Microfinance

American journal of Economics and Sociology, Inc.

Learning from Failures in Microfinance: What no-win Cases Tell Us about How GroupBased Programs Work
Author(s): Michael J. V. Woolcock
Reviewed work(s):
Source: American Journal of Economics and Sociology, Vol. 58, No. 1 (Jan., 1999), pp. 17-42
Published by: American Journal of Economics and Sociology, Inc.
Stable URL: http://www.jstor.org/ perpetual/3487873 .
Accessed: 25/03/2012 05:29
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Learningfrom Failuresin Microfinance:
WhatUnsuccessfulCases TeUl s AboutHow GroupU
Based Programs Work
J. V
ByMICHAEL . WOOLCOCK*

F
ABSTRACT. ivecasesof misfortune ithin roup-based icrofinancerograms
w
g
m
p
I
are presented.



arguethatgroupperformance
turnsnot only on the programsendingpoliciesand cost structures-importants these are-but
l
a
on the genius ndextentof socialrelationsa) amongpotential ndactual
a
(
a
groupmembers, b) betweengroupmembers nd programtaff,and (c)
(
a
s
amongprogram taff.Failureseachus importantessonsregarding ow
s
t
l
h
w
t
(as opposedto why)theseprograms orkin happierimes.Thoseseeking
to replicate icrofinancerograms,specially ttherateenvisioned ythe
m
a
p
e
b
Microcreditummit, eed to pay seriousattention o these institutional
S
n
t
junctures.
m
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