Beyond Ending Poverty : The Dynamics of Microfinance in Bangladesh.

Front Cover -- Contents -- Preface -- Acknowledgments -- About the Authors -- Abbreviations -- Chapter 1 Introduction -- Overview -- Can Microfinance Uplift the Poor? -- Inclusive Microfinance -- Assessing the Dynamics of Program Benefits -- Purpose and Organization of the Book -- Notes -- Bibliography -- Chapter 2 Rural Nonfarm Growth and Poverty Reduction -- Introduction -- Poverty Trends -- Income Growth Trends -- Poverty Reduction and Growth of the Rural Nonfarm Sector -- Linkages between Farm Income Growth and RNF Enterprise Expansion -- RNF Enterprise Growth: A Closer Look -- Dynamics of RNF Enterprise Activities -- Summary -- Notes -- Bibliography -- Chapter 3 Institutional Growth and MFI Performance -- Introduction -- Trends in MFI Growth Indicators -- Growth and Sector Composition of MFI Lending -- Have MFIs Drifted from Their Social Objective? -- Evidence of Competitiveness in MFI Performance -- MFI Funding Sources -- Cost versus Operational Efficiency -- A Global Perspective -- Summary -- Annex 3A: Comparative Perspective of MFI Performance, 2004-12 -- Notes -- Bibliography -- Chapter 4 Dynamics of Microfinance Benefits -- Introduction -- Dynamics of Microcredit Participation -- Pitfalls of Panel Data Analysis: Household Attrition and Split-Off -- Estimates of Microfinance Impact Using Static Model -- Short-Term versus Long-Term Impacts of Microfinance -- Market Saturation and Village Diseconomies of Scale -- Multiple Program Membership and MFI Competition -- Summary -- Annex 4A: Estimated Effects of Microfinance: Literature Review -- Annex 4B: Joint Significance Test Results -- Notes -- Bibliography -- Chapter 5 Are Borrowers Overindebted? -- Introduction -- Definitions and Drivers of Overindebtedness -- Evidence on Indebtedness, Multiple Borrowing, and Credit Constraints -- Determinants of Indebtedness: Does MFI Competition Matter?.

Does Participation Density Matter for Indebtedness? -- Summary -- Notes -- Bibliography -- Chapter 6 Role of Microfinance in Poverty Transition -- Introduction -- Dynamics of Participation Status with Consumption and Poverty: What Is the Correlation? -- Analysis of the Poverty Transition -- Estimating Consumption and Poverty Effects of Microcredit Participation -- Marginal Returns to Consumption for Microborrowing? -- Predicted versus Estimated Poverty Effects -- Impacts from Women's Participation -- Summary -- Notes -- Bibliography -- Chapter 7 Diversification of Income and Employment: How Does Microfinance Affect Agriculture? -- Introduction -- Traditional Role of Institutional Finance in Agriculture -- Recent Credit Initiatives in Agriculture -- Descriptive Data Analysis -- Summary -- Annex 7A: Switching Regression Method -- Notes -- Bibliography -- Chapter 8 Distributional Impacts -- Introduction -- Estimating Benefits Distribution: Do Resource Endowments Matter? -- Who Are the Losers? -- Summary -- Annex 8A: Quantile Regression to Estimate the Distributional Impacts of Microfinance -- Notes -- Bibliography -- Chapter 9 Effects of Noncredit Participation -- Introduction -- Evidence on the Role of Noncredit Services -- Noncredit Services of MFIs in Bangladesh -- Do Noncredit Inputs Matter in Enhancing Household Welfare? -- Summary -- Notes -- Bibliography -- Chapter 10 Does Microfinance Pay Off? -- Introduction -- Calculating the Costs of RNF Enterprise Operations -- Analyzing Rates of Return: Production or Profit Function Approaches? -- Constraints to Sector Expansion and Productivity Growth -- Can Better Access to Finance Promote Rural Enterprise Growth? -- Summary -- Notes -- Bibliography -- Chapter 11 Beyond Ending Poverty -- Introduction -- Evolution of the Microfinance Sector -- Does Microfinance Ultimately Matter?.

Institutional Cost Effectiveness -- Accomplishments for Members -- Emerging Policy Concerns -- Note -- Bibliography -- Appendix A Data Description -- Household Survey Data -- Program-Level Aggregate Time-Series Data -- Institutional-Level Panel Data -- Notes -- Appendix B Alternative Models to Estimate the Impact of Microfinance -- Quasi-Experimental Methods -- Notes -- Bibliography -- Box -- Box 3.1 Snapshot of Microfinance Expansion in Bangladesh -- Figures -- Figure 2.1 Income Sources for Rural Households -- Figure 2.2 Trend in Share of Nonfarm Income with Increasing Household Income -- Figure 3.1 Growth Trend in Microfinance Membership, 1996-2010 -- Figure 3.2 MFI Loan Disbursement Trend in Bangladesh, 1997-2010 -- Figure 3.3 Savings Mobilized by MFIs in Bangladesh, 1996-2010 -- Figure 3.4 Savings as a Percentage of MFI Loans Outstanding in Bangladesh, 1996-2010 -- Figure 3.5 Dynamics of MFI Loan Disbursement, 1995-2010 -- Figure 3.6 Sector-Wise Disbursement of Microfinance -- Figure 3.7 Comparison of MFI Funding Distribution over Time -- Figure 5.1 Predicted Probabilities of Three Types of Indebtedness with Change in Microfinance Borrowing Amount over Time -- Figure 6.1 Moderate Poverty Reduction over Time by Extent of Microcredit Program Participation -- Figure 6.2 Extreme Poverty Reduction over Time by Extent of Microcredit Program Participation -- Figure 7.1 Wage Determination with Microfinance Participation -- Figure 9.1 Borrower Training Provided by PKSF MFI Partner Organizations -- Figure A.1 Transition of Microcredit Participation Status over Time -- Tables -- Table 2.1 Moderate and Extreme Poverty Rates in Bangladesh: 1991/92-2010 -- Table 2.2 Percentage of Population with Moderate and Severe Food Intake Deficiency: 1991/92-2005 -- Table 2.3 Household Welfare in Rural Bangladesh.

