國(guó)際貿(mào)易外文翻譯---小額信貸業(yè)的發(fā)展陣痛

1、<p>　　2007級(jí)畢業(yè)論文外文翻譯資料</p><p>　　Microfinance's Latest Growing Pains</p><p>　　小額信貸業(yè)的發(fā)展陣痛</p><p>　　《Knowledge Wharton》February 2nd 2011</p><p>　　《沃頓知識(shí)》雜志 2011年2月2

2、日</p><p><b>　　譯者：劉穎會(huì)</b></p><p><b>　　大連民族學(xué)院</b></p><p><b>　　國(guó)際商學(xué)院</b></p><p><b>　　國(guó)際經(jīng)濟(jì)與貿(mào)易</b></p><p><b&

3、gt;　　072班</b></p><p><b>　　2011年6月</b></p><p><b>　　小額信貸業(yè)發(fā)展陣痛</b></p><p>　　近期的小額信貸危機(jī)源于印度南部城市安得拉邦，當(dāng)?shù)剡^(guò)度負(fù)債、暴力催款和借款者被迫自殺等問(wèn)題引發(fā)了民眾對(duì)小額信貸行業(yè)的廣泛指責(zé)，并強(qiáng)烈呼吁政府加強(qiáng)監(jiān)管。<

4、/p><p>　　10月，印度政府對(duì)損害信貸、強(qiáng)行控制回款天數(shù)并拖累印度最大的盈利性小額信貸公司SKS股價(jià)暴跌的小額信貸機(jī)構(gòu)實(shí)施管制。1月19日，印度儲(chǔ)備銀行發(fā)布Malegam委員會(huì)報(bào)告，建議對(duì)印度小額信貸機(jī)構(gòu)施加一系列新的監(jiān)管措施，包括設(shè)置利率上限、貸款限額以及對(duì)借款人的收入進(jìn)行規(guī)定。有些觀察家對(duì)此表示歡迎，而悲觀人士則認(rèn)為此舉難以避免信貸緊縮和行業(yè)崩潰。</p><p>　　盡管現(xiàn)在要分析

5、行業(yè)前景還為時(shí)尚早，但安得拉邦的危機(jī)著實(shí)引發(fā)了民眾對(duì)全球小額信貸行業(yè)的熱烈討論和深刻反省。近期在沃頓阿瑞斯高級(jí)管理教育學(xué)院小額信貸管理培訓(xùn)班上，討論的焦點(diǎn)集中在過(guò)度信貸、高速的行業(yè)增長(zhǎng)以及如何在追求利潤(rùn)的同時(shí)更好地實(shí)現(xiàn)小額信貸的設(shè)立宗旨。</p><p>　　小額信貸業(yè)經(jīng)歷了一場(chǎng)由壞賬“大地震”所引發(fā)的“痛苦的覺(jué)醒”，26名來(lái)自全球各地的社會(huì)財(cái)富計(jì)劃參與者之一Kamran Azim在一堂主題為小額信貸業(yè)的增長(zhǎng)與可

6、持續(xù)發(fā)展的討論中如此比喻道。Azim是創(chuàng)立于1996年的巴基斯坦拉合爾小額信貸機(jī)構(gòu)Kashf基金的運(yùn)營(yíng)總監(jiān)。他指出，過(guò)去20到30年間，小額信貸的方式方法幾乎都沒(méi)有發(fā)生過(guò)變化。但現(xiàn)在，突然之間，這個(gè)行業(yè)經(jīng)歷了一場(chǎng)地震。</p><p>　　正如該培訓(xùn)計(jì)劃中一門課程的導(dǎo)言所說(shuō)：“面對(duì)不斷加速的變革，人們趨向于依賴傳統(tǒng)的方式進(jìn)行商業(yè)發(fā)展。然而，正是在這樣的時(shí)刻，創(chuàng)新方顯得尤為重要?！贝送猓瑤酌麑W(xué)員也指出，小額信貸行業(yè)

