Microfinance in the North: Where Do We Stand?

In Research Agenda for Financial Inclusion and Microfinance, edited by Marek Hudon, Marc Labie, and Ariane Szafarz, Edward Elgar Publishing, Forthcoming.

19 Pages Posted: 21 Dec 2018

See all articles by Anastasia Cozarenco

Anastasia Cozarenco

Aix-Marseille University (Aix-Marseille School of Economics), CNRS & EHESS

Ariane Szafarz

Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi

Date Written: Novembre 30, 2018

Abstract

The microfinance movement reached developed countries in the late 1980s and it is still a niche market. This chapter starts with a brief history of microfinance in the North. Next, it develops a supply-side perspective and pays special attention to the features of developed countries that shape this young industry. The features of interest concern the welfare system, the financial markets, and the regulatory environment, all of which have a significant impact on the capacity of institutions to reach scale and increase the range of microfinance products they supply. Last, this chapter opens avenues for further research in promising fields, such as the link between microfinance and social finance, and the place of subsidization in the global picture of microfinance in the North.

Keywords: European microfinance, U.S. microfinance, regulation, subsidies, women’s empowerment, social banking

JEL Classification: G21, L31, D25, G28, H23, I38

Suggested Citation

Cozarenco, Anastasia and Szafarz, Ariane, Microfinance in the North: Where Do We Stand? (Novembre 30, 2018). In Research Agenda for Financial Inclusion and Microfinance, edited by Marek Hudon, Marc Labie, and Ariane Szafarz, Edward Elgar Publishing, Forthcoming.. Available at SSRN: https://ssrn.com/abstract=3295185

Anastasia Cozarenco

Aix-Marseille University (Aix-Marseille School of Economics), CNRS & EHESS ( email )

Centre de la Vieille Charité
2 rue de la Charité
Marseille, 13236
France

Ariane Szafarz (Contact Author)

Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) & CERMi ( email )

50 Avenue Roosevelt
Brussels 1050
Belgium

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