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Maurizio Caserta and Francesco Reito
 
''Outreach and Mission Drift in Microfinance: An Interpretation of the New Trend''
( 2013, Vol. 33 No.1 )
 
 
This paper presents a theoretical description of some of the recent developments in the financial programs offered by microfinance institutions (MFIs). We show that even under for-profit MFIs, there is not necessarily a crowding out of the poorest microentrepreneurs, and that MFIs may optimally choose to offer both joint liability contracts (to poor borrowers) and individual liability contracts (to wealthier borrowers).
 
 
Keywords: Individual liability lending, joint liability lending, outreach, mission drift, for-profit microfinance institutions
JEL: D8 - Information, Knowledge, and Uncertainty: General
O1 - Economic Development: General
 
Manuscript Received : Sep 14 2012 Manuscript Accepted : Jan 15 2013

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