TAILIEUCHUNG - The Microfinance Promise

This proposition can be illustrated with an analysis of discrimination in South Africa, where blacks are four to five times as numerous as whites. Discrimination against blacks has also significantly hurt whites, although some white groups have benefitted (see Becker [1971, pages 30 - 31], and Hutt [1964]). Its sizable cost to whites suggests why apartheid and other blatant forms of Afrikaaner discrimination eventually broke down. | Journal of Economic Literature Vol. XXXVII Decmber 1999 pp. 1569-1614 The Microfinance Promise Jonathan Morduch1 1. Introduction About one billion people globally live in households with per capita incomes of under one dollar per day. The policymakers and practitioners who have been trying to improve the lives of that billion face an uphill battle. Reports of bureaucratic sprawl and unchecked corruption abound. And many now believe that government assistance to the poor often creates dependency and disincentives that make matters worse not better. Moreover despite decades of aid communities and families appear to be 1 Princeton University. JMorduch@Princeton. Edu. I have benefited from comments from Harold Alderman Anne Case Jonathan Conning Peter Fidler Karla Hoff Margaret Madajewicz John Pencavel Mark Schreiner Jay Rosengard . von Pischke and three anonymous referees. I have also benefited from discussions with Abhijit Banerjee David Cutler Don Johnston Albert Park Mark Pitt Marguerite Robinson Scott Rozelle Michael Woolcock and seminar participants at Brown University HIID and the Ohio State University. Aimee Chin and Milissa Day provided excellent research assistance. Part of the research was funded by the Harvard Institute for International Development and I appreciate the support of Jeffrey Sachs and David Bloom. I also appreciate the hospitality of the Bank Rakyat Indonesia in Jakarta in August 1996 and of Grameen BRAC and ASA staff in Bangladesh in the summer of 1997. The paper was largely completed during a year as a National Fellow at the Hoover Institution Stanford University. The revision was completed with support from the MacArthur Foundation. An earlier version of the paper was circulated under the title The Microfinance Revolution. The paper reflects my views only. increasingly fractured offering a fragile foundation on which to build. Amid the dispiriting news excitement is building about a set of unusual financial institutions prospering in .

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