7、必須在兼顧客戶需求的同時(shí)通過(guò)創(chuàng)新的方式來(lái)鞏固發(fā)展。對(duì)于部分小額信貸機(jī)構(gòu)而言，他們亟待補(bǔ)充的是諸如盡職調(diào)查、可持續(xù)發(fā)展和關(guān)注客戶等基本商業(yè)知識(shí)。</p><p><b>　　過(guò)度負(fù)債的效應(yīng)</b></p><p>　　現(xiàn)代小額信貸活動(dòng)發(fā)源于1977年孟加拉國(guó)。當(dāng)時(shí)經(jīng)濟(jì)學(xué)教授穆罕默德·尤努斯發(fā)起了一項(xiàng)實(shí)驗(yàn)，向難以獲得傳統(tǒng)銀行貸款的窮人提供小額無(wú)擔(dān)保貸款。之后的三

8、十年內(nèi)，尤努斯教授創(chuàng)建的模式被人們所廣泛接受，并被許多國(guó)家復(fù)制，作為對(duì)抗貧困的方式。小額信貸自此在全球范圍內(nèi)廣為傳播，尤努斯教授也因此而在2006年獲得諾貝爾獎(jiǎng)。</p><p>　　然而，近年內(nèi)，愈加激烈的業(yè)內(nèi)競(jìng)爭(zhēng)以及全球經(jīng)濟(jì)走低讓借款人和小額信貸機(jī)構(gòu)雙雙陷入困境。隨著越來(lái)越多的商業(yè)銀行和盈利性企業(yè)進(jìn)入市場(chǎng)、股東提高投資，部分市場(chǎng)開(kāi)始過(guò)度飽和，借款人所得到的資金也大大超出其信用水平?，F(xiàn)在，小額信貸機(jī)構(gòu)開(kāi)始尋求持

9、續(xù)增長(zhǎng)、降低風(fēng)險(xiǎn)的途徑。</p><p>　　“我們正處于一個(gè)緊張的局勢(shì)之下，既要保證可持續(xù)發(fā)展，又要兼顧社會(huì)影響”，F(xiàn)onkoze公司執(zhí)行董事Carine Roenen表示：“如果無(wú)法平衡這兩者之間的關(guān)系，事情就會(huì)變得非常糟糕。”Fonkoze小額信貸公司位于海地首都太子港，是一家真正的草根企業(yè)。</p><p>　　目前，F(xiàn)onkoze是海地最大的小額信貸機(jī)構(gòu)，但它也曾經(jīng)面臨過(guò)類似的尷

10、尬處境。2008年，颶風(fēng)致使其三分之一的客戶遭受嚴(yán)重?fù)p失。Fonkoze公司通過(guò)對(duì)現(xiàn)有貸款進(jìn)行重組，幫助客戶渡過(guò)難關(guān)。自2010年1月海地大地震以來(lái)，F(xiàn)onkoze公司已經(jīng)提供了上千次的現(xiàn)金補(bǔ)助，新增貸款超過(guò)一萬(wàn)筆。同時(shí)，該公司還設(shè)立了小額災(zāi)難保險(xiǎn)計(jì)劃。</p><p>　　“小額信貸一直被奉為有益于人民的產(chǎn)物，尤其是在尤努斯教授獲得諾貝爾獎(jiǎng)之后”，Roenen指出，“但是現(xiàn)在安得拉邦的情況讓大家對(duì)小額信貸產(chǎn)生了

