This paper investigates the relative importance of microfinance institutions (MFIs) at both the macro (financial development, economic growth, income inequality, and poverty) and micro levels (efficiency of traditional commercial banks). We observe a significant impact on most of the fronts. MFIs’ participation increases overall savings (total bank deposits) and credit allocation (loans to private sector) in the economy. Their involvement enhances economic welfare by reducing income inequality and poverty. Additionally, their active presence helps to discipline the traditional commercial banks by subjecting them to more competition triggering higher efficiency.

本文从宏观（金融发展，经济增长，收入不平等和贫困）和微观（传统商业银行的效率）两个层面研究了小额信贷机构的相对重要性。我们观察到对大多数战线都有重大影响。小额信贷机构的参与增加了经济中的总体储蓄（银行存款总额）和信贷分配（向私营部门的贷款）。他们的参与通过减少收入不平等和贫困提高了经济福利。此外，他们的积极参与有助于使传统商业银行受到更多竞争，从而触发更高的效率，从而对传统商业银行进行纪律处分。