Deposit‐borrowing substitutability: Evidence from microfinance institutions around the world
研究了56个国家645家小额信贷机构的资金来源，发现存款和借款是替代品而非互补品，且在金融发达、信息不对称程度低的环境中替代性更强。
Abstract Drawing from 645 microfinance institutions across 56 countries, this paper examines the deposit‐borrowing dynamic of microfinance institutions' source of capital. We find that deposits and borrowings are substitutes rather than complements. We further find that the degree of substitutability is more pronounced among microfinance institutions operating in a developed financial sector where the level of information asymmetry is lower. Our findings represent novel contribution in understanding microfinance institutions' funding behaviour that supports its quest for further growth and long‐term sustainability.