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The Impact of the Business Environment on Young Firm Financing

Chavis, Larry W.; Klapper, Leora F.; Love, Inessa
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
75.96%
This paper uses a dataset of more than 70,000 firms in over 100 countries to systematically study the use of different financing sources for new and young firms, in comparison to mature firms. The authors find that in all countries younger firms rely less on bank financing and more on informal financing. However, they also find that younger firms use more bank finance in countries with stronger rule of law and better credit information, and that the reliance of young firms on informal finance decreases with the availability of credit information. Overall, the results suggest that improvements to the legal environment and availability of credit information are disproportionately beneficial for promoting access to formal finance by young firms.

Big Constraints to Small Firms’ Growth? Business Environment and Employment Growth across Firms

Aterido, Reyes; Hallward-Driemeier, Mary; Pages, Carmen
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
76%
Using data on more than 56,000 enterprises in 90 countries, this paper finds that objective conditions in the business environment vary substantially across firms of different sizes and that there are important non-linearities in their impact on employment growth. The paper focuses on four areas: access to finance, business regulations, corruption, and infrastructure. The results, particularly on the impacts of finance and corruption on growth, depend on whether and how the analysis accounts for the possible endogeneity of the business environment. Controlling for endogeneity revises the finding that small firms benefit most from access to finance, particularly for sources of finance associated with investment and growth. The findings are also sensitive to how small is defined. Differentiating micro (less than 10 employees) from other small firms shows that, while small firms can be disadvantaged in such an environment, micro firms tend to be proportionally less affected by a weak business climate and...

Using Credit Ratings to Improve Water Utility Access to Market Finance in Sub-Saharan Africa

Advani, Rajesh
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
75.89%
Water and Sanitation Program (WSP) is working to leverage domestic private sector expertise and resources to deliver services that benefit the poor. The aim is to help an estimated 1.5 million poor people gain sustained access to improved water supply and sanitation services and leverage over US$80 million in investments by donors, governments, and the domestic private sector through three main activity lines: building water and sanitation business models for the poor; public-private partnerships in non-traditional markets; and, banking the unbanked water and sanitation providers. Encouraging creditworthy utilities to finance a portion of their investment program using commercial debt will improve the allocation of public funds for investment. Taking steps to address performance issues that hinder access to credit could see significantly more investment in water by the private sector, resulting in improved access in urban areas.

What Have We Learned from the Enterprise Surveys Regarding Access to Credit by SMEs?

Kuntchev, Veselin; Ramalho, Rita; Rodriguez-Meza, Jorge; Yang, Judy S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
86.02%
Using a unique firm level data set -- the Enterprise Surveys -- this paper develops a new measure of credit-constrained status for firms using hard data instead of perceptions data. The paper classifies firms into four ordinal categories: Not Credit Constrained, Maybe Credit Constrained, Partially Credit Constrained, and Fully Credit Constrained to understand the characteristics of the firms that fall into each group. Comparable data from the Enterprise Surveys for 116 countries are used to look at the relationship between firm size and credit-constrained status. First, the analysis finds that small and medium enterprises are more likely to be credit constrained (either partially or fully) than large firms. Furthermore, small and medium enterprises finance their working capital and investments mainly through trade credit and informal sources of finance. These two results hold to a large extent in all the regions of the developing world. Second, although size is a significant predictor of the probability of being credit constrained...

Access to Finance, Product Innovation and Middle-Income Traps

Agénor, Pierre-Richard; Canuto, Otaviano
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
86.03%
This paper studies interactions between access to finance, product innovation, and labor supply in a two-period overlapping generations model with an endogenous skill distribution and credit market frictions. In the model lack of access to finance (induced by high monitoring costs) has an adverse effect on innovation activity not only directly but also indirectly, because too few individuals may choose to invest in skills. If monitoring costs fall with the number of successful projects, multiple equilibria may emerge, one of which, a middle-income trap, characterized by low wages in the design sector, a low share of the labor force engaged in innovation activity, and low growth. A sufficiently ambitious policy aimed at alleviating constraints on access to finance by innovators may allow a country to move away from such a trap by promoting the production of ideas and improving incentives to invest in skills.

