Moyart, ManuelDuflos, EricLatortue, AlexiaLecuyer, FrancoisIsern, JenniferRauch, Hubert2014-02-102014-02-102005-10https://hdl.handle.net/10986/16961This Country-Level Effectiveness and Accountability Review (CLEAR) examines the efficacy of microfinance aid in Madagascar, based on an objective analysis of donor assistance for the sustainable development of financial systems targeting the poor. The three levels of the financial system are the micro level (e.g., retail institutions), the meso level (e.g., apex, technical service providers), and the macro level (e.g., regulations and policies). At the micro level, there is a large number of stakeholders, and an increasing interest of banks and private investors, including a predominant stake by the Decentralized Financial Systems (DFS), as well as major roles by the local Savings Institution and the Post Office. At the meso level, there is a supply of services such as auditing. Finally, at the macro level, coordination and supervision exist, and a specific legal framework on microfinance is in place. Notwithstanding, microfinance in Madagascar remains weak, and, concerns suggest DFSs carry structural weaknesses at various levels. Additionally, it is specified services in support of microfinance are still rare, and its quality it debatable. Professional organizations need to be strengthened, particularly as lack of reliable information on financial results is concerned. At the macro level, supervisory and coordinating agencies rely on limited means, whereas the legal framework is not fully supportive. Risks suggest potential market disruptions resulting from subsidies and interest rate hikes, an implication by which the Ministry of Agriculture not always agrees with the Microfinance National Strategy. Finally, the judicial system does not rely enough in favor of the development of the financial sector.en-USCC BY 3.0 IGOACCESS TO FINANCIAL SERVICESACCESS TO TRAININGACCOUNTINGADVOCACY ACTIVITIESAGRICULTURAL BANKAGRICULTURAL FINANCEAGRICULTURAL PRODUCTAGRICULTURAL PRODUCTSAID EFFECTIVENESSAPEX INSTITUTIONSARREARSAUCTIONBALANCE SHEETSBANK BRANCHESBANK RATESBANKING LAWBANKING NETWORKBANKING REGULATIONSBANKING SECTORBANKING SECTORSBANKING SUPERVISIONBANKING SYSTEMBORROWINGBUSINESS PLANBUSINESS PLANSCAPACITY BUILDINGCAPITAL MARKETCASH FLOWSCENTRAL BANKCHECKING ACCOUNTSCOLLATERALCOLLECTIVE ACTIONCOMMERCIAL BANKCOMMERCIAL BANKSCOMPETITIVE BIDDINGCOOPERATIVE BANKSCOOPERATIVESCORRUPTIONCOST OF CREDITCREDIT AGENCYCREDIT ASSOCIATIONCREDIT BANKSCREDIT BUREAUSCREDIT INFORMATIONCREDIT INFORMATION BUREAUCREDIT SUPPORTCUSTOMER BASEDEBTDEEDSDEMAND FOR CREDITDEPOSITSDEVALUATIONDEVELOPING COUNTRIESDEVELOPMENT BANKDISCLOSURE GUIDELINESDIVERSIFICATIONDONOR FUNDINGDONOR FUNDSDONOR SUBSIDIESDONOR SUPPORTECONOMIC COOPERATIONECONOMIC CRISESECONOMIC CRISISECONOMIC GROWTHEDUCATION SYSTEMELIGIBILITY CRITERIAENTERPRISE PROMOTIONEQUIPMENTEXCHANGE RATEEXTERNAL DEBTEXTERNAL FINANCINGEXTERNAL SHOCKSFARMERSFINANCE COMPANIESFINANCESFINANCIAL COSTSFINANCIAL HEALTHFINANCIAL INFORMATIONFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL RESOURCESFINANCIAL SECTOR ASSESSMENTFINANCIAL SECTOR DEVELOPMENTSFINANCIAL SECTOR REFORMFINANCIAL SERVICEFINANCIAL SERVICESFINANCIAL SERVICES PROVIDERSFINANCIAL STATEMENTSFINANCIAL STRUCTUREFINANCIAL SUPPORTFINANCIAL SUSTAINABILITYFINANCIAL SYSTEMFINANCIAL SYSTEMSFINANCIAL TOOLFINANCIAL TOOLSFINANCIAL TRAININGFINANCIAL VIABILITYFINANCING FACILITIESFOREIGN EXCHANGEFORMAL FINANCIAL SECTORGUARANTEE FUNDGUARANTEE FUNDSHUMAN RESOURCESILLITERACYINCOME TAXINFLATIONINFLATION RATEINFORMATION SHARINGINFORMATION SYSTEMINFORMATION SYSTEMSINFORMATION TECHNOLOGYINFRASTRUCTURE INVESTMENTSINSURANCEINSURANCE COMPANIESINTEREST INCOMEINTEREST RATEINTEREST RATE POLICYINTEREST RATESINTERNATIONAL DEVELOPMENTINTERNATIONAL INVESTORSINTERNATIONAL STANDARDSINVENTORYINVESTMENT RISKJOINT STOCK COMPANIESLACK OF INFORMATIONLACK OF KNOWLEDGELAND RECORDSLEGAL FRAMEWORKLEGAL SYSTEMLINES OF CREDITLOANLOAN COOPERATIVESLOAN CUSTOMERSLOAN DEFAULTSLOAN PORTFOLIOLOAN PORTFOLIOSLOAN REPAYMENTLOAN VOLUMELOCAL BANKSLOCAL CURRENCYLOCAL FINANCIAL MARKETSLONG-TERM INVESTMENTSLONG-TERM LOANSMACROECONOMIC STABILITYMACROECONOMIC STABILIZATIONMARKET DISTORTIONSMARKET ECONOMYMERCHANTMERCHANTSMFIMFISMICROCREDITMICROFINANCEMICROFINANCE INSTITUTIONSMICROFINANCE SECTORMONETARY FUNDMONEYLENDERSMORTGAGESNATIONAL BANKNATIONAL BANKSOPERATING COSTSOUTREACHOUTSTANDING CREDITOUTSTANDING LOANSPAYMENT HISTORYPENETRATION RATEPOOR CLIENTSPORTFOLIO MANAGEMENTPORTFOLIO QUALITYPOST OFFICESPOSTAL SAVINGSPOTENTIAL INVESTORSPRIVATE CAPITALPRIVATE INVESTORSPROFITABILITYPROVISIONING RULESREGISTRATION FEESREGULATORY FRAMEWORKREPAYMENTSRESERVESRETURNRETURN ON ASSETSRETURNSRISK MANAGEMENTRISK OF DEFAULTRURAL CREDITRURAL FINANCESAVINGSSAVINGS ACCOUNTSSAVINGS BANKSAVINGS BANKSSCHOLARSHIPSSHAREHOLDERSHAREHOLDERSSOCIAL DEVELOPMENTSUBSIDIZATIONSUPERVISORY AUTHORITYSUPPLY OF CREDITTAX EXEMPTIONSTAX PROVISIONSTAX SYSTEMTECHNICAL ASSISTANCETECHNICAL SUPPORTTELECOMMUNICATIONSTERM CREDITTRAINING CENTERTRANSACTIONTRANSACTION COSTSTRANSPARENCYTREASURYTREASURY BILLTREASURY BILL RATETREASURY BILLSTURNOVERUNFAIR COMPETITIONUNIONUNIONSVILLAGE10.1596/16961