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The Development of Microcredit in Colombia

Editor

Listed:
  • Asomicrofinanzas
  • Banco de la República

Author

Listed:
  • Dairo Ayiber Estrada
  • Ana María Yaruro-Jaime
  • Felipe Clavijo-Ramírez
  • Laura Marcela Capera Romero
  • Jairo Gómez
Abstract
Presentarles este libro me hace muy feliz porque resalta el papel de las entidades microfinancieras en la inclusión financiera de la población más vulnerable y su impacto en el desarrollo económico del país. A través de un análisis riguroso, amigos y colegas del Banco de la República, el Fondo para el Financiamiento del Sector Agropecuario (Finagro), la Universidad Libre de Ámsterdam y la Asociación Colombiana de Instituciones Microfinancieras (Asomicrofinanzas) nos muestran la evolución del mercado de microcrédito en las últimas dos décadas, las principales determinantes de la morosidad en este segmento y el impacto de este tipo de préstamos. Este libro es una lectura obligada para los interesados en el rol de las entidades microfinancieras en el proceso de inclusión financiera en Colombia y en su contribución al desarrollo económico del país. Es también de interés para las entidades microfinancieras, quienes trabajan día a día por la población más vulnerable del país a través de un portafolio de servicios diversificado y de protocolos de atención adaptados al tipo de cliente. Es igualmente importante para los hacedores de política pública, quienes pueden contar con la industria microfinanciera para la implementación de políticas enfocadas en los más vulnerables. A lo largo del libro encontrarán evidencia de los esfuerzos que han venido haciendo las instituciones microfinancieras en la construcción de un país más desarrollado e inclusivo, lo cual ha sido posible gracias a la apertura de los entes reguladores y al apoyo de entidades nacionales e internacionales de desarrollo. En especial, quiero agradecer al Banco de la República y su equipo técnico por el apoyo brindado para la elaboración de investigaciones de este tipo que le dan solidez a la industria microfinanciera. En el primer capítulo encontrarán una caracterización del mercado de microcrédito en Colombia entre 2010 y 2020, destacando las particularidades de este tipo de préstamos en términos de monto, destino, plazo y destino. De igual manera, se resalta los avances en cobertura de las entidades microfinancieras y los sectores económicos más representativos. Asimismo, se destacan las principales características de los clientes de microcrédito y su evolución en el periodo de análisis. En el segundo capítulo se analiza la dinámica del microcrédito desagregando entre las entidades que son vigiladas por Superintendencia Financiera de Colombia (SFC) y las que no. De igual manera, se presentan los resultados de un modelo de los determinantes de morosidad de la cartera de microcrédito en Colombia, con el fin de ampliar el conocimiento de la industria sobre los factores de mayor riesgo para su cartera. El tercer capítulo presenta un resumen de la literatura reciente sobre las mediciones de impacto del microcrédito y se exponen los resultados de un análisis sobre la incidencia de la pobreza y vulnerabilidad entre los clientes de microcrédito en Colombia. Complementando lo anterior se expone un modelo que muestra el impacto del microcrédito en el PIB per cápita por municipio y el bienestar de la población. El cuarto capítulo, por su parte, describe cómo se ha transformado la oferta de las entidades microfinancieras en diferentes zonas geográficas y examina las reacciones de los proveedores de crédito que operan en los mercados locales frente a la entrada-salida de nuevos competidores. Asimismo, estudia las características de los mercados locales que pueden influenciar las decisiones de las entidades financieras respecto a su red de oficinas. Finalmente, el capítulo quinto presenta una reseña de las quince entidades pertenecientes a Asomicrofinanzas que compartieron sus microdatos para la realización de este trabajo. A lo largo del libro también encontrarán cinco recuadros que complementan los análisis descritos. Los temas abordados incluyen el estado de los micronegocios en Colombia, el uso de métodos alternativos de scoring, los indicadores sociales para la industria microfinanciera, la oferta de microseguros por parte de entidades del sector y su rol en la inclusión financiera de migrantes. **** ABSTRACT: I am very happy to present this book because it highlights the role of microfinance institutions (MFIs) in the financial inclusion of the most vulnerable population and its impact on the economic development of the country. Through a rigorous analysis, friends and colleagues from Banco de la República (the Central Bank of Colombia), the Fund for the Financing of the Agricultural Sector (Finagro), the Free University of Amsterdam, and Asomicrofinanzas (the Colombian Association of Microfinance Institutions) show us the evolution of the microcredit market in the last two decades, as well as the main determinants of delinquency in this segment and the impact of this type of loans. This book is a must-read for those interested in the role of MFIs in the process of financial inclusion in Colombia and in their contribution to the economic development of the country. It is also of interest for the MFIs themselves, who work every day for the most vulnerable population in the country through a diversified portfolio of services and service protocols adapted to this clientele. It is equally important for public policy makers, who can count on the microfinance industry to implement policies focused on the most vulnerable. Throughout the book you will find evidence of the efforts that MFIs have been making to build a more developed and inclusive country, which has been possible thanks to the openness of regulators and the support of national and international development institutions. In particular, I would like to thank Banco de la República and its technical staff for their support for this type of research, which strengthens the microfinance industry. In the first chapter, you will find a characterization of the microcredit market in Colombia between 2010 and 2020, highlighting the particularities of this type of loans in terms of amount, destination, and term. Likewise, the advances in coverage by MFIs and the most representative economic sectors are highlighted. Also, the main characteristics of microcredit clients and their evolution in the analysis period are underlined. The second chapter analyzes the dynamics of microcredit disaggregating between the institutions that are monitored by the Office of the Financial Superintendent of Colombia (SFC) and those that are not. Likewise, the results of a model of the determinants of delinquency of the microcredit portfolio in Colombia are presented, in order to expand the knowledge of the industry on the factors of greater risk for its portfolio. The third chapter presents a summary of the recent literature on microcredit impact measurements and the results of the analysis on the incidence of poverty and vulnerability among microcredit clients in Colombia. Complementing the above, we present a model that shows the impact of microcredit on GDP per capita by municipality and the well-being of the population. The fourth chapter describes how the supply of MFIs in different geographical areas has transformed and examines the reactions of credit providers to the entry-exit of new competitors. It also studies the characteristics of local markets that can influence the decisions of financial institutions regarding their network of offices. Finally, chapter five presents a review of the fifteen institutions affiliated to Asomicrofinanzas and who shared their microdata for this work. Throughout the book you will also find five boxes that complement the described analyzes. The topics addressed include the situation of micro-businesses in Colombia, the use of alternative scoring methods, social indicators for the microfinance industry, the supply of micro-insurance by sector institutions, and the role of MFIs in the financial inclusion of migrants.

