The recent success of microfinance for the urban self-employed contrasts with decades of failure on the part of public development banks for small farmers. This article describes the ways in which rural microfinance organisations have tried to adapt the lessons of urban microfinance to manage the risks and control the costs of the supply of financial services in rural areas. It then asks whether the lessons of urban microfinance are likely to apply in the poorest rural areas of Argentina. The article concludes that microfinance is unlikely to improve access to small loans and small deposits for many of the rural poor in Argentina; distances are too great, farmers too specialised, and wages too high. Improved access depends not on targeting loans by government decree but on strengthening institutions that support financial markets.

From Urban to Rural: Lessons for Microfinance from Argentina

The question of where rural capital markets are headed is a timely one for several reasons. First, rural capital markets are in the process of integrating into a broad-based national capital market. Second, these rural markets seem likely to continue harboring unfilled gaps, compared to national capital markets. Third, structural changes in the markets can have both positive and negative impacts on availability of financial services in nonmetropolitan America. Finally, rural capital markets are expected to carry the burden of financial lubricant to support expanded rural economic development efforts. For purposes of this paper, rural is assumed to be synonymous with nonmetropolitan, since data are typically organized on the basis of a metropolitan/nonmetropolitan framework.

Keynote address : where are rural capital markets headed?

Transitions in Rural Financial Markets: Visions of Future Bank Structure: Discussion

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Transitions in Rural Financial Markets: Visions of Future Bank Structure: Discussion