• PhD in Economic and Management Sciences - ULB (2006-2007)
• M.A. in Philosophy - ULB, 2004
• Master in Management Sciences (Ingénieur de Gestion) - ULB, 2003

Courses at Solvay Brussels School of Economics and Management

• Papers in refereed journals

2010		Hudon M. and D. Traça, On the Efficiency Effects of Subsidies in Microfinance: An Empirical Inquiry, World Development, forthcoming
		The impact of subsidies on the efficiency of microfinance institutions (MFIs) is a key question in the field, given the large volume of subsidies received over the last twenty years. Using an original database of rating agencies, this paper gives empirical evidence on the impact of subsidy intensity on the efficiency of MFIs. After correcting for endogeneity bias, our results suggest that subsidies have contributed to raise efficiency, for the majority of MFIs in our sample. However, the evidence suggests also that there is a level beyond which increased subsidization taxes efficiency, at the margin. In our sample, 50% of MFIs receive levels of subsidization higher than that threshold.
2010		Hudon M., Management of Microfinance Institutions: Do Subsidies Matter?, Journal of International Development, forthcoming.
		It is estimated that donors commit between US$ 800 million and US$ 1 billion to microfinance per year. This paper analyses the management of microfinance institutions (MFIs) and its relationship with donors' subsidies. The results show that the level of subsidies granted per year is related to the management quality but not the subsidies divided by the gross loan portfolio or the total equity. Well-managed MFIs are larger and regulated organisations but not significantly older. The organisational structure or the experience of the MFI however does not play a role in determining its financial effectiveness, except for cooperatives.
2009		Hudon M., Should Access to Credit be a Right?, Journal of Business Ethics, 84, pp. 17-28.
2009		Hudon M. and E. Niyongabo, “La politique des bailleurs en microfinance. Qu’en est-il pour les zones rurales ?”, Cahiers du CEDIMES, 3, 2.
2008		Hudon, M., The Economics of Microfinance, Book Review, Journal of International Development , 20, 2, pp. 245-246.
2008		Hudon M., Norms and Values of the Various Microfinance Institutions, International Journal of Social Economics, 1-2, pp. 35-48.
2008		Hudon M. and T. Ouro-Koura, Etude des facteurs contingents du taux de remboursement au sein d’une institution de microfinance : le cas du Togo, Annals of Public and Cooperative Economics, 79, 2 pp. 301-322.
2007		Hudon, M., Fair interest rates when lending to the poor, Ethics and Economics, 5, 1, pp. 1-8.
2007		Hudon M. and H. D. Seibel, "Use of microfinance in post-conflict and post-disaster situations: Turning victims into shareholders", Savings and Development, 5, pp. 5-22
2006		Hudon M. and B. Lietaer, “Natural Savings”: A New Microsavings Product for Inflationary Environments. How to Save Forests with Savings for and by the Poor?, Savings and Development, 4, pp. 357-381.
2006		Hudon M. and A. Vanroose, "Training in Microfinance: Is there a Role for Academic Institutions", European Dialogue, 36, pp. 60-66.
2004		Chapelle A. and M. Hudon, "Editorial of the "Special Issue: Microfinance", Revue Bancaire et Financière, Sept..
2004		Hudon M., "New Challenges in Microfinance: The Case for Extending its Range of Financial Services", Revue Bancaire et Financière.

• Papers in books

2009		Hudon M., “Ethical Challenges in the Inclusion of the Poor in the Financial Sector”, in Eisendrath E. and J.-P. van Bendegem (Eds.), It Takes Two to Do Science: The Puzzling Interactions Between Science and Society, VUB Press: Brussels, 71-96.
2009		Hudon M., M. Labie et A. Périlleux, “Microfinance pour l’agriculture des pays du Sud: Etats des lieux et tendances actuelles – introduction”, in Morvant-Roux S. (Ed.), Rapport Exclusions et liens financiers 2008-2009, Paris: Economica, 25-33.
		Hudon M., “Ethics in Microfinance”, in Armendariz B. and M. Labie (Eds.), The Handbook of Microfinance, Singapour: World Scientific Publishing, forthcoming.
		Hudon M. and B. Balkenhol, “Efficiency”, in Armendariz B. and M. Labie (Eds.), The Handbook of Microfinance, Singapour : World Scientific Publishing, forthcoming.

• Working papers

2009		Ashta A. and M. Hudon, To whom should we be fair? Ethical issues in Balancing Stakeholder Interests from Banco Compartamos Case Study.
2009		Périlleux A., E. Bloy, and M. Hudon, “Productivity Surplus Distribution in Microfinance: Does Ownership Matter?”, Working paper 2009/8, Centre de Recherche Warocqué, Université de Mons, 2009.
2007		Hudon M., Use of Donor Funds in the Financing of MFIs
		This paper focuses on the use of donor funds to finance MFIs. The role of donors in microfinance is rapidly evolving, particularly since the emergence of socially responsible and commercial investors. We argue that public policy should be designed to facilitate the entry of new private actors without abandoning the markets that could not work without some public support. Through a separation of socially-responsible investors from fully commercial ones, we come up to an original classification of the different funding sources and the actors and their potential market in the sector.
2007		Hudon M., Social Justice with Credits to the Poor
		Fair prices have been recently addressed through debates on fair trade or fair wage. This paper addresses the fairness of credits to the poor. It first analyzes a few definitions of fair interest rates. It then determines the extent of the ‘just’ range of a price, its major constraints and the methodology to assess the fairness of the distribution. Based on Gauthier’s (1986) work on imperfect markets, a contractarian position is presented.
2006		Hudon M., Fair interest rates when lending to the poor: Are fair prices derived from basic principles of justice?
		This paper addresses the fairness of prices, with a focus on fair interest rates as they apply to microlending transactions for the poor. Under different assumptions on fairness in interest rate policies and the principles of justice as described in A Theory of Justice (Rawsl, 1976), the paper determines the extent of the ‘just’ range of a price. Using the original notion of fair reservation price and fair bargaining range, it is shown that some unfair considerations can make the fair bargaining range negative. Therefore, we propose an additional criterion for fairness: a fair distribution of the benefits within the fair bargaining range between borrowers and lenders. This new criterion is particularly useful and relevant, at minimum, for socially-minded ones active on the microfinance markets.
2006		Hudon M., Risques et dangers: quelle classification et modes de gestion?
		Le risque occupe aujourd’hui une place importante dans de nombreux domaines dont, par exemple, la sociologie, l’écologie, l’économie et la finance ou, de manière particulièrement aiguë, la sécurité publique. Il a émergé comme une préoccupation politique majeure dans de nombreux pays occidentaux. Pour cerner celui-ci, il convient d’abord de s’interroger sur sa nature intrinsèque. Malheureusement l’étymologie du mot « risque » n’est pas claire. Peter Timmerman le rattache cependant au mot italien risicare, la version ancienne du verbe risichiare, qui signifie « naviguer entre les rochers dangereux ». Dans Risk, a philosophical introduction to the theory of risk evaluation and management, Nicholas Rescher propose la définition suivante « Risk is the chancing of negativity – of some loss or harm ». Le risque serait ainsi corrélé avec la perspective d’une mésaventure, nous laissant incapable de prédire une issue spécifique avec suffisamment de certitude. Après avoir présenté les principales conceptio ns existantes, cet article proposera une classification des risques et dangers, à travers une précision de terminologies souvent utilisées comme synonyme. Nous finirons par aborder les modes de gestion des risques et dangers précisés auparavant.
2005		Hudon M., Subsidies and financial performances of the microfinance institutions: Does management matter?
		This paper uses a unique database from a leading microfinance rating agency to assess the impact of management on the functioning of microfinance institutions (MFIs). It focuses on MFIs’ financial performance, and on the level of subsidies received. The results show that the management skills are associated to the financial performances. The technical, organisational and communication competences of the top managers seem to play a key role among the four management dimensions analysed by the rating agency. Furthermore, the level of subsidies granted has a very limited impact on management quality. Results show that the well-managed MFIs are not significantly older or active in corrupted countries.

• Other papers

2007		Hudon M., “Quand finance et éthique se rencontrent“, From Solvay to Business, Special Edition Expertise, pp. 33-35.
2006		Hudon M. and D. Traça, "Des subventions controversées", La Libre Belgique, 11 novembre 2006.
2006		Hudon M., "Microfinance et financement des exclus bancaires du Sud", Esprit Libre.
2006		Hudon M., "Le développement à crédit ?", Le Soir.
2005		Hudon M., "Poverty-Focused Institutions and Commercial MFIs: Competition and/or Complementarity?", Global News.