Suggested Citation

  • Dairo Ayiber Estrada & Ana María Yaruro-Jaime & Felipe Clavijo-Ramírez & Laura Marcela Capera Romero & Jairo Gómez, 2023. "The Development of Microcredit in Colombia," Books, Banco de la Republica de Colombia, number 2023-isbn:9786289511222 edited by Asomicrofinanzas & Banco de la República, December.
  • Handle: RePEc:bdr:bdrlib:2023-isbn:9786289511222
    DOI: 10.32468/Ebook.95112-2-2
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    References listed on IDEAS

    as
    1. Bellucci, Andrea & Borisov, Alexander & Zazzaro, Alberto, 2013. "Do banks price discriminate spatially? Evidence from small business lending in local credit markets," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4183-4197.
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    3. Anis Chowdhury, 2009. "Microfinance as a Poverty Reduction Tool—A Critical Assessment," Working Papers 89, United Nations, Department of Economics and Social Affairs.
    4. Raihan, Selim & Osmani, S.R. & Khalily, M.A. Baqui, 2017. "The macro impact of microfinance in Bangladesh: A CGE analysis," Economic Modelling, Elsevier, vol. 62(C), pages 1-15.
    5. Abhijit Banerjee & Esther Duflo & Rachel Glennerster & Cynthia Kinnan, 2015. "The Miracle of Microfinance? Evidence from a Randomized Evaluation," American Economic Journal: Applied Economics, American Economic Association, vol. 7(1), pages 22-53, January.
    6. Ochoa P., Juan Camilo & Galeano M., Wilinton & Agudelo V., Luis Gabriel, 2010. "Construcción de un modelo de scoring para el otorgamiento de crédito en una entidad financiera," Perfil de Coyuntura Económica, Universidad de Antioquia, CIE, November.
    7. Timothy E. Dore & Traci L. Mach, 2018. "Recent Trends in Small Business Lending and the Community Reinvestment Act," FEDS Notes 2018-01-02, Board of Governors of the Federal Reserve System (U.S.).
    8. Sumit Agarwal, 2010. "Distance and Private Information in Lending," The Review of Financial Studies, Society for Financial Studies, vol. 23(7), pages 2757-2788, July.
    9. Raihan, Selim & Osmani, S. R. & Khalily, M. A. Baqui, 2017. "The Macro Impact of Microfinance in Bangladesh: A CGE Analysis," Conference papers 332868, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Microcrédito; Morosidad; Pobreza y vulnerabilidad; Microseguros; Inclusión financiera de migrantes; Microcredit; Delinquencies; Poverty and Vulnerability; Micro-Insurances; Inclusion of migrants;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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