11、負(fù)面的看法…我們應(yīng)該可以從中得到一些教訓(xùn)。公眾認(rèn)為也期待我們能夠?yàn)樯鐣?huì)貢獻(xiàn)價(jià)值。但我們需要更好地溝通這一理念?！?lt;/p><p>　　過(guò)去三年內(nèi)，過(guò)度負(fù)債問(wèn)題引發(fā)了一系列的危機(jī)和抗議活動(dòng)。據(jù)沃頓商學(xué)院社會(huì)財(cái)富計(jì)劃的另一名參與者、紐約婦女世界銀行行政副總裁Inez Murray指出，這些活動(dòng)包括：2008年尼加拉瓜“不付款”(No Pago)運(yùn)動(dòng)引發(fā)了大范圍的違約和暴力抗議，致使當(dāng)?shù)匦☆~信貸業(yè)遭受危機(jī)；摩洛哥小額信

12、貸業(yè)遭遇大量違約，導(dǎo)致當(dāng)?shù)刈畲蟮男☆~信貸機(jī)構(gòu)之一倒閉；波斯尼亞在戰(zhàn)后恢復(fù)期內(nèi)過(guò)度發(fā)展信貸，在根本沒(méi)有足夠客戶的情況下，卻出現(xiàn)了大量小額信貸機(jī)構(gòu)。產(chǎn)生以上種種情況的根本原因不盡相同，但都十分復(fù)雜：惡性競(jìng)爭(zhēng)——例如，互相爭(zhēng)奪優(yōu)質(zhì)客戶——以及缺乏完善的盡職調(diào)查而一味追求快速擴(kuò)張；通過(guò)當(dāng)?shù)卣瘟α坎倏v客戶；此外還有宏觀經(jīng)濟(jì)的疲軟。小額信貸“有自己的生態(tài)系統(tǒng)，”Murray表示，“太過(guò)成功就會(huì)導(dǎo)致更多資金流入，自然也就會(huì)孳生更多風(fēng)險(xiǎn)”。</

13、p><p>　　同樣參與社會(huì)財(cái)富計(jì)劃的Mavsuda Vaisova則與大家分享了塔吉克斯坦過(guò)度負(fù)債的負(fù)面影響，她曾在位于杜尚別的小額信貸基金Humo and Partners擔(dān)任總監(jiān)。2005年，該公司僅有19位員工，而發(fā)展至今，已經(jīng)擁有11家分支機(jī)構(gòu)，260名員工，10，000名客戶以及550萬(wàn)美金的帳戶規(guī)模。</p><p>　　在部分國(guó)家，過(guò)度負(fù)債的問(wèn)題被歸咎于信息缺乏：在缺乏信用體系

14、或正規(guī)的身份證明的情況下，貸款人難以判斷借款人的信用歷史或是否已經(jīng)有其他貸款。但據(jù)Vaisova表示，塔吉克斯坦的情況卻并不是這樣。這個(gè)國(guó)家擁有完善的客戶信息交換系統(tǒng)，因此小額信貸公司可以很清楚地知道客戶是否已經(jīng)有負(fù)債?！八麄兛梢钥吹侥硞€(gè)客戶已經(jīng)在其他貸款公司借了幾筆款項(xiàng)，是否已經(jīng)償清。但是，急于擴(kuò)張的欲望讓這些公司不顧一切，依然為客戶進(jìn)行貸款?！奔热挥袡C(jī)可乘，大多數(shù)借款人當(dāng)然樂(lè)得拿到更多的錢?！叭藗儫o(wú)法正確地評(píng)估自己的貸款需求。他們只

15、是一味的借錢，借錢，借錢——最終導(dǎo)致自己無(wú)力償還?！?lt;/p><p>　　而許多國(guó)家的傳統(tǒng)商業(yè)銀行也開(kāi)始發(fā)起攻勢(shì)，為了保持市場(chǎng)份額，小額信貸公司不得不面臨越來(lái)越大的壓力?！斑@些新的競(jìng)爭(zhēng)者不同于一般的競(jìng)爭(zhēng)者，他們的規(guī)模遠(yuǎn)遠(yuǎn)大于我們，面對(duì)這樣強(qiáng)大的對(duì)手，我們很容易就輸?shù)暨@場(chǎng)戰(zhàn)爭(zhēng)，”Mibanco公司總經(jīng)理、社會(huì)財(cái)富計(jì)劃的參與者之一Rafael Llosa表示，“當(dāng)你希望成為市場(chǎng)中的領(lǐng)導(dǎo)者，為生存而不斷抗?fàn)帟r(shí)，你就會(huì)開(kāi)

