MFIs and Financial Inclusion: The Role of Business Models
研究小额信贷机构的商业模式（嵌入式vs交易型）如何影响其在政策冲击后推动金融包容性的能力，基于印度废钞事件的数据分析发现，嵌入式模式在动荡环境中更具优势。
The role of Microfinance institutions (MFIs) in driving financial inclusion is contested. We argue that the ability of MFIs to consistently contribute to financial inclusion depends on their business model and its resilience to structural changes. We find that MFIs with an embedded business model (i.e., deep engagement with the local community) perform better in the aftermath of structural policy interventions as compared to MFIs with a transactional model. Using a difference in differences analysis on a database of MFIs that operated in India during the currency demonetization, we find support for our hypotheses. Our findings indicate that while transactional MFIs do better in a stable environment, embedded MFIs hold the advantage in a turbulent environment. Our results underscore the role of business model fit with the environment in driving financial inclusion. We also alert practitioners to the tradeoffs involved in being embedded in the local context (or lack thereof).