Resumo

VILLAFANI-LBARNEGARAY, Marcelo  e  GONZALES- VEGA, Claudio. Tasas de interés y desempeño diferenciado de cartera de las entidades de microfinanzas ante múltiples shocks sistémicos: ¿Se cumple el teorema de Stiglitz y Weiss en las microfinanzas bolivianas?. rlde [online]. 2007, n.8, pp.11-52. ISSN 2074-4706.

Due to the social, political and macroeconomic instability that Bolivia has experienced over the last decade, the financial system has been exposed to successive and cumulative systemic shocks. However, the incidence of these risks has not been uniform among financial entities. In contrast to the rest of the system, microfinance organizations (MFOs) have expanded their loan portfolios, in a recessive macroeconomic environment characterized by political uncertainty. The financial authorities are concerned about this differentiated performance and the higher loan interest rates. Extending the Sitiglitz and Weiss theorem, this article shows that MFO growth has been the result of a fortunate combination between the financial technologies applied, successively improved, and the characteristics of the clientele. The results obtained justify a redirection of the financial policy debate, to favor the most vulnerable segments of the population.

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