2004 / 9 : : . . 40 . . . ) ) . ( 28 . . : . www.cgap.org . . . . . 1. . . . . . . . ( ) .(1 ) ­ 1 . . 100 10000 1 . -- 10 ­ . . (11%=10%+1%) 11 3) 30000 . . ( .(14%=10%+1%+3%) 14 3 . 3 100 . 20 . 10000 . . . . 120000 20 . 200000 30000 .(33%=10%+3%+20%) 33 . 2 : ( ) ) . .( 3.4 - 0.4 6 . . . 7 "Microfinance Information eXchange (MIX)" 2. 359 8. 847 117 0.25 .( ) . 25 (MIX) 3. 4.( ) 5-7 2004 . (MIX) ) . 20 . .( 150 9. 5. . 10 . 6 10. "5/6 " . . ) 1 . 20 .( :2004 3 ( 2003 ) - 1 ) ( 720%­120 63%­28 18% ( 180%­120 45% ~ 18% 120%­60 24%­18 ( ) 11.5% ( ) 15-18% 120%­24 40%­20 15%­12 ( ) ( ) 120+% 80%­60 29%­24 240%­180 35%­20 13%­10 : Sanjay Sinha (Microcredit Interest Rates in Bangladesh) Wright and Alamgir : . . . . / ( ) 11. 1991 . 15 5 80 5 . . . 13. . . 14. . 12. 4 2- . (IRDP) .(IRDP) . : . 10 (IRDP) . 1993 55 . (BASIX Share) . 100 (IRDP) .( ) 26-38 . (IRDP) . Mahajan and Ramola, "Financial Services for the Rural Poor";: World Bank, "Microfinance in India"; and 2002 data from the MIX Market, / / .www.mixmarket.org . . . 50 ( 71) ( 50) . 15 .( 40) .2001 . 2 30 . 17. 5 27 (BCEAO) 16. . . . . ­ . . ( ) 5 . 1- 24 . 22 30 25 18 . 20 18 : 15 (ACCIÓN) 10 5 0 19. 20. : . 7 23 : . " " " Christen et al, Financial Institutions with a "Double Bottom) 7 23 . 2003 ("Line 21 . 4.6 . 20.2 .(1 ) 1 . . ( ) . * . . " " " ( Christen, Rosenberg and Jayadeva) " " ) .( . ) .(3-4 . 2003 6 . . . . . (FDL) . 22. (MFRC) 2 ) . ( .2003 . . 23. . . 24. 6 4 ) . .( ) ( 12 : - 2 . . ( ) . . . . . " " . . 7 (PKSF) . . 1999 . . ­ . . 25. ) ) ( 3 .(3 40 : 11 .2004 . .(UMOA) (UEAC) . . 2004 / .(UEAC) 26 (UMOA) . ­ 3 . . ( ) . ( ) . . . . / . ) . . ( 8 ( ) . : . . 27. . ­ 3 2004 ­ . . 28 . . . . UEACb UMOAa ­ . : . : : . : .( ) . 2004 / : ­ 4 ( ) (UMOA) . . 14 . 41 2000 35 (UMOA) . . 83 59 Ouattara, Microfinance Regulation in Benin : 9 - 5 ( 1.7) 2003 / " " . . . 2 (BNDES) .(BNDES) (BNDES) . . (BNDES) 2002 (ABCred) . (ABCred) . .Bueno and Carvalho, Governo vai reativar; Neumann and Carvalho, Microcredito busca novos caminhos : " 30. . " . . 2004 / ZTBL) 9.5 ( . ) 2002 / 31.(ZTBL) ( 70 . ) ( 6 29. . . 1998 . . . . . 76 90 . 83 . . 10 ( ) 1997-2002 ­ 2 60% 50% 40% 30% 20% 10% 0% 1997 1998 1999 2000 2001 2002 . MIX 2004 : . : . : 65 . .1992 22 2 . 33. 5 2002 31 1997 57 . 3.5 : . ) 34. . 24 38 ( . 32. ) .( 11 . ) . ( . . " " 35. 36 . . . . ) ** . ( 37. . ( ) .( ) . . . . . " " . ** . : . 12 " ) " . .( . 38. . (MFRC) 39. 2002 43. . . . 40. 2000 41. . . ( ) . 42. . 44. . . . 45. . 13 (MFRC) (MFRC) . . . 20 56 ) 22 ( 2003 . . 339 (MFRC) . 40000 (MFRC) 50. . 8 46. . 39 . 51. . 40 47 . 600 . 92 29 28 . 48. . . . . . . 200 (Citigroup) . 49. 100 14 . . . ­ 6 : . .