@article{Alimukhamedova:245719,
      recid = {245719},
      author = {Alimukhamedova, Nargiza},
      title = {Contribution of microfinance to economic growth:  Transmission channel and the ways to test it},
      journal = {Business and Economic Horizons (BEH)},
      address = {2013},
      number = {1232-2016-101185},
      pages = {17},
      year = {2013},
      abstract = {Since its birth in 1970s microfinance has been growing  rapidly with the aim to lift people out of poverty and  promote economic growth. Its role and importance has been  amplified amidst the global financial crisis when trust  into formal banking is shaken. Despite global recognition  and popularity of microfinance there is mixed evidence of  its net benefits and very limited work on its contribution  to financial intermediation and economic growth. This paper  first, identifies and discusses possible transmission  channels for microfinance and second, establishes the  choice of appropriate methodology for robust empirical  test. Adapted for panel data the Arellano-Bond (1991)  technique allows for the Granger-Causality type test to  reveal the direction of causality and overcome endogeneity  issue. The main purpose of the estimation is to check  whether microfinance matters - matters for financial sector  development and economic growth.},
      url = {http://ageconsearch.umn.edu/record/245719},
      doi = {https://doi.org/10.22004/ag.econ.245719},
}