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1、EconomicsofTransitionVolume8(2)2000,401–420Microfinancebeyondgroup1lendingBeatrizArmendárizdeAghionandJonathanMorduch***DepartmentofEconomics,UniversityCollegeLondon,GowerStreet,LondonWC1E6BT,UK.Tel:+44(0)2075045223;E-mail:b.armendariz@ucl.ac.uk**Bendheim22
2、0,PrincetonUniversityPrinceton,NJ08540,USA.Tel:+(1)6092581924;E-mail:jmorduch@princeton.eduAbstractMicrolendingisgrowinginEasternEurope,RussiaandChinaasaflexiblemeansofwideningaccesstofinancialservices,bothtohelpalleviatepovertyandtoencourageprivate-sectora
3、ctivity.Wedescribemechanismsthatallowtheseprogrammestosuccessfullypenetratenewsegmentsofcreditmarkets.Thesefeaturesincludedirectmonitoring,regularrepaymentschedules,andtheuseofnon-refinancingthreats.Thesemechanismsallowtheprogrammestogeneratehighrepaymentra
4、tesfromlow-incomeborrowerswithoutrequiringcollateralandwithoutusinggrouplendingcontractsthatfeaturejointliability.JELclassification:D82,L14,O12,O17.Keywords:microfinance,transition,povertyrelief,jointliability,repaymentincentives.1WeappreciatecommentsfromJo
5、nathanConning,discussionswithAlbertPark,ElizabethWallace,MichaelTaylor,MarkSchreinerandCraigChurchill,andusefulsuggestionsfromtwoanonymousreferees.Allviewsanderrorsareourown.©TheEuropeanBankforReconstructionandDevelopment,2000.PublishedbyBlackwellPublishers
6、,108CowleyRoad,OxfordOX41JF,UKand350MainStreet,Malden,MA02148,USA.402ARMENDÁRIZDEAGHIONandMORDUCH1.IntroductionAsinmuchoftheworld,microfinanceprogrammesaregrowinginnumberandsizeintransitioneconomies.Since1994,programmeshavebeenoperatingineconomiesasdiversea
7、sChina,AlbaniaandRussia.Theprincipalobjectiveoftheprogrammesistoraiseincomesandbroadenfinancialmarketsbyprovidingfinancialservices(principallycredit)tosmall-scaleentrepreneurswhootherwiselackaccesstocapitalmarkets.Someoftheprogrammeshaveprimarilysocialmissi
8、ons,focusingonoutreachtowomenandmeasuringsuccessintermsofpovertyalleviation.Othersaimtopromoteprivatesectoractivityinthefaceofunemploymentandunder-employment.Asthetransitioneconomiesundergore-structuri