This study examines the exposure of microfinance institutions to liquidity, interest rate and foreign exchange (FX) risk. It builds on a manually collected set of data on the maturity structure of assets and liabilities of the 309 largest microfinance institutions (out of which 112 actually report the maturity structure). The data suggests that, on average, microfinance institutions in the sample face virtually no liquidity risk and that exposure to FX risk is lower than generally assumed. Linking risk exposure to institutional characteristics, I find that legal status and regional affiliation are correlated to risk exposure while regulatory quality is not.

中文翻译：

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小额信贷机构面临的金融风险

这项研究检查了小额信贷机构的流动性，利率和外汇（FX）风险。它基于309个最大的小额信贷机构的资产和负债的期限结构的手动收集的数据集（其中112个实际报告了期限结构）。数据表明，平均而言，样本中的小额信贷机构几乎没有流动性风险，而且外汇风险比一般假设的要低。将风险暴露与制度特征联系起来，我发现法律地位和地区隶属关系与风险暴露相关，而监管质量却不相关。