16、始關(guān)注其他的事情?！盡ibanco是一家位于秘魯利馬的私人銀行，主要客戶為微型和小型企業(yè)。</p><p>　　然而，社會(huì)財(cái)富計(jì)劃的參與者們認(rèn)為如果小額信貸機(jī)構(gòu)希望繼續(xù)為緩解貧困做出貢獻(xiàn)，就不得不考慮利潤(rùn)問(wèn)題。</p><p><b>　　建立聯(lián)盟</b></p><p>　　但是多少才算利潤(rùn)？拿安得拉邦來(lái)說(shuō)，去年10月份，該國(guó)政府官員就將小額

17、信貸機(jī)構(gòu)追求“超額利潤(rùn)”作為打壓這一行業(yè)的理由。</p><p>　　印度的許多小額信貸公司之所以尋求投資者的資金，部分原因是印度的銀行法所致，班加羅爾小額信貸公司Ujjivan北區(qū)首席運(yùn)營(yíng)官、社會(huì)財(cái)富計(jì)劃參與者Vikram Jetley表示。據(jù)公司網(wǎng)站信息顯示，Ujjivan已經(jīng)完成了四輪資本輸入，并且在連續(xù)三年盈利后，正在籌備上市計(jì)劃。</p><p>　　“現(xiàn)在，大家都把一個(gè)地方發(fā)生

18、的事情當(dāng)作是全世界都會(huì)發(fā)生的事情，認(rèn)為安得拉邦的情況就是秘魯、海地、塔吉克斯坦或是非洲其他地方的情況。我認(rèn)為這將讓小額信貸行業(yè)面臨巨大的風(fēng)險(xiǎn)，”Jean-Louis指出，“確實(shí)，印度發(fā)生了一些問(wèn)題。我們應(yīng)該從中吸取教訓(xùn)，對(duì)問(wèn)題進(jìn)行研究分析，從而避免在世界上的其他地方出現(xiàn)同樣的問(wèn)題…但是與此同時(shí)，我們也應(yīng)該綜合地來(lái)分析。不同環(huán)境下的不同情況，具體事情具體分析，仔細(xì)研究問(wèn)題，而不是將問(wèn)題全球化，把任何問(wèn)題都當(dāng)作是一定會(huì)發(fā)生在自己身上的事情。

19、”</p><p>　　近期，安得拉邦的危機(jī)以及其他國(guó)家的事態(tài)發(fā)展讓小額信貸行業(yè)的領(lǐng)導(dǎo)者們匯聚一堂，探索如何在未來(lái)更好地控制過(guò)度負(fù)債，Murray說(shuō)道。“小額信貸行業(yè)必須面對(duì)現(xiàn)實(shí)，建立聯(lián)盟，同時(shí)還需要加強(qiáng)自我監(jiān)管。然而，這將是一個(gè)循序漸進(jìn)的過(guò)程。這其中，我們可能還需要引入法律監(jiān)管，但前提是，監(jiān)管不能妨礙增長(zhǎng)。”</p><p>　　小額信貸行業(yè)重點(diǎn)關(guān)注的領(lǐng)域在于如何衡量社會(huì)影響，建立行業(yè)標(biāo)

