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1、外文翻译原文EfficiencyofMicrofinanceInstitutionsMaterialSource:SpringerScience+BusinessMedia,LLC.Author:Mamiza,Haq•Michael,Skully-ShamsMicrofinanceinstitutions(MFIs)providearangeoffinancialservicestopoorhouseholds.Theirworldwidegrowthinnumbershashadapositiveimpactbyprovidingthepoorwi
2、thloans,savingsproducts,fundtransfersandinsurancefacilities.Thishashelpedcreateanencouragingsocio-economicenvironmentformanyofthesedevelopingcountrieshouseholds.Thenatureoftheseinstitutionsisquitedifferentfromtraditionalfinancialinstitutions(suchascommercialbanks).MFIsaresignif
3、icantlysmallerinsize,limittheirservicestowardspoorhouseholdsandoftenprovidesmallcollateral-freegrouploans.MostMFIsdependondonorfundsandarenot-for-profitorientedorganizationsthatshareacommonbondamongthemembers.Theyalsodifferintheirtwomainoperationalobjectives-First,asmentionedth
4、eyactasfinancialintermediariestopoorhouseholds.Thisisknownasthe"institutionisparadigm9whichaffirmsthatMFIsshouldgenerateenoughrevenuetomeettheiroperatingandfinancingcosts.Second,theyhaveasocialgoal.Thiscanbedefinedasthe'welfarists"paradigm'whichincludesafocusonpovertyalleviatio
5、nanddepthofoutreachalongwithachievingfinancialsustainability.AnefficientMFImanagementshouldpromotethesetwoobjectives.TheformalMFIinstitutions(bankMFIs,nonbankfinancialinstitutionMFIsandcooperativeMFIs)aresubjecttoprudentialregulationandtheiractivitieslicensed;mainlydeliveringcr
6、editfacilitiestotheirmembers.Someofthesealsomobilizesavingsfromnon-members.Incontrast,semiformalMFIinstitutions,typicallynon-governmentorganizationMFIs(NGO-MFIs),areusuallyunregulatedbutregisteredundersomesocietylegislation.Tableshowstherangeofproductsandfundingsourceseachtypee
7、ntail.Finally,theinformalMFIinstitutionsincludemoneylenders,shopkeepersandpawnbrokers.Unfortunately,theirsmallsizeandoftenlackoflicensingmakethemdifficulttoidentifyandsotheyareexcludedfromourstudy.Thequestion,though,amongtheremainingfourMFItypesiswhetheronecategoiymayprovemoree
8、fficientthantheothers.MFIswiththelargestassetsizearefo
