Value Chain Microfinance

This article was prepared for a forthcoming edition of the Oxford Review of Economic Policy on Microfinance. We wish to thank the editors of the edition, Simon Quinn and Muhammad Meki, for inviting our submission. We also wish to thank the discussant Jeremy Gray and an anonymous referee, both of whom provided exceptionally useful comments; and Muhammad Bashir and Maria Cedro, who provided excellent research assistance. Lorenzo Casaburi wishes to acknowledge funding from the Swiss National Science Foundation (grant 181127) and the European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation programme (grant agreement No 851961). All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.