Second, while Abhijit, Esther and Michael have applied their methodology across a large number of fields,
their approach has become dominant in the field of assessing microfinance interventions and has provided very useful insights. Having myself worked intensively in the field of financial inclusion, financial development and poverty alleviation, I see
their findings as very much complimentary to the research I have done. Their findings of a moderate but not transformative effect of microcredit (as quoted in the committee’s document as “On credit, growing evidence indicates that microfinance
programs do not have the development effects that many had thought when these programs were introduced on a large scale.”) is critical in assessing the role of finance for poverty alleviation and points to other channels, such as credit for SMEs and
job creation, through which financial deepening can contribute to poverty alleviation.