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Macroeconomics of microfinance: how do the channels work?
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SYSNO ASEP 0342786 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Ostatní články Title Macroeconomics of microfinance: how do the channels work? Author(s) Maksudova, Nargiza (NHU-C) RID Source Title CERGE-EI Working Paper Series - ISSN 1211-3298
-, č. 423 (2010), s. 1-27Number of pages 27 s. Publication form www - www Language eng - English Country CZ - Czech Republic Keywords microfinance ; economic growth ; financial intermediation ; dynamic panel Subject RIV AH - Economics R&D Projects LC542 GA MŠMT - Ministry of Education, Youth and Sports (MEYS) CEZ MSM0021620846 - NHU-C Annotation Recent changes in the microfinance landscape are characterized by increasing patterns of its integration with national financial systems and entry of commercial banks. Microfinance is no longer perceived as an isolated marginal sector of informal intermediation but rather constitutes particular lower-end segment of the broader financial system. Addressing the limited research on the interaction of microfinance with the broader economy I aim to reveal whether and how microfinance is transferred to growth through the identification of causality. I also consider the indirect impact of microfinance through its complement/substitute nature with mainstream banks. The empirical analysis is based on data from 1433 microfinance institutions pooled into 102 countries on which I perform a Granger-causality test using the Arellano and Bond (1991) methodology. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2011
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