Regulation, Outreach, and Sustainability of Microfinance Institutions in Sub‐Saharan Africa: A Multilevel Analysis
利用2002-2012年30个国家的非平衡面板数据和多层次估计，研究发现监管有助于提高小额信贷机构的可持续性和覆盖广度，但未改善覆盖深度；接受存款的机构可持续性更好但服务较贫困人群；监管质量对覆盖面和可持续性有积极影响。
The paper examines the effect of regulation on microfinance institutions’ (MFIs) sustainability and outreach in Sub‐Saharan Africa (SSA). Using unbalanced panel data from 2002 to 2012 for 30 countries and a multilevel estimation technique, we find that regulation helps improves the sustainability and breadth of outreach but not the depth. We also find that MFIs that accept deposits have better sustainability but tend to serve the marginal poor. Finally, regulatory quality has a positive impact on outreach and sustainability. Overall, the paper casts new light on the contribution of regulation to the dual objectives of microfinance.