Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market
Résumé
This paper is the first to draw a global picture of worldwide microfinance equity by taking full advantage of daily quoted prices. We revisit previous findings showing that investors should
consider microfinance as a self-standing sector. Our results are threefold.
First, microfinance has become less risky and more closely correlated with the financial sector.
This convergence is associated with a decline in the proportion of women borrowers. Second, microfinance and finance shares have equivalent currency exposure. Last,
introducing a self-standing
microfinance sector presents few diversification benefits.
This paper confirms that
microfinance has changed dramatically during the last decade.
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