VLIV EXTERNÍHO FINANCOVÁNÍ NA MIKROFINANČNÍ ROZVOJ – MAKROPOHLED

Microfinance institutions finance their business activities primary with clients’ deposits, equity and subsidiary or with external funding. The aim of our thesis is to determine whether the external funding, macroeconomic development and the size of banking sector have some impact on a microfinance performance. Our findings reveal that the growth of external sources is positively associated with the number of female borrowers, interest rates or total expenditure. A significant negative effect can appear if the ratio of external funding to total assets is being uncontrollably increased over time.