Credit Conditions and Foreign Direct Investment During the Global Financial Crisis

Desbordes, Rodolphe; Wei, Shang-Jin
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
Relevância na Pesquisa
86%
This paper investigates the effect that tight credit conditions had on outward foreign direct investment flows during the 2008-2010 global financial crisis. A difference-in-differences approach is used to isolate a "credit channel" impact of the global financial crisis on foreign direct investment. The global financial crisis had a stronger negative impact on the relative volume of outward foreign direct investment in financially vulnerable sectors in more financially developed countries, especially if these countries also experienced a banking crisis. These results suggest that lack of access to external finance can partly explain the drop in foreign direct investment during the global financial crisis.

Scaling-Up SME Access to Financial Services in the Developing World

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
76%
Small and medium enterprises (SMEs) play a major role in economic development, particularly in emerging countries. Access to finance remains a key constraint to SME development in emerging economies. Closing the credit gap for formal SMEs will be less daunting than for informal SMEs. The SME finance gap is the result of a mismatch between the needs of the small firms and the supply of financial services, which typically are easier for larger firms to access. Deficiencies in the enabling environment and residual market failures have motivated government interventions to foster SME access to financing. The stocktaking exercise confirms the rise in various parts of the world of specific business models aimed at providing financial services to SMEs in a cost-effective manner. Effective SME financing models can be implemented in different country and market environments, but greater outreach is achieved in the most developed environments for the financial sector. Although SME banking and microfinance models are successfully being rolled out in an increasing number of countries and regions...

Small and Medium Enterprise Finance

Global Partnership for Financial Inclusion; International Finance Corporation
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
85.99%
This update considers new findings since the initial Stocktaking report, substantiating the contribution of the private sector, and of small and medium enterprises (SMEs) in particular, for new jobs and investment. These findings further illustrate the key role access to finance plays in SMEs abilities and willingness to add jobs including the special circumstances of fast-growing SMEs, or gazelles. The new findings further detail availability and gaps in SME financing, including for specific subsectors such as women-owned firms and agri-enterprises. New trends include progress made in recent years to improve financial markets infrastructure, and expanded lending in countries such as China, which have made progress in this area. The findings also include key private sector innovations pioneered by the SME Finance Challenge winners and other private sector institutions, focusing on key sector opportunities (such as agribusiness and energy), product innovation (such as expanded local currency options), and risk management alternatives. The new findings and trends highlight the potential of collaborative platforms that have emerged from the G-20/GPFI (Global Partnership for Financial Inclusion) process to combine resources to improve SME access to finance...

Unbundling Institutions for External Finance

Knack, Steve; Xu, Lixin Colin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
106.08%
The empirical literature on institutions and development has been challenged on grounds of reverse causality, measurement error in institutional indicators, and heterogeneity. This paper uses firm-level data across countries to confront these challenges. Instead of analyzing ultimate outcomes, such as income levels where institutional quality is likely endogenous, the focus is on firm-level external finance. Moreover, institutions are “unbundled” to explore how various types of institutions affect external finance differently. The paper documents that micro firms have significantly less access to external finance than small and medium firms. General financial development and contracting institutions that facilitate transactions between private parties exert little effect, on average, on firms’ access to external finance. In contrast, property rights institutions that constrain political and economic elites exhibit stronger positive association with access to external finance. The analysis finds evidence of attenuation bias associated with error in measuring institutions. For leveling the playing field between elite and non-elite firms (as proxied by firm size) in their access to external finance...

Bank Competition, Financing Obstacles, and Access to Credit

Beck, Thorsten; Demirguc-Kunt, Asli; Maksimovic, Vojislav
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
85.81%
Theory makes ambiguous predictions about the effects of bank concentration on access to external finance. Using a unique data base for 74 countries of financing obstacles and financing patterns for firms of small, medium, and large size, the authors assess the effects of banking market structure on financing obstacles and the access of firms to bank finance. The authors find that bank concentration increases financing obstacles and decreases the likelihood of receiving bank finance, with the impact decreasing in size. The relation of bank concentration and financing obstacles is dampened in countries with well developed institutions, higher levels of economic and financial development, and a larger share of foreign-owned banks. The effect is exacerbated by more restrictions on banks' activities, more government interference in the banking sector, and a larger share of government-owned banks. Finally, it is possible to alleviate the negative impact of bank concentration on access to finance by reducing activity restrictions.

The Status of Bank Lending to SMEs in the Middle East and North Africa Region : Results of a Joint Survey of the Union of Arab Bank and the World Bank

Rocha, Roberto; Farazi, Subika; Khouri, Rania; Pearce, Douglas
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
75.85%
Among the principal constraints for SME lending is the lack of SME transparency, poor credit information from credit registries and bureaus, and weak creditor rights. If constraints can be addressed, lending can potentially reach bank targets of 21 percent. State banks still play an important role in financing SMEs in the MENA region, but they use less sophisticated risk management systems than private banks. On another hand, credit guarantee schemes are a popular form of support to SME finance in the region, and are associated with higher levels of SME lending. The paper concludes that MENA policy makers should prioritize improvements in financial infrastructure, including greater coverage and depth of credit bureaus, improvements in the collateral regime (especially for movable assets), and increased competition between banks and also non-banks. Weaknesses in insolvency regimes and credit reporting systems should also be alleviated. Direct policy interventions through public banks, guarantee schemes, lower reserve requirements and subsidized lending and other measures have played a role in compensating for MENA's weak financial infrastructure...

Informality among Formal Firms : Firm-level, Cross-country Evidence on tax Compliance and Access to Credit

Gatti, Roberta; Honorati, Maddalena
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
85.99%
The authors use firm-level, cross-county data from Investment Climate surveys in 49 developing countries to investigate an important channel through which informality can affect productivity: access to credit and external finance. Informality is measured as self-reported lack of tax compliance in a sample of registered firms that also answered questions on a large set of other characteristics. The authors find that more tax compliance is significantly associated with more access to credit both in OLS and in country fixed effects estimates. In particular, the link between credit and formality is stronger in high-formality countries. This suggests that firms' balance sheets are relatively more informative for financial institutions in environments where signal extraction is a less noisy process. The authors' results are robust to the inclusion of a wide array of correlates and to two-stage estimation.

External Finance and Firm Survival in the Aftermath of the Crisis : Evidence from Eastern Europe and Central Asia

Clarke, George R.G.; Cull, Robert; Kisunko, Gregory
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
96.02%
Two data sets are used to study how country and firm characteristics affected firms' financial constraints and their likelihood of survival during the early phase of the recent global financial crisis in Eastern Europe and Central Asia, a region that was especially hard hit. The first data source provides information on the reported severity of financial constraints for 360 firms from 23 countries in 2002, 2005, and 2008. By following the same firms over time, the study summarizes both the gradual easing of financial constraints from 2002 to 2005 and their tightening during the crisis. Key findings are that financial constraints during the crisis were less severe in countries with well-established foreign banks (entered prior to year 2000), and that changes in the severity of financial constraints were more pronounced for large firms than others during the crisis (although large firms continued to have less severe constraints on average). The second data source provides information on whether firms remained in operation in 2009 in six countries in Eastern Europe and Central Asia. Controlling for other relevant characteristics...

Is Small Beautiful? Financial Structure, Size and Access to Finance

Beck, Thorsten; Demirgüç-Kunt, Asli; Singer, Dorothe
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
86.01%
Combining two unique data sets, this paper explores the relationship between the relative importance of different financial institutions and their average size and firms' access to financial services. Specifically, the authors explore the relationship between the share in total financial assets and average asset size of banks, low-end financial institutions, and specialized lenders, on the one hand, and firms' access to and use of deposit and lending services, on the other hand. Two findings stand out. First, the dominance of banks in most developing and emerging markets is associated with lower use of financial services by firms of all sizes. Low-end financial institutions and specialized lenders seem particularly suited to ease access to finance in low-income countries. Second, there is no evidence that smaller institutions are better in providing access to finance. To the contrary, larger specialized lenders and larger banks might actually ease small firms' financing constraints, but only at low levels of gross domestic product per capita.

Collateral Registries for Movable Assets : Does Their Introduction Spur Firms' Access to Bank Finance?

Love, Inessa; Martínez Pería, María Soledad; Singh, Sandeep
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
95.91%
Using firm-level surveys for up to 73 countries, this paper explores the impact of introducing collateral registries for movable assets on firms' access to bank finance. It compares firms' access to bank finance in seven countries that introduced collateral registries for movable assets against three control groups: firms in all countries that did not introduce a registry, firms in a sample of countries matched by location and income per capita to the countries that introduced registries for movable assets, and firms in countries that undertook other types of collateral reforms but did not set up registries for movable assets. Overall, the analysis finds that introducing collateral registries for movable assets increases firms' access to bank finance. There is also some evidence that this effect is larger among smaller firms.

Challenges to Enterprise Performance in the Face of the Financial Crisis : Eastern Europe and Central Asia

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
76.04%
This report takes stock of enterprise sector performance in the Europe and Central Asia (ECA) region and its key drivers: access to finance, infrastructure, and labor. It is the second of two complementary reports that examine selected trends emerging from the Business Environment and Enterprise Performance Survey (BEEPS) data that are of immediate policy relevance to ECA countries. Both reports draw primarily on information from data collected prior to the crisis. This report also uses data on employment and access to finance collected during the crisis in a subset of ECA countries. The global financial crisis has had enormous consequences for firms' access to finance, the availability of qualified workers, and the ability of governments to provide (and of private sector to obtain) reliable infrastructure services. The extent and impact of these constraints is yet to be determined but their presence at a time of economic growth suggests they may re-emerge during the post-crisis economic recovery. The BEEPS captures information on a number of aspects of the business environment. This report highlights the elements of firm finance...

SME Finance in Africa

Beck, Thorsten; Cull, Robert
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
76.03%
This paper uses cross-country firm-level surveys to gauge access to financial services and the importance of financing constraints for African enterprises. The paper compares access to finance in Africa and other developing regions of the world, within Africa across countries, and across different groups of firms. It relates firms' access to finance to firm and banking system characteristics and discusses policy challenges.

Finance for All? Policies and Pitfalls in Expanding Access; Finanzas para todos? Politicas y trampas en la expansion del acceso

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
76.05%
This book, finance for all, presents first efforts at developing indicators illustrating that financial access is quite limited around the world and identifies barriers that may be preventing small firms and poor households from using financial services. Based on this research, the report derives principles for effective government policy on broadening access. The report's conclusions confirm some traditional views and challenge others. For example, recent research provides additional evidence to support the widely-held belief that financial development promotes growth and illustrates the role of access in this process. Improved access to finance creates an environment conducive to new firm entry, innovation, and growth. However, research also shows that small firms benefit the most from financial development and greater access-both in terms of entry and seeing their growth constraints relaxed. Hence, inclusive financial systems also have consequences for the composition and competition in the enterprise sector. This report reviews and synthesizes a large body of research...

Bringing Finance to Pakistan's Poor : Access to Finance for Small Enterprises and the Underserved

Nenova, Tatiana; Thioro Niang, Cecile; Ahmad, Anjum
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research
Português
Relevância na Pesquisa
75.94%
Access to financing is now widely acknowledged as a path to meaningful economic inclusion and reduction in poverty. Policy efforts to increase access to finance in Pakistan have taken time to bear fruit, but now access is indeed expanding quickly in certain financial sectors (microfinance, remittances), albeit from a very low base. Nevertheless, policy measures cannot single-handedly increase financial access; financial institutions' willingness to expand access in Pakistan has been stinted by slow technologic advances, weak legal foundations, and unsuitable financial processes and products. Poor socioeconomic conditions, gender bias, and low levels of basic education and financial literacy remain barriers, but perhaps the single strongest driver of low demand for financial access has been income. The primary purpose of this study is to measure and describe the state of financial service provision to underserved segments of the market in Pakistan, particularly those with low incomes and small enterprises, and to identify ways to improve investment and create inclusive markets that meet the needs of underserved people and enterprises.

Why Liquidity Matters to the Export Decision of the Firm

Chan, Rosanna
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
75.9%
Under financial constraints, exporting may have less to do with productivity and more to do with financial resources. The established relationship between exporting and productivity would differ when examined through the lens of the working capital needs of the firm. The hypothesis that working capital matters in the firm's exporting decision is explored in two ways: first, by articulating a dynamic working capital model of the firm that incorporates the firm's export decision. Secondly, by testing the hypothesis empirically using a unique firm level dataset from Bangladesh, where issues of financial constraints are particularly acute. The model shows that productivity determines export status of the firm as long as it is not under financial constraints. However, under financial constraints, export status is less dependent on productivity and more dependent on the availability of working capital. Empirical results support the model's prediction. The relationship between exporting time and the need for greater liquidity is also borne out empirically as shown by a positive and significant correlation between the amount of working capital and the distance of export destination. An important policy implication from the analysis is that short term liquidity is critical in allowing productive firms to export and that access to finance may prevent the benefits of trade liberalization within a country to be fully realized.