Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market
Marie Brière () and
Ariane Szafarz
No 14-024, Working Papers CEB from ULB -- Universite Libre de Bruxelles
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 might be followed by a decline in the proportion of women borrowers. Second, microfinance and finance shares have equivalent currency exposure. Last, introducing a selfstanding 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)
JEL-codes: G10 G15 G21 O16 (search for similar items in EconPapers)
Pages: 49 p.
Date: 2014-10-09
New Economics Papers: this item is included in nep-mfd and nep-sea
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https://dipot.ulb.ac.be/dspace/bitstream/2013/176073/3/wp14024.pdf wp14024 (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 (2015) 
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Persistent link: https://EconPapers.repec.org/RePEc:sol:wpaper:2013/176073
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