The costs and benefits of subsidized microfinance are still a controversial topic. We evaluate how subsidies affect the cost-efficiency of microfinance institutions (MFIs). At the same time, we account for endogenous self-selection into the business models of credit-only versus...

Examines the impacts of organizational governance on the outreach capabilities and sustainability of microfinance institutions (MFIs) in Central and Eastern Europe and the Newly Independent States. Microfinance institutions are NGOs, banks, credit cooperatives, or nonbank financial institutions...