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Keywords:

  • global governance;
  • institutional change;
  • microcredit;
  • microfinance;
  • microloans;
  • spheres of authority

Abstract

This article explains how microcredit as a policy idea has been institutionalized at the transnational level, and what role strategic actors play in the institutional change and governance of microcredit. Special attention is given to three dominant actors, the Grameen Bank, the World Bank, and SKS Microfinance. To explain the emergence of microcredit as a transnational policy idea this article explores the relations between theories of institutional change and Rosenau's concept of spheres of authority.