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Abstract: The objective of this article is to analyse the effect of the bank lending channel of monetary policy on microfinance institutions (MFIs), which play an important role in the financial systems of many developing countries. Using a sample of 262 microfinance institutions from 18 developing countries from Asia and Latin America for the period 2004 to 2014, we find that microfinance institutions in the aggregate do not alter their loan supply after a monetary policy shift. Indeed, MFIs established as non-governmental or not-for-profit organizations respond in a direction contrary to that expected, lending more under a monetary tightening or less under a monetary expansion. Our results also show relevant differences between Asia and Latin America. MFIs in Asia tend to increase lending under a monetary tightening, but MFIs in Latin America show no change in lending.
Fuente: Journal of Asian Economics
Volume 63, August 2019, Pages 19-32
Fecha de publicación: 01/08/2019
Nº de páginas: 35
Tipo de publicación: Artículo de Revista
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SERGIO SANFILIPPO AZOFRA
MARIA BEGOÑA TORRE OLMO
MARIA CANTERO SAIZ