Publication:
The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar: A Panel Data Analysis

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Date
2011-04
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Published
2011-04
Abstract
This paper analyses the impact of a microfinance institution (MFI) serving small informal enterprises in Antananarivo (Madagascar). The methodology consists of comparing over time the situation of a representative sample of clients' enterprises with a control group, constructed in an almost experimental way through a standard propensity-score matching technique. Overall, the results indicate a positive impact of the project. Taken as a snapshot, the evaluations successively conducted in 2001 and 2004 indicate that the clients' enterprises recorded better average performance than enterprises without funding. With a dynamic perspective however, the results are more nuanced. If the positive effect of the project is clear during growth phases, its effect during economic recessions appears less certain.
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Gubert, Flore; Roubaud, Francois. 2011. The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar: A Panel Data Analysis. © World Bank, Washington, DC. http://hdl.handle.net/10986/27328 License: CC BY 3.0 IGO.
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