( ) "" "" .. . . ­ . . . ... . .6 . .1 Litlefield, Morduch and Hashemi . Rosenberg Castello, Stearns and Christen .7 Goodwin-Groen .12ff Donaghue Hossain and 15 Harper .8 . .25 Diaz MIX .2 .2 Stephens .9 www.themix.org . .10 .2004 / .3 177-213 Robinson .26 " " Honohan .11 .2004 / Vijay Mahajan BASIX .4 Shaw .12 .5 Christian et al 14-16 Mckinnon Robinson Adams, Graham and Von Pischke . . ". " Braverman and Huppi .13 15 - Steve Rasmussen .31 .36 Hart Brandsma and .14 2004 / ". " Braverman and Huppi .15 MIX . MIX 2004 .32 Enda Michael Cracknell .16 . .2004 / . Alfredo Alaniz .17 2001 .2003 / (ASOMIF) . Christian Loupeda .18 Julio C. Herbas Gutierrez .33 .2004 / .2004 / Solidario S.A Trigo Loubiere, Devaney and Rhyne .19 / ,Mathieu Cognac, GRET .34 .7-8 .2003 " Wright and Alamgir .20 .35 .17 " Christian, Lyman and Rosenberg .21 Duflos and Imboden . . 2 .36 ". " 2004 Robie .37 . (TILA) .38 . U.S.C. 1600 et. Seq. MFRC 2004 15 1968 . (MFRC) .39 . BEAC Henry Madrenes .40 FDL Julio Flores .22 .2004 / .2003 / .3-2000 .41 ". " .23 timothy .42 Monika Harutyunyan .24 .2004 / Lyman .2004 / .43 " Wright and Alamgir .25 . .17 " ". : " .44 (UMOA) .26 .6 " " .45 . .7 " " Anft .46 .( ) BCEAO . .47 (UEAC) .2 4 " " .48 . " Citigroup .49 .( ) BEAC ". 200 Ernesto Aguirre .27 Gabriel Davel .50 . .2004 / (MFRC) Christian Loupeda .28 (MFRC) .2004 / .(2004 / 7 ) www.mfrc.co.za Brett Coleman .29 " .51 .2004 / ADB .54 " Shiferaw and Ahma .30 -Hardy, Holden and Propko . penko 16 Adams, Dale W., Douglas H. Graham, and J.D. Von Pischke, eds. Undermining Development with Cheap Credit. Boulder, Colo.: Westview Press, 1984. Anft, Michael. 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Unpublished paper produced for the Donors' Local Consultative Group on Finance, 2004. 18 Alfredo Alaniz, ASOMIF, Nicaragua Ernesto Monika Harutyunyan, Armenia Micro- Aguirre, World Bank enterprise Development Initiative Ramesh Bellamkonda, Bharatha Swamukti Jennifer Isern, CGAP Alain Laurin, Banque de France Samsthe, India Christian Loupeda, Freedom from Camilla Bengtsson, Sida Hunger Timothy Lyman, CGAP Policy Judith Brandsma, independent consultant Advisor Vijay Mahajan, Basix, India Brett Coleman, Asian Development Bank Henry Madrenes, Technical Assistant, Michael Cracknell, Enda Tunisia Carlos BEAC Luis Maldonado, Vision, Para- Cuevas, World Bank guay Mathieu Cognac, GRET Julie Robie; Day, Berry and Howard Gabriel Davel, MFRC, South Africa Fernando Foundation Fernandez, DAI, Ecuador Michael Goldberg, Summer Fellow Richard Rosenberg, CGAP Elisabeth World Bank Hege Gulli, NORAD Sherwood, World Bank Steve Smith, Ivan Gutierrez, ASOMIF, Nicaragua Diego USAID Guzman, ACCIÓN, Colombia David Wright, independent consultant Wagane Diouf, Africap, Senegal 19 . . 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