The Microfinance revolution : an overview
Date
2008-02
Authors
Sengupta, Rajdeep
Aubuchon, Craig P.
Journal Title
Journal ISSN
Volume Title
Publisher
Federal Reserve Bank of St. Louis
Abstract
The Nobel Prize committee awarded the 2006 Nobel Peace Prize to Muhammad Yunus and the Grameen Bank “for their efforts to create economic and social development from below.” The microfinance revolution has come a long way since Yunus first provided financing to the poor in Bangladesh. The committee has recognized microfinance as “an important liberating force” and
an “ever more important instrument in the struggle against poverty.” Although several authors have provided comprehensive surveys of microfinance, our aim is somewhat more modest: This article is intended as a non-technical overview on the growth and development of microcredit
and microfinance. (JEL I3, J41, N80)