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Article Dans Une Revue World Development Année : 2015

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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Dates et versions

hal-01491987 , version 1 (17-03-2017)

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Marie Brière, Ariane Szafarz. Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market. World Development, 2015, 67, ⟨10.1016/j.worlddev.2014.10.007⟩. ⟨hal-01491987⟩
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