Table 2.4 Transition Matrix of Major Household Income Sources -- Table 2.5 Estimates of Sectoral Composition and Its Effect on Income Growth -- Table 2.6 Household Poverty Trend by Adoption of Nonfarm Microenterprise Activity -- Table 2.7 Effects of Adopting RNF Enterprises on Income, Expenditure, and Poverty -- Table 2.8 Role of Farm Income Growth in Nonfarm Income Growth -- Table 2.9 Distribution of RNF Enterprises in Bangladesh by Activity Type -- Table 2.10 Salient Features of RNF Enterprises in Bangladesh -- Table 2.11 Transition among RNF Enterprise Activities, 1998/99-2010/11 -- Table 2.12 Household Distribution by RNF Enterprise Activity, Based on Farm-Sector Linkage -- Table 2.13 Household Transition in RNF Enterprises Based on Farm-Sector Linkage of Activities, 1998/99-2010/11 -- Table 2.14 Distribution of Households by RNF Enterprise, Based on Sophistication Level of Activities -- Table 2.15 Household Transition in RNF Enterprises from Basic to Advanced Activities, 1998/99-2010/11 -- Table 2.16 Determinants of RNF Enterprise Growth: Role of MFI Program Placement -- Table 3.1 Yearly Growth in Microfinance Clientele in Bangladesh, 2003-10 -- Table 3.2 Comparison of Sector-Wise Distribution of Microfinance Disbursement -- Table 3.3 Descriptive Statistics on Selected MFI Outcomes, 2005-10 -- Table 3.4 Percent Distribution of MFI Funding Sources, 1997, 2005-10 -- Table 3.5 Operational Efficiency of MFIs in Bangladesh by Size and Year, 2006-11 -- Table 4.1 Rate of Household Participation in Microcredit Programs: 1991/92-2010/11 -- Table 4.2 Household Cumulative Loans and Savings from Microcredit Programs over Time: 1991/92-2010/11 -- Table 4.3 Household-Level Outcome Indicators by Microcredit Participation Status: 1991/92-2010/11 -- Table 4.4 Summary Statistics of Microcredit Intervention Variables.

Table 4.5 Impacts of Microcredit Loans on Household and Individual Outcomes -- Table 4.6 Impacts of Microcredit Loans on Household Outcomes Using the Dynamic Panel LDV Model -- Table 4.7 Impacts of Current and Past Microcredit Loans on Outcomes -- Table 4.8 Impacts and Village Intensity of Microcredit Loans -- Table 4.9 Impacts of Borrowing from Multiple Sources and Microcredit Competition -- Table 4B.1 Results for Explanatory Variables in the Attrition Equation -- Table 4B.2 Results for Attrition and Attrition-Interacted Explanatory Variables in Outcome Equations -- Table 5.1 Extent of Household Indebtedness in the Three Survey Periods -- Table 5.2 Extent of Household Indebtedness by Source of Borrowing in the Three Survey Periods -- Table 5.3 Extent of Household Indebtedness and Borrowing from Multiple MFI Sources in the Three Survey Periods -- Table 5.4 Extent of Multiple-Source Borrowing by Household Credit Constraint -- Table 5.5 Extent of Household Indebtedness by Credit Constraint -- Table 5.6 Household Net Worth by Extent of Indebtedness in the Three Survey Periods -- Table 5.7 Household Net Worth by Multiple-Source Borrowing from MFIs -- Table 5.8 Household Net Worth by Credit Constraint in the Three Survey Periods -- Table 5.9 Descriptive Statistics for Key Variables of Interest in the Three Survey Periods -- Table 5.10 Household Fixed-Effects Estimates of Indebtedness -- Table 5.11 Determinants of Indebtedness Type, Based on Ordered Logit Estimation -- Table 5.12 Alternate Estimates of Borrowing Impact on Indebtedness -- Table 6.1 Household Expenditure Distribution and Poverty Measures by Microcredit Participation Status in the Three Survey Periods -- Table 6.2 Transition in Moderate Poverty Status by Microcredit Participation -- Table 6.3 Transition in Extreme Poverty Status by Microcredit Participation.

Table 6.4 Alternate Panel Estimates of Microcredit Borrowing Impacts on Household Outcomes.

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