【正文】 public investment in institutionbuilding requires longterm planning horizons with operational flexibility in instruments and timing. The required public investment in rural finance is more labor and knowledgeintensive, and far less capitalintensive than past investments following the old paradigm. The triangle of microfinance: financial sustainability, outreach, and welfare impact Internationally agreed principal objectives of development cooperation are the United Nations’ Millennium Development Goals (MDGs). These set targets to reduce poverty and make improvements in the various dimensions of poverty (or welfare) such as education, health, nutrition and women’s empowerment Following the concept of a logical framework, (financial) sector policy objectives need therefore to be consistent with these principal objectives Microfinance as well as rural financial policy has to be evaluated against three objectives: financial sustainability, breadth and depth of outreach, and the welfare impact. Financial sector policy can support the Millenium Development Goals (and thus poverty reduction) in two ways: Indirectly, through supporting a sustainable financial system as a precondition for economic and social development. This indirect pathway includes causal chains that can be summarized under the thesis of poverty reduction through economic growth. An example of one of these causal chains is that owners of wealthier enterprises who use the financial services create additional demand for goods and services of the poor thus increasing their ine. Directly, by increasing the access of poor people to financial services. Governments and donors may differ in their perceptions about the relative effectiveness and efficiency of the two pathways. Indeed, which one may receive more emphasis has to necessarily vary with country specific conditions. It follows that governments and donors also differ in their relative emphasis on the three objectives in micro and rural finance, . financial sustainability, depth of outreach, and welfare impact. This, of course, influences their view on the relative efficiency of different types of financial institutions, and thereby influences how financial policies are designed in practice and how the institutional landscape evolves. Because of market imperfections, the state has a legitimate role for investing in financial systems development. However, given the possibility of government failure(. governments may not be able to correct market failures), and social opportunity costs of public funds, there are of course also limitations of public investment in finance. There has been a shift in paradigm in rural finance in the late 1980s, and much of this can be traced to the failures of subsidized small farmer credit and the successes of a few MFIs. The objectives of financial policy have changed along with the paradigm shift. Initially, the focus was on improving the outreach of MFIs to the poor, that is, serve more of the poor (breadth of outreach) and more of the poorest of the poor (depth of outreach). Eventually, the objective of sustainability of financial institutions took on great importance. Following the work of Ohio State University and other institutions in the 1980s, the view emerged that the building of lasting, permanent financial institutions requires that they bee financially sustainable, that is, they cover their costs. Some analysts (for example, Christen et al. 1995。在維持金融服務協(xié)助家庭食品安全 ,保持消費 ,從而保護或提高勞動生產(chǎn)率 ,最重要的生產(chǎn)要素是窮人。信貸渠道 ,然而 ,只有經(jīng)濟效益 ,當這個訪問生成一個廣義的定義以后經(jīng)濟凈盈余的私人和社會成本扣除貸款條款 (包括機會成本有限的公共資金替代扶貧政策 )。舊范例扇形的指導 ,供應領導和補貼的信用證已經(jīng)根據(jù)有能力的企業(yè)家們和貧苦農(nóng)民錯誤的假定意愿支付金融服務 ,導致錯誤的政策的設計和實施。因此 ,新范式尋找重點是技術和制度創(chuàng)新 (包括適當?shù)墓芾砗图罱Y(jié)構(gòu)的 ),以減少金融中介的成本和風險?？傊?,公共投資 ,扶貧 (和專業(yè)人士 )對農(nóng)村金融創(chuàng)新是必需的。所需的公共投資 ,農(nóng)村金融體系更多的是勞動和知識密集型 ,并遠比以往少一些資本密集型投資證明舊范例。金融部門政策支持千禧年發(fā)展目標 ,從而減少貧困 )兩種方式 : 間接通過支持可持續(xù)的金融系統(tǒng)的先決條件的經(jīng)濟和社會發(fā)展。 政府以及捐贈人他們對自己也有所區(qū)別走有效性和效率的兩個通路。因為了市場的不完善 ,國家扮演一個合法的角色 ,投資金融體系的發(fā)展。最初 ,重點介紹了提高的延伸 MFIs 窮人 ,也就是說 ,服務于更多的窮人 (寬度 )和外延的窮人中最窮的人 (深度外延 )。 其他幾個作者（ Hulme 莫斯利 ,2020。有得有失的根源是交易成本有大量的固定造價組成部分 ,單位成本 ,更小的儲蓄存款或小型貸款相比 ,高大型金融交易。 美國溫納州 ,規(guī)定目標最大平均貸款大小 ,已經(jīng)成為對某些 IDB 使用 (農(nóng)村）的工具小額金融政策的一種標準。在小額信貸證明制度創(chuàng)新的新范式之中依賴的財政支援捐助國和受助政府和其他社會等投資者的慈善基金會。 39 這樣公開投資公共政策上來看如果折價社會效益相公共投資 ,小額貸款有望超過了社會成本的一些問題。 該考慮的福利的影響提出了作為一種重要的第三個目標小額貸款。一些 MFIs 可能會產(chǎn)生重大撞擊 (特別是金融服務聯(lián)系非金融服務解決其他制約的貧窮但不太可能成功。有時會提供完善服務 MFIs 但提供給他們的復雜性增加的操作和其成本 ,因此上述效率從專門化和危害金融可持續(xù)發(fā)展的額外費用若不受借款國 (幾乎從來不會發(fā)生 )。這些潛在的取舍存在于市區(qū)和農(nóng)村金融體系 ,必須解決在金融機構(gòu)開發(fā)他們的商業(yè)計劃 ,并決定營銷他們的服務之間 ,只有最窮的混合體聚集在客戶或貧困線以下 ,所有者小、中型企業(yè)。首先 ,金融可持續(xù)發(fā)展所可能的潛在客戶關鍵指標的永久 MFI,將影響他們做出決定是否值得成為 ,從長遠的觀點 ,并在客戶。第二 ,爭取 金融可持續(xù)發(fā)展 MFIs 應有的力量 。然而 ,只有一種具有公益性特征的觀點一致統(tǒng)一這些不同的參數(shù)。金融肯定不是慈善機構(gòu)建立了和創(chuàng)新能明顯促進公共投資。