Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion (Memi)

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1 LINE OF RESEARCH The impact of microfinance on financial and social inclusion in Europe FUNDED BY EIB-Universities Research Sponsorship (EIBURS) PROJECT PROPOSAL Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion (Memi)

2 AIM Quantify the Impact of microfinance on financial and social inclusion in Europe to compile policy recommendations capable of suggesting a prioritisation of public expenditure to support the two major tools to achieve financial and social inclusion: microfinance and welfare programmes STAKEHOLDERS European Commission European Investment Bank European Investment Fund Labour and Welfare Ministries Foundations dealing with Financial and Social Inclusion Microfinance Networks

3 OBJECTIVES 1 Paint an up to date picture of the degree of financial and social inclusion in the EU 2 Describe the state of the market for microfinance and welfare instruments in the EU 3 Quantify, and compare, the impact of microfinance and welfare programmes on financial and social inclusion at the micro (territorial) and macro (national) level financial inclusion social inclusion social inclusion financial inclusion

4 CONSORTIUM PARTNERS

5 Memi Measuring Microfinance Impact in the EU THE PEOPLE Francesco TIMPANO Prof. of Economic Policy Università Cattolica Director of the Project Giulio TAGLIAVINI Prof. of Banking Management Università di Parma Supervisor of the Project Giampietro PIZZO Economist and Consultant Microfinanza Srl Supervisor of the Project Researcher in Economics Università di Parma Marco MAZZOLI Associate Prof. of Monetary Economics Università di Genova Federica IELASI Associate Prof. of Banking Management Università di Firenze Lucia POLETTI Assistant Prof. of Banking Management Università di Parma Alberto LANZAVECCHIA Assistant Prof. of Corporate Finance Università di Padova Cristina ORSO Post-Doc in Development Economics Università di Venezia Ilaria URBINATI Consultant in Social Impact Università di Parma Edoardo SCALCO Consultant Microfinanza Srl Antonella NOTTE Adjunct Prof. of Banking Management Università della Calabria Rosangela BEE Research Assistant in Economics Università Cattolica Riccardo GRAZIOLI Research Assistant in Economics Università Cattolica Head of Research Project Manager 5th Annual Meeting Luxembourg 7th March 2017

6 PROJECT OVERVIEW AND METHODS task 9.2 contingencytable cluster DEMAND SUPPLY estimation costs provision estimation costs provision portfolio task 9.3 OUTCOMES IDENTIFICATION focus groups task 9.4 IMPACT ANALYSIS EFFICIENCY EVALUATION Social ROI (case studies) time-series (macro data) task 9.5 SENSITIVITY ANALYSIS Social ROI results verification with policy makers absorptive capacity of the recommendations focus groups counter-factual

7 WORKPLAN TASK 9.2 contingencytable cluster DEMAND SUPPLY estimation costs provision estimation costs provision portfolio OUTCOMES Protocol for the definition and measurement of financial and social inclusion as well as financial and microfinance markets development Database of financial and social inclusion levels and of measures of the development of financial and microfinance markets A map of financial and social inclusion Contingency tables and cluster analyses of measures of inclusion and financial and welfare markets development

8 WORKPLAN TASK OUTCOMES IDENTIFICATION focus groups OUTCOMES IMPACT ANALYSIS EFFICIENCY EVALUATION Social ROI (case studies) time-series (macro data) Set of microeconomic and macroeconomic mechanisms according to which microfinance and welfare programmes cause financial and social inclusion, and their interaction, relevant for the case studies at hand SROI measures of the impact of microfinance and welfare programmes on financial and social inclusion (and their interaction) at three different levels of implementation Novel evidence on the impact of financial and social inclusion on macroeconomic performance in selected EU countries

9 WORKPLAN TASK 9.5 SENSITIVITY ANALYSIS Social ROI results verification with policy makers absorptive capacity of the recommendations focus groups counter-factual OUTCOMES Validated calculations of SROI values Measures of the impact of microfinance and welfare programmes on financial and social inclusion using Propensity Score Matching (PSM) techniques A set of feasible and absorbable policy recommendations to maximise the impact, efficiency and effectiveness of microfinance and welfare programmes

10 Thanks for your attention On behalf of the Memi Consortium Dr. Head of Research T M