Compatibilidad o conflicto entre objetivos sociales y financieros de las microfinanzasdebates teóricos y evidencia empírica

Zusammenfassung

Microfinance is a growing sector that is not free of questioning. The effects of this practice and the possible conflicts between social and financial objectives are issues that continue to be debated and that require deeper analysis. This paper is based on theoretical and empirical analysis that involve different aspects about microfinance institutions and their operations. In the sector there are points of view oriented to development and social requirements, along with others that are closer to financial economics and the broadening of the base of the financial system. The possible tensions among such points of view, which may present problems in working to provide support for the poorest people in a sustainable way, for example, are regarded as key concerns. In this context, based on a deep theoretical and bibliographic analysis, a quantitative study is carried out from a broad database including more than 1,000 microfinance institutions studied with principal components analysis. Besides shedding light over other issues, the article concludes that there is no inescapable contradiction between the search for greater social projection of the microfinance institutions and their own financial solvency, showing that, in real practice, both issues may be compatible and complementary