Richard Rosenberg

Richard Rosenberg is a former senior advisor on policy issues and research at CGAP and has written or contributed to numerous CGAP publications. His areas of focus include interest rate issues, over-indebtedness, and regulation of microfinance.

His experience with microfinance spans 20 years and two dozen countries. Before joining CGAP, Rosenberg was deputy director of the U.S. Agency for International Development’s Center for Economic Growth and spent nine years in Latin America, managing investment promotion, privatization, pension reform, and development finance activities. He has taught in the Boulder Institute of Microfinance program since its inception. He holds a law degree from Harvard University.

By Richard Rosenberg


Microcredit Interest Rates and Their Determinants: 2004–2011

This paper provides updated information on microcredit market developments for 2004 through 2011.

A Guide to Regulation and Supervision of Microfinance

This Guide updates CGAP’s 2003 Guiding Principles on Regulation and Supervision of Microfinance. The revisions reflect continuing developments in the global state of financial access for poor and low-income customers.

A New Look at Microfinance Apexes

This paper reviews recent experience with apex facilities that support institutions delivering retail financial services to poor and low-income clients.

Competition Gets a Pat on the Back

People who favor a commercial approach to microfinance and people who oppose interest rate caps have argued for years that competition would bring meaningful reductions in microcredit interest rates. Others have been skeptical about this prediction.

Is Microcredit Over-Indebtedness a Worldwide Problem?

In a nutshell, one microcredit market after another is entering into a new, uncharted world of credit saturation. In these markets, over-indebtedness will probably pose a major risk for clients, not to mention the lenders.