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Microfinance has become an increasingly widespread tool for fostering economic growth among the poor in developing countries. This study tracks the progress of 239 borrowers in a Guatemalan microfinance institution from 1994 to 1999. Results from the study show that rapid gains in employment within the sample enterprises after initial credit access were followed by a protracted period of stagnation in employment growth. Other results highlight gender differences in response to credit access, showing — surprisingly — that the long–run growth in hired labour for female entrepreneurs was slightly greater than that for male entrepreneurs.


This is the pre-peer reviewed version [under the title: Tracking the Progress of 239 Microcredit Program Participants in Guatemala: 1994-1999] of the following article: Bruce Wydick. Microfinance among the Maya: Tracking the Progress of Borrowers. Development and Change. Volume 33, Issue 3, pages 489–509, June 2002. DOI: 10.1111/1467-7660.00264, which has been published in final form at



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