Author: Chastity Cypria (University of Cambridge)
Abstract:
The impact of systematic risks on financial markets has been evident during the near collapse of the worldwide financial system in 2007/8. This paper attempts to evaluate what effect this substantive event has had on the performance of microfinance investments, which have been presented over years as a distinct and uncorrelated financial asset class. This claim calls for a reassessment, especially in view of the substantially increasing flow of funds into the microfinance industry, its geographical expansion, as well as the impressive current number of customers and its predicted future potential. Although restricted, the financial data available for the years 2008/9 and its analysis, suggest a possible correlation between microfinance and the other financial asset classes and that previous findings to the contrary cannot be endorsed especially in view of the special characteristics and developments of microfinance institutions.
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