Selected microfinance crises: past, present, and future
回顾了小额信贷行业历史上的几次危机（如1980年代秘鲁、1990年代格莱珉、2007-2010年安得拉邦等），并利用2021-22年对MFI领导人的访谈数据，分析行业在新冠疫情中的韧性源于这些危机后的改革，为未来应对危机提供启示。
Abstract The Covid-19 pandemic is the most recent—and most severe—crisis to face the microfinance/financial inclusion sector, but it was far from the first. From its earliest years, crises have appeared throughout the modern history of microfinance, and the responses they engendered have included some of the most significant reforms and innovations in the sector. In this paper, we describe selected historical crises—Peru in the 1980s, Grameen in the 1990s, and Andhra Pradesh and others in the 2007–2010 period—through their legacy and impact on the sector’s activities and priorities. We then examine some of the pressures on institutions during the pandemic, through interview data with MFI leaders from the Sentinel Project conducted during 2021–22. We argue that the resilience of the sector to the unprecedented pressures of the pandemic can be traced to many of these historical post-crisis reforms—and consider what this means for future crisis responses.