Microfinance institutions, in their efforts to improve outreach and expand the range of financial services offered to the poor, have recurred to more and more sophisticated financing instruments, including securitization. The paper explores the advantages offered by this form of funding as well as its risks and downsides, in the light of microfinance characteristics and the lessons learnt during the recent subprime mess.
Securitisation in microfinance and global financial crisis: innovation or Trojan horse?
Macchiavello E
2013-01-01
Abstract
Microfinance institutions, in their efforts to improve outreach and expand the range of financial services offered to the poor, have recurred to more and more sophisticated financing instruments, including securitization. The paper explores the advantages offered by this form of funding as well as its risks and downsides, in the light of microfinance characteristics and the lessons learnt during the recent subprime mess.
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