Página 1 dos resultados de 534 itens digitais encontrados em 0.099 segundos

The Impact of the Business Environment on Young Firm Financing

Chavis, Larry W.; Klapper, Leora F.; Love, Inessa
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
66.13%
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.

Increasing Access to Rural Finance in Bangladesh : The Forgotten "Missing Middle"

Ferrari, Aurora
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
85.97%
Increasing access to rural finance is often the last frontier for financial sector development in developing countries. Financial institutions aiming to operate in rural areas in these countries usually have to deal with high transaction costs, low population densities, remote areas, and a heavy focus on agriculture, with related weather and commodity risks. Although Bangladesh is highly vulnerable to natural disasters, its high population density lowers transaction costs considerably. This report seeks to: measure the quantity and quality of access to finance by rural micro, small, and medium-size enterprises (MSMEs) and marginal, small, and medium-size farmesr (MSMFs). In Bangladesh these are also referred to as the missing middle -- a segment not served by banks or microfinance institutions (MFIs). The report also identifies constraints that financial institutions face in serving MSMEs and MSMFs. The institutions analyzed in detail include, Bangladesh Krishi Bank (BKB), Rajshahi Krishi Unnayan Bank (RAKUB), MFIs...

Market Power and the Matching of Trade Credit Terms

Fabbri, Daniela; Klapper, Leora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
76.13%
This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. The authors use a novel firm-level database of Chinese SMEs with unique information on market power in both output and input markets and on the amount, terms, and payment history of trade credit simultaneously extended to customers (accounts receivable) and received from suppliers (accounts payable). The analysis shows that suppliers with relatively weaker market power are more likely to extend trade credit and have a larger share of goods sold on credit. Examination of the importance of financial constraints reveals that access to bank financing and profitability are not significantly related to trade credit supply. Rather, firms that receive trade credit from their own suppliers are more likely to extend trade credit to their customers, and to "match maturity" between the contract terms of payables and receivables. This matching practice is more likely used when firms face strong competition in the product market (relative to their customers)...

A New Model of Public-Private Partnership for Land Access and Rural Enterprise Formation

Childress, Malcom D; Korczowski, Tom
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
75.97%
The Honduras Land Access Pilot Project (PACTA) from 2001-2006 supported the acquisition of land and the formation of sustainable farm enterprises by