Edited by Suresh Sundaresan, Chase Manhattan Bank Professor of Finance and Economics, Columbia Business School, US

In 2006 the Nobel Peace Prize was awarded to Muhammad Yunus for his work on microfinance, dramatically changing attitudes towards capital markets. Suresh Sundaresan has assembled an impressive set of scholars and practitioners in this volume to bring together recent practical innovations and policy questions in the realm of microfinance. The contributions emphasize practical solutions to problems facing the field by examining capital markets, providing a framework for thinking about regulation, and raising questions about gender empowerment. They examine recent developments in the field, research findings, and the challenges that lie ahead.

The volume takes a solid step toward a systematic analysis of the implications of microfinance for the role and regulation of capital markets. The authors address integration of capital markets with microfinance, technological innovations such as the use of mobile phone technology, the consequences of women's access to micro-loan borrowings, and the regulatory challenges and opportunities emerging as the landscape of microfinance dramatically evolves.

Practitioners, policy makers, and academics in the fields of developmental economics, finance, gender studies and public and development policy will enjoy this analytically rigorous work.