By Bernd Balkenhol (eds.)
ISBN-10: 0230300022
ISBN-13: 9780230300026
ISBN-10: 134936133X
ISBN-13: 9781349361335
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Extra info for Microfinance and Public Policy: Outreach, Performance and Efficiency
Sample text
These examples suggest that efficiency and financial sustainability are distinct dimensions of institutional performance in microfinance. In a perfect market and contextual environment it probably makes sense to equate efficiency with yield and operating costs relative to the loan portfolio; but in a market where most operators are not profit maximizers, financial sustainability fails to fully capture performance. Two, not uncommon, scenarios illustrate this. In the first, an MFI operates in an environment that constrains scaling up and leads to prohibitively high cost-covering interest rates, and at the same time also constrains further reductions in staff and non-staff costs.
The Consensus Guidelines warn that this indicator may lead to misinterpretations: 'MFIs that provide smaller loans will compare unfavorably to others, even though they may be serving their target market efficiently ... ' This section has benefited from thoughtful contributions by Yousra Hamed. In an article in the same MBB issue, Todd Farrington (2000) proposes three efficiency indicators, the administrative expense ratio (as Christen), the number of loans per loan officer (Christen considered this as one of three drivers of operating expense together with wage costs and staff productivity) and the ratio of loan officers to total staff (not used by Christen).
9 In 'frontier efficiency' the performance of an average firm is expressed as economies in input use that it could achieve if it produced on the frontier instead of on its current location. 79, for example, signals that a MFI could save on 21 per cent of inputs, such as loan officer staff time, if it operated on the frontier. 79. DEA-based studies of the efficiency of banks, insurance companies and other financial institutions by Berger and Humphrey (1997) come up with findings of interest to the performance measurement of MFIs: • Cross-country comparisons have limited value because of differences in the regulatory and economic environment which should be controlled for (as is done in Chapter 6).
Microfinance and Public Policy: Outreach, Performance and Efficiency by Bernd Balkenhol (eds.)
by Joseph
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