Rosenberg, RichardGaul, ScottFord, WilliamTomilova, Olga2014-01-292014-01-292013-06https://hdl.handle.net/10986/16655From the beginning of modern microcredit, its most controversial dimension has been the interest rates charged by micro lenders, often referred to as microfinance institutions (MFIs). These rates are higher, often much higher, than normal bank rates, mainly because it inevitably costs more to lend and collect a given amount through thousands of tiny loans than to lend and collect the same amount in a few large loans. Higher administrative costs have to be covered by higher interest rates. Many people worry that poor borrowers are being exploited by excessive interest rates, given that those borrowers have little bargaining power, and that an ever-larger proportion of microcredit is moving into for-profit organizations where higher interest rates could, as the story goes, mean higher returns for the shareholders. Section one looks at the level and trend of micro lenders' interest rates worldwide, and breaks them out among different types of institutions (peer groups). Section two examines the cost of funds that micro lenders borrow to fund their loan portfolio. Section three reports on loan losses, including, worrisome recent developments in two large markets. Section four presents trends in operating expenses, and touches on the closely related issue of loan size. Section five looks at micro lenders' profits, the most controversial component of microcredit interest rates. A reader without time to read the whole paper may wish to skip to section six, which provides a graphic overview of the movement of interest rates and their components over the period and a summary of the main findings. The annex describes our database and methodology, including the reasons for dropping four large microlenders6 from the analysis.Depuis les débuts du microcrédit moderne, son aspect le plus controversé est celui des taux d’intérêt appliqués par les micro-prêteurs, que l’on appelle souvent institutions de microfinance (IMF). Ces taux sont plus élevés, souvent même beaucoup plus élevés, que les taux bancaires ordinaires car les frais généraux également plus importants engendrés par la pratique du microcrédit doivent être recouvrés. Mais à quel point ? Nombreux sont ceux qui craignent que les emprunteurs pauvres ne soient exploités en étant soumis à des taux d’intérêt excessifs étant donné qu’ils n’ont que peu de pouvoir de négociation. Une autre source d’inquiétude est le fait qu’une proportion croissante du microcrédit est en train de se réorienter vers les organisations à but lucratif où le relèvement des taux d’intérêt pourrait naturellement se traduire par des rendements supérieurs pour les actionnaires. La Section 1 étudie les niveaux et les tendances des taux d’intérêt du microcrédit à travers le monde, en répartissant les données entre différents types d’institutions (groupes de pairs). La Section 2 examine le coût des ressources que les prêteurs doivent emprunter pour financer leur portefeuille de prêts. La Section 4 présente les tendances des charges d’exploitation et aborde la question de la taille du crédit. La Section 5 se penche sur les bénéfices des institutions de microcrédit, la composante la plus controversée quand on parle des taux d’intérêt du microcrédit. La Section 6 donne une synthèse graphique de l’évolution des taux d’intérêt et de leurs composantes sur la période et offre un résumé des principales conclusions. L’Annexe décrit la base de données et la méthodologie, y compris les raisons pour lesquelles quatre micro-prêteurs importants n’ont pas été pris en compte dans l’ analyse.en-USCC BY 3.0 IGOACCESS TO DEPOSITACCESS TO FINANCEACCESS TO SAVINGSACCOUNTINGACCOUNTING POLICIESADJUSTMENTADMINISTRATIVE COSTSAMOUNT OF LOANAPRBAD DEBTBANK CREDITBANK RATESBANKING AUTHORITIESBARGAINING POWERBORROWERBORROWING COSTSBORROWINGSCAPITAL STRUCTURECASH FLOWSCENTRAL BANKCLAIMCOLLATERALCOLLECTION EFFORTSCOMBINATION OF EQUITYCOMMERCIAL BANKCOMMERCIAL BANKSCOMMERCIAL BORROWINGCOMMERCIAL DEBTCOMMERCIAL LENDINGCOMMERCIAL LOANSCOMPULSORY DEPOSITSCONSUMER PROTECTIONCREDIT RISKCREDIT UNIONDEBTDEPOSITDEPOSIT SERVICESDEPOSITORSDISBURSEMENTDIVIDENDSDOUBLE BOTTOM LINEECONOMIES OF SCALEEMPLOYERSEQUITY INVESTMENTEQUITY INVESTMENTSEXCLUSIONSEXPLOITATIONEXTERNAL AUDITORSFEE INCOMEFINANCE COMPANIESFINANCIAL AUTHORITIESFINANCIAL DATAFINANCIAL HEALTHFINANCIAL INDICATORSFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIATIONFINANCIAL PERFORMANCEFINANCIAL PROVIDERSFINANCIAL SELF-SUFFICIENCYFINANCIAL SERVICESFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SUPPORTFINANCIAL SUSTAINABILITYFIXED ASSETSFORMS OF CREDITGOVERNMENT SUBSIDIESHIGH INTEREST RATESHOUSEHOLDSIDINFLATIONINSURANCEINTEREST COSTINTEREST EXPENSEINTEREST INCOMEINTEREST PAYMENTSINTEREST RATEINTEREST RATE CAPINTEREST RATE CAPSINTEREST RATE DATAINTEREST RATE DECLINEINTEREST RATE DECLINESINTEREST RATESINTERNATIONAL INVESTMENTINTERNATIONAL MARKETSINVESTINGINVESTMENT FUNDSLATE PAYMENTLENDERLENDERSLENDING AGENCIESLEVERAGELIABILITYLOANLOAN AMOUNTLOAN BALANCELOAN CONTRACTLOAN COOPERATIVESLOAN DELINQUENCYLOAN LOSSLOAN LOSS PROVISIONINGLOAN LOSSESLOAN OFFICERLOAN PAYMENTSLOAN PORTFOLIOLOAN PORTFOLIOSLOAN PRODUCTLOAN PRODUCTSLOAN SIZELOAN SIZESMARKET CONDITIONSMARKET DATAMARKET DEVELOPMENTSMFIMFISMICROBORROWERSMICROCREDITMICROFINANCEMICROFINANCE INSTITUTIONSMICROLOANMONEY TRANSFERSMONEYLENDERSNET OPERATING INCOMENET PROFITNET WORTHNOMINAL YIELDNONPERFORMING LOANSOPERATING COSTOPERATING COSTSOPERATING EFFICIENCYOPERATING EXPENSESOUTREACHOUTSIDE LENDERSOUTSTANDING BALANCEOUTSTANDING LOANOUTSTANDING LOANSPOOR BORROWERSPOOR CLIENTSPOSTAL SAVINGSPROBABILITY OF DEFAULTPROBLEM LOANSPROFITABILITYPRUDENTIAL REGULATIONPRUDENTIAL SUPERVISIONREPAYMENTREPAYMENT CRISISREPAYMENT PERIODSRETURNRETURN ON EQUITYRETURNSRETURNS ON EQUITYRURAL BANKSALARIESSAVINGS BANKSAVINGS SCHEMESSAVINGS SERVICESSHAREHOLDERSHAREHOLDERSSMALL BUSINESSSMALL BUSINESS LOANSSMALL LOANSMALL LOANSSPECIALIZED BANKSSTATE BANKTAXTRANSACTIONTRANSACTION COSTSTRANSPARENCYVILLAGEVOLUNTARY DEPOSITSWAGESWorld Bank10.1596/16655