Which Microfinance Institutions Are Becoming More Cost Effective with Time? Evidence from a Mixture Model
利用东欧和中亚的数据，研究发现约一半的小额信贷机构随时间推移成本降低，而另一半则没有；规模较大、提供存款服务或补贴较低的机构成本效益提升更明显。
Microfinance institutions (MFIs) play a key role in many developing countries. Utilizing data from Eastern Europe and Central Asia, MFIs are found to generally operate with lower costs the longer they are in operation. Given the differences in operating environments, subsidies, and organizational form, this finding of increasing cost effectiveness may not aptly characterize all MFIs. Estimation of a mixture model reveals that roughly half of the MFIs are able to operate with reduced costs over time, while half do not. Among other things, we find that larger MFIs offering deposits and those receiving lower subsidies operate more cost effectively over time.