20、準(zhǔn)從而讓企業(yè)能夠?qū)崿F(xiàn)自我監(jiān)管。同時(shí)，小額信貸企業(yè)還在追求產(chǎn)品多樣化：經(jīng)過(guò)多年的貸款經(jīng)驗(yàn)，許多小額信貸機(jī)構(gòu)認(rèn)為其他類型的金融服務(wù)甚至可能會(huì)比貸款帶來(lái)更大的影響。例如，儲(chǔ)蓄賬戶可以給窮人們一個(gè)安全的存放緊急備用資金的選擇。而保險(xiǎn)產(chǎn)品則可以幫助他們管理風(fēng)險(xiǎn)。</p><p>　　根據(jù)在摩洛哥開(kāi)展的一項(xiàng)研究，婦女世界銀行發(fā)現(xiàn)婦女借款人傾向于將收入的40%作為健康緊急備用資金，Murray指出?！皬倪@一點(diǎn)來(lái)說(shuō)，這些婦女可以

21、將20%的資金作為保費(fèi)，剩下20%的資金用于投資。長(zhǎng)期來(lái)說(shuō)，這可能是讓她們擺脫貧困的更好的選擇?！?lt;/p><p>　　Microfinance's Latest Growing Pains</p><p>　　The most recent crisis to hit microfinance began in India's southern state of Andh

22、ra Pradesh, where allegations of widespread over-indebtedness, heavy-handed collection tactics and borrower suicides have stirred a national debate about regulating the industry.</p><p>　　In October, the sta

23、te government slapped restrictions on microfinance institutions that crippled lending and sent collection rates plummeting along with the share price of SKS Microfinance, India's largest for-profit microlender. On Ja

24、nuary 19, the Malegam Committee Report, released by the Reserve Bank of India, recommended a range of new regulations for India's microfinance institutions, including interest rate caps, loan limits and income ceilin

25、gs for borrowers. Some observers welcomed the new</p><p>　　While it is too early to tell how the sector will respond, the crisis in Andhra Pradesh has sparked heated debate and soul-searching throughout the

26、world's microfinance community. During a recent program for microfinance leaders at Wharton's Aresty Institute of Executive Education, discussion turned repeatedly to questions of over-indebtedness, rapid industr

27、y growth, and the fine line between profits and purpose.</p><p>　　The microfinance sector has experienced "a rude awakening" by "a delinquency earthquake," said one of the program's 2

28、6 international participants, Kamran Azim, during a general discussion about the growth and sustainability of the microfinance industry. Azim, head of operations at the Kashf Foundation, a microfinance organization estab

29、lished in 1996 in Lahore, Pakistan, pointed out that methods and methodologies in microfinance have changed little in the past 20 or 30 years. Now suddenly, the ea</p><p>　　Sponsored by the Women's

30、World Banking Center for Microfinance Leadership, the Advanced Leadership Program at Wharton brought together microfinance leaders for a week of intensive study, brainstorming and networking to help prepare them for the

31、challenges facing microfinance today. The goal of this year's cohort: to find innovative ways to confront the global economic crisis, new competition, increased regulation and relentless pressure to perform.</p>

32、;<p>　　"During times of accelerated change, there is a tendency to rely on known ways of doing business," reads the introduction to one of the program's courses. "Yet it is at just these times t

33、hat innovation is of heightened importance." At the same time, as several participants noted, the industry must find new ways to sustain growth without losing sight of clients' needs. For some microfinance insti

34、tutions, that could require a crash course in business fundamentals such as due diligence, sustainable</p><p>　　The Effects of Over-lending</p><p>　　The modern microfinance movement began in Ban

35、gladesh in 1977, as an experiment by economics professor Muhammad Yunus, who gave out small, no-collateral loans to groups of borrowers too poor to get credit from traditional banks. Over the next three decades, the mode

36、l he established became widely accepted and replicated in other countries as a way to fight poverty. Microfinance spread around the world and earned Yunus a Nobel Prize in 2006.</p><p>　　But over the past fe

37、w years, increasing competition among lenders and a weak global economy have strained borrowers and microfinance institutions alike. As an increasing number of banks and for-profit companies entered the market and contri

