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The Microfinance Collateralized Debt Obligation: a Modern Robin Hood?

Hans Byström

No 2006:14, Working Papers from Lund University, Department of Economics

Abstract: The aim of this paper is to highlight a potentially very fruitful link between micro-entrepreneurs and the international capital markets. We discuss the role structured finance and credit derivatives could play in extending finance to micro-entrepreneurs on a much larger scale than today’s mainly non-commercial microfinance industry. The mechanisms of so called collateralized debt obligations (CDOs) are described and extended to the microfinance world. Finally, a hypothetical, but realistic, example of such a microfinance CDO (MiCDO) is used to discuss the implications of securitization and tranching of microcredits.

Keywords: commercial microfinance; structured finance; securitization; collateralized debt obligation; MiCDO (search for similar items in EconPapers)
JEL-codes: G15 G21 O16 R51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev, nep-ent, nep-fin, nep-fmk, nep-mfd and nep-rmg
Date: 2006-06-18, Revised 2006-08-21
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Published in World Development, 2008, pages 2109-2126.

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