Finance and Social Responsibility in the Informal Economy: Institutional Voids, Globalization and Microfinance Institutions. Christopher Marquis, October 20, 2014, Paper. “We examine the heterogeneous effects of globalization on the interest rate setting by microfinance institutions (MFIs) around the world. We consider MFIs as a mechanism to overcome the institutional void of credit for small entrepreneurs in developing and emerging economies. Using a large global panel of MFIs from 119 countries, we find that social globalization that embraces egalitarian institutions on average reduces MFIs’ interest rates…” Link