38、butions from investors increased, some markets became over-saturated and borrowers over-extended. Microfinance institutions are now seeking ways to continue growing with less risk.</p><p>　　"We are in a

39、 tension field between sustainability and ... social impact," said participant Carine Roenen, executive director of Fonkoze, a grass-roots microfinance organization based in Port-au-Prince, Haiti. "You take one

40、 of these two poles out of the equation and things go wrong."</p><p>　　Fonkoze, Haiti's largest microfinance institution, is used to operating under such tension. After hurricanes affected the lives

41、 of one-third of its clients in 2008, Fonkoze helped struggling borrowers by rescheduling existing loans. Since the earthquake in January 2010, it has distributed thousands of cash grants, and more than 10,000 new loans

42、to clients, and has developed a catastrophe micro-insurance program.</p><p>　　"Microfinance, especially after Yunus received his [Nobel] prize, was branded as something that was good for the people,&quo

43、t; Roenen noted. "And now Andhra Pradesh comes with a story where it is bad.... We can probably learn what happened there. The public knows and expects from us that we provide social value. But we need to communicat

44、e about that much more than we do."</p><p>　　The last three years have witnessed a wave of events stemming from over-lending, said program participant Inez Murray, executive vice president of New York-b

45、ased Women's World Banking. Among them: Nicaragua's microfinance industry suffered a crisis in 2008 when a "No Pago" (No Pay) movement led to widespread defaults and violent protests; Morocco's micr

46、ofinance sector experienced a wave of defaults that led to the demise of one of the biggest MFIs; and Bosnia witnessed over-indebtedness after wa</p><p>　　Program participant Mavsuda Vaisova saw the negative

47、 results of overlending in Tajikistan, where she works as general director for Humo and Partners, a micro-lending fund in Dushanbe. Started with a staff of just 19 in 2005, the microlending organization now has 11 branch

48、es, 260 employees, 10,000 clients and an active portfolio of US$5.5 million.</p><p>　　"Last year, during the crisis situation, we saw what happened. People were killing themselves because they could not

49、 repay five or six loans," Vaisova said. "These cases in Tajikistan happened so often [that we said] to all our creditors, 'Please don't push us because we cannot push people to kill themselves.'&qu

50、ot;</p><p>　　In some countries, the problem of over-indebtedness has been attributed to a lack of information: Without a system of credit bureaus or official identification cards for the poor, lenders could

51、not determine a borrower's credit history or the presence of existing loans from other lenders. But that was not the case in Tajikistan, according to Vaisova. The country has a good information exchange about clients

52、, so microfinance companies were able to see that borrowers were already in debt. "They ca</p><p>　　Traditional banks, too, have begun to woo the micro-borrower in many countries, increasing pressure on

53、 microfinance institutions to hold market share. "In this context of new competitors, of different competitors, bigger competitors than us, all this fight [means it can be] very easy to lose the mission," said

54、participant Rafael Llosa, general manager of Mibanco, a private bank in Lima, Peru, that focuses on micro and small businesses. "Because you are fighting to be the leader in the market and</p><p>　　And

55、yet, profits are essential if the microfinance institution wants to carry out its mission of poverty alleviation, participants said. "You have to charge interest to cover all expenses," said Marie Louise Nsabiy

56、umva, CEO of Burundi-based savings and credit cooperative C.E.C.M. and vice chair of the Burundian Microfinance Network. "Otherwise, you would disappear. And that isn't useful for the client." Added Llosa:

57、"If we are not profitable, we are not sustainable. For that reason, it's not an </p><p>　　Building Coalitions</p><p>　　But how much profit? In Andhra Pradesh, state government officials

58、 in October cited microlenders' quest for "hyper profits" as reason to clamp down on the industry.</p><p>　　Many microfinance companies in India seek investor capital, in part because of India&

59、#39;s banking laws, noted participant Vikram Jetley, chief operating officer for Bangalore-based microfinance company Ujjivan's north region. According to the company's website, Ujjivan has completed four ro

60、unds of capital infusions and plans to offer an IPO after three years of profitable operations.</p><p>　　"We have two different kinds of investors," he noted: pure social investors and private equi

61、ty investors. "As a part of our mission, we have clearly defined that our return on equity would be at best 15%. So someone who is looking for a really aggressive return on equity would never come with us."<

62、/p><p>　　Established in 2005, Ujjivan uses the Grameen model of lending to groups of women borrowers and focuses on urban microfinance. It currently boasts a 99.12% repayment rate from its more than 975,000 cus

63、tomers in 20 states.</p><p>　　Regulated by the Reserve Bank of India as "Non-Banking Financial Companies," microfinance institutions such as Ujjivan must maintain a minimum capital adequacy ratio b

64、ut cannot take deposits, according to Jetley. "So we have to go to the capital markets. Otherwise we will never be able to scale up."</p><p>　　According to Narasimhan Srinivasan, author of "St

65、ate of the Sector Microfinance India 2010," the number of microloans in Andhra Pradesh now amounts to almost 10 times the number of poor households in the state. But Srinivasan also reports that not all loans came f

66、rom microfinance institutions. Borrowers in Andhra Pradesh can also get credit from the Self Help Group (SHG) program, a government poverty alleviation program funded in part by the World Bank that offers microloans at b

67、elow-market rate</p><p>　　"The Andhra Pradesh crisis happened because the government has been going there and promising a 3% rate of interest while my rate of interest even on our debt funding is 12%,&q

68、uot; said Jetley. "How can you survive? This is not an India problem; it's one state's problem. It is not cascading to other states."</p><p>　　Oversimplifying the challenges in Andhra Prade

69、sh and painting the entire microfinance industry with the same broad brush will not help find creative solutions going forward, said participant Georgette Jean-Louis, CFO of Fonkoze, the microfinance institution in Port-

70、au-Prince, Haiti.</p><p>　　"I think the sector right now is at risk because everybody is trying to take what happened in one part [of the world] and say it is the same thing that is happening in Peru, i

71、n Haiti, in Taijikistan or in some part of Africa," Jean-Louis stated. "Yes, there is a problem [with] what happened in India. We have to learn from it, we have to study it, in order to prevent it from happenin

72、g in every part of the world.... But at the same time, you have to look at the context. You have to look at the env</p><p>　　Every country is different, she added, and solutions must account for the differen

73、ces and involve everyone. "There are lots of stakeholders. Government has to play its role. Microfinance has to play its role. The investors have to play a role. And then we can find a solution."</p><

74、;p>　　The recent developments in Andhra Pradesh and other hotspots have brought industry leaders together to explore ways to limit the potential for overlending in the future, said Women's World Banking's Murra

75、y. "The sector has to do this and build coalitions. It must also engage in self-regulation. However, this will only work up to a point. Legal regulation will likely be required, but this needs to be done in a way th

76、at enables growth." </p><p>　　The industry is focusing heavily on finding ways to measure social impact, and setting industry standards by which microfinance institutions can self-regulate. Organiz

77、ations are also pushing product diversification: After years of extending credit, many microfinance institutions argue that other types of financial services could have an even greater impact than loans. Savings accounts

78、, for example, would give poor households a safe place to store emergency funds. Insurance products would help th</p><p>　　In a study in Morocco, Women's World Banking found that women borrowers tended t

79、o set aside 40% of their incomes for health emergencies, Murray pointed out. "It's pretty easy to argue that spending 20% on an insurance premium and the other 20% on investing in business to get out of poverty&

80、quot; could be a better option long-term, she said.</p><p>　　And growth -- for both borrowers and lenders -- is what microfinance institutions say they want. "We believe there's a tremendous future

81、for microfinance ... if you focus on having an impact at the client level and the household level, creating services that will enable poor people to make better choices for how to use their money," Murray added. &qu