Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
LINE OF RESEARCH
The impact of microfinance on financial and social inclusion in Europe
PROJECT PROPOSAL
Measuring Microfinance Impact in the EUPolicy Recommendations for Financial and Social Inclusion (Memi)
FUNDED BY
EIB-Universities Research Sponsorship
(EIBURS)
Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
AIM
STAKEHOLDERS
European Commission
European Investment Bank
European Investment Fund
Labour and Welfare Ministries
Foundations dealing with Financial and Social Inclusion
Microfinance Networks
Memi Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion
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
Memi Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion
Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
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
MICROFINANCE social inclusionfinancial inclusion
WELFARE social inclusion financial inclusion
Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
CONSORTIUM PARTNERS
Memi Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion
Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
THE PEOPLE
Memi Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion
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
Mario VENEZIANI Researcher in Economics Università di Parma
Head of Research
Marco MAZZOLI Associate Prof. of Monetary Economics Università di Genova
Lucia POLETTI Assistant Prof. of Banking Management Università di Parma
Cristina ORSO Post-Doc in Development Economics Università di Venezia
Edoardo SCALCO Consultant Microfinanza Srl
Rosangela BEE Research Assistant in Economics Università Cattolica
Federica IELASI Associate Prof. of Banking Management Università di Firenze
Alberto LANZAVECCHIA Assistant Prof. of Corporate Finance Università di Padova
Ilaria URBINATI Consultant in Social Impact Università di Parma
Antonella NOTTE Adjunct Prof. of Banking Management Università della Calabria
Riccardo GRAZIOLI Research Assistant in Economics Università Cattolica
Project Manager
Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
PROJECT OVERVIEW AND METHODS
Memi Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion
OUTCOMES IDENTIFICATION
SENSITIVITY ANALYSISSocial ROI results verification with policy makers
absorptive capacity of the recommendations
DISSEMINATIONwider academic, practitioning, policy audience
task 9.2
task 9.3
task 9.4
task 9.5
task 9.6
focus groups
SUPPLYMICROFINANCE
estimation costs provision
WELFARE
estimation costs provision
portfolio analysis
DEMAND
MICROFINANCE
WELFARE
contingency-table analysis
cluster analysis
IMPACT ANALYSIS
MICROFINANCE WELFARE
EFFICIENCY EVALUATION
Social ROI(case studies)
time-series analysis
(macro data)
focus groups
counter-factual analysis
Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
WORKPLAN
Memi Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion
TASK 9.2
OUTCOMES IDENTIFICATION
SENSITIVITY ANALYSISSocial ROI results verification with policy makers
absorptive capacity of the recommendations
DISSEMINATIONwider academic, practitioning, policy audience
task 9.2
task 9.3
task 9.4
task 9.5
task 9.6
SUPPLYMICROFINANCE
estimation costs provision
WELFARE
estimation costs provision
portfolio analysis
DEMAND
MICROFINANCE
WELFARE
contingency-table analysis
cluster analysis
IMPACT ANALYSIS
MICROFINANCE WELFARE
EFFICIENCY EVALUATION
OUTCOMESProtocol 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
Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
WORKPLAN
Memi Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion
TASK 9.3 – 9.4
OUTCOMESSet 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
OUTCOMES IDENTIFICATION
SENSITIVITY ANALYSISSocial ROI results verification with policy makers
absorptive capacity of the recommendations
DISSEMINATIONwider academic, practitioning, policy audience
task 9.2
task 9.3
task 9.4
task 9.5
task 9.6
focus groups
SUPPLYMICROFINANCE
estimation costs provision
WELFARE
estimation costs provision
DEMAND
MICROFINANCE
WELFARE
IMPACT ANALYSIS
MICROFINANCE WELFARE
EFFICIENCY EVALUATION
Social ROI(case studies)
time-series analysis
(macro data)
Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
WORKPLAN
Memi Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion
TASK 9.5
OUTCOMESValidated 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
OUTCOMES IDENTIFICATION
SENSITIVITY ANALYSISSocial ROI results verification with policy makers
absorptive capacity of the recommendations
DISSEMINATIONwider academic, practitioning, policy audience
task 9.2
task 9.3
task 9.4
task 9.5
task 9.6
SUPPLYMICROFINANCE
estimation costs provision
WELFARE
estimation costs provision
DEMAND
MICROFINANCE
WELFARE
IMPACT ANALYSIS
MICROFINANCE WELFARE
EFFICIENCY EVALUATION
focus groups
counter-factual analysis
Mario VENEZIANI EUROPEAN INVESTMENT BANK INSTITUTE Luxembourg 7th March 2017
5th Annual Meeting of the Knowledge Programme
Memi Measuring Microfinance Impact in the EU Policy Recommendations for Financial and Social Inclusion
Thanks for your attention
On behalf of the Memi Consortium
Dr. Mario VENEZIANI Head of Research
T +39 0521 032497
M +39 335 8042161