Commercialization and Mission Drift
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World Bank, Washington, DC
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Front-line loan officers of microfinance
institutions are important in acquiring information on
potential borrowers and selecting them in accordance with
the microfinance institution's mission. This study uses
a unique data set on loan officers and their loan portfolios
from China's largest nongovernmental organization
microfinance institution to test whether officers'
personal characteristics affect the size and quality of
their loans. The analysis uses a period in which the
institution shifted from reliance on government donations
and subsidies to commercial sources of funding. Imposing
more commercial incentives on loan officers could affect how
they balance potentially competing objectives to serve the
poor and pursue profitability. The paper finds that loan
officers who were formerly farmers or worked in local
government were better able to maintain lending to poorer
borrowers, without incurring substantially lower repayment
rates on their loans. In short, it appears that the career
backgrounds of loan officers did play a role in preventing
mission drift.
Palabras clave
CREDIT PROGRAM, BORROWER, MICROLOAN, LIABILITY, PUBLIC SECTOR COMMERCIAL BANKS, JOINT LIABILITY, STOCK, AMOUNT OF LOANS, INTEREST, DUMMY VARIABLES, EXTERNAL FUNDING, RURAL BANKING, INTEREST RATE, EXCHANGE, FORMAL LOAN, DEVELOPING COUNTRIES, REPAYMENTS, POLITICAL ECONOMY, POSITIVE COEFFICIENT, PORTFOLIO, RURAL CREDIT, CREDIT COOPERATIVES, LOAN, FINANCIAL STATEMENT, CREDITWORTHINESS, LOAN AMOUNT, BORROWERS, GOVERNMENT ASSETS, ASSET MANAGEMENT, LOAN DECISIONS, DUMMY VARIABLE, INFLATION, INTERNATIONAL BANK, STATE BANK, DEVELOPING COUNTRY, LENDER, MICROFINANCE INSTITUTIONS, CENTRAL BANK, MATURITY, SMALL BUSINESS, OVERDUE LOANS, FINANCIAL SUSTAINABILITY, CREDIT COOPERATIVE, GROUP LENDING, LEGAL CONSTRAINTS, REPAYMENT INCENTIVES, FINANCIAL INSTITUTION, COMMERCIAL BORROWING, DISBURSEMENT, COMMERCIAL BANK, PORTFOLIOS, CONTRACTS, POOR BORROWERS, INTEREST RATES, LENDING DECISIONS, FINANCIAL INSTITUTIONS, LOCAL GOVERNMENT, LOAN REPAYMENTS, LOAN MATURITY, LENDERS, LOANS, CREDIT PROGRAMS, AGRICULTURAL BANK, INVENTORY, LOAN SIZES, LEGAL FRAMEWORK, FINANCE, PORTFOLIO QUALITY, LOAN TERMS, SMALL LOANS, INDIVIDUAL LOAN, IPO, TRANSACTION, RURAL FINANCE, LOAN REPAYMENT, REPAYMENT HISTORIES, GOOD, REPAYMENT HISTORY, CREDIT PROVIDERS, REPAYMENT DIFFICULTIES, FUTURE, CREDIT ACCESS, MICRO LOAN, RETURNS, REPAYMENT, FINANCIAL PERFORMANCE, REPAYMENT RATES, DISBURSEMENTS, CREDIT HISTORIES, INFORMAL PROVIDERS, LOAN PORTFOLIO, SHARES, FACE VALUE, BALANCE SHEET, TRANSACTION COSTS, DEFAULT, LOAN QUALITY, MARKET, COMMERCIAL BANK LOAN, POSTAL SAVINGS, LOAN OFFICER, MICROCREDIT, OVERHEAD COSTS, MICROFINANCE, BANK LOAN, GOVERNMENT SUBSIDIES, LOAN OFFICERS, LOAN APPLICATIONS, INVESTMENT, COMMERCIAL BANKS, SHARE, CREDIT RATIONING, LOAN PORTFOLIOS, COLLATERAL, POVERTY, FINANCIAL RISKS, GROUP GUARANTEE, LOAN SIZE, REVENUE, PROFIT, FINANCIAL SUPPORT, RISK MANAGEMENT, CONSUMER PRICE INDEX, LENDING, CHECK, REPAYMENT PERFORMANCE, RISK AVERSION, PROFITS, OUTSTANDING LOANS, LIABILITIES, DURABLES, GUARANTEE, SAVINGS BANK, DEVELOPMENT BANK, INCOME LEVEL, MICROFINANCE INSTITUTION, MICROENTERPRISES