Munich Personal RePEc Archive

Vliv externího financování na mikrofinanční rozvoj - makro perspektiva

Janda, Karel and Tran, Quang and Zetek, Pavel (2014): Vliv externího financování na mikrofinanční rozvoj - makro perspektiva.

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Abstract

Microfinance institutions (MFIs) finance their business activities primary with clients’ deposits, equity or with external funding. The aim of our thesis is to determine whether macroeconomic development and the size of banking sector affect the range of external funding and consequently the importance of these external debt sources for microfinance performance. Our findings reveal that the growth of external sources is positively influenced by economic grow, level of corruption, unemployment or under certain conditions by the development of banking sector, as well. Likewise, their presence can have a positive impact on the number of clients, portfolio quality, margin or cost policy of MFIs. The opposite effect can appear if the ratio of external funding to total assets is being uncontrollably increased over time.

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