hal-01491987v1
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (27)

Published in World Development, 2015, 67, ⟨10.1016/j.worlddev.2014.10.007⟩

Downloads: (external link)
https://hal.science/hal-01491987v1/document (application/pdf)

Related works:
Journal Article: Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market (2015)
Journal Article: Does commercial microfinance belong to the financial sector? Lessons from the stock market (2015)
Working Paper: Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01491987

DOI: 10.1016/j.worlddev.2014.10.007

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().