Abstract The main aim of this paper is to investigate the productivity changes of microfinance institutions (MFIs) in Bosnia and Herzegovina (BiH) during and after the recent financial crisis. The study covers the period starting from 2008 until 2015. Using the Malmquist Productivity Index (MPI) over the sample of 10 MFIs and a balanced panel dataset of 80 observations, this study explores technical and technological change as well as total factor productivity (TFP) change. The empirical findings indicate a decline in TFP in most of the analyzed periods with an average decrease of 2.5%. The study reveals an average technological decline in the industry of 1.7%, while technical efficiency change is recorded at the level of -0.8%. Overall, crisis efficiency recovery occurred during the period between 2009 and 2013. However, due to technological inefficiencies, average total factor productivity change remains negative. Hence, policy makers need to enhance the technological progress in order to meet their strategic objectives in BiH MFIs.

中文翻译：

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波斯尼亚和黑塞哥维那小额信贷机构的生产率变化

摘要本文的主要目的是调查波斯尼亚和黑塞哥维那（BiH）在最近的金融危机期间和之后的小额信贷机构（MFI）的生产率变化。这项研究涵盖了从2008年到2015年的整个时期。使用10个小额信贷机构的样本的马尔姆奎斯特生产率指数（MPI）和80个观测值的平衡面板数据集，该研究探索了技术和工艺变化以及全要素生产率（TFP）更改。实证结果表明，在大多数分析期间，全要素生产率下降了，平均下降了2.5％。研究表明，该行业的平均技术下降为1.7％，而技术效率的变化记录为-0.8％。总体而言，2009年至2013年期间发生了危机效率恢复。但是，由于技术效率低下，平均全要素生产率变化仍然为负。因此，决策者需要增强技术进步，以实现其在波黑小额信贷机构中的战略目标。