外文翻译小额信贷机构有效性研究.docxVIP

中文2060字 外文翻译原文 Efficiency of Microfinance Institutions Material Source: Springer Science+ Business Media, LLC. Author: Mamiza, Haq · Michael, Skully · Shams Microfinance institutions (MFIs) provide a range of financial services to poor households. Their worldwide growth in numbers has had a positive impact by providing the poor with loans, savings pro ducts, fund transfers and insurance facilities. This has helped create an encouraging socio-economic environment for many of these developing countries households. The nature of these institutions is quite different from traditional financial institutions (such as commercial banks). MFIs are significantly smaller in size, limit their services towards poor households and often provide small collateral-free group loans. Most MFIs depend on donor funds and are not-for-profit oriented organizations that share a common bond among the members. They also differ in their two main operational objectives. First, as mentioned they act as financial intermediaries to poor households. This is known as the ‘institution is paradigm’ which affirms that MFIs should generate enough revenue to meet their operating and financing costs. Second, they have a social goal. This can be defined as the ‘welfarists’ paradigm’ which includes a focus on poverty alleviation and depth of outreach along with achieving financial sustainability. An efficient MFI management should promote these two objectives. The formal MFI institutions (bank MFIs, non bank financial institution MFIs and cooperative MFIs) are subject to prudential regulation and their activities licensed; mainly delivering credit facilities to their members. Some of these also mobilize savings from non-members. In contrast, semiformal MFI institutions, typically non-government organization MFIs (NGO-MFIs), are usually unregulated but registered under some society legislation. Table shows the range of products and funding sources each type entail. Finally, the informal MFI institutions in