V. CONCLUSION
Microfinance is not a panacea, but it is a more promising approach than many we have had for development for some time, in its own right. I suggest that by thinking about financial development from a microfinance vantage point, we might increase the likelihood that financial development more broadly can contribute to poverty alleviation. This preliminary Article is largely aspirational, rather than empirical, and much further research is required to test out these propositions.