The Microfinance Promise：（小额贷款承诺）.pdfVIP

Journal of Economic Literature Vol. XXXVII (Decmber 1999), pp. 1569–1614 Morduch: The Microfinance Promise Journal of Economic Literature, Vol. XXXVII (December 1999) The Microfinance Promise Jonathan Morduch1 1. Introduction increasingly fractured, offering a fragile foundation on which to build. ABOUT ONE billion people globally Amid the dispiriting news, excite- live in households with per capita in- ment is building about a set of unusual comes of under one dollar per day. The financial institutions prospering in dis- policymakers and practitioners who have tant corners of the world—especially been trying to improve the lives of that Bolivia, Bangladesh, and Indonesia. The billion face an uphill battle. Reports of hope is that much poverty can be allevi- bureaucratic sprawl and unchecked cor- ated—and that economic and social ruption abound. And many now believe structures can be transformed funda- that government assistance to the poor mentally—by providing financial ser- often creates dependency and disincen- vices to low-income households. These tives that make matters worse, not bet- institutions, united under the banner of ter. Moreover, despite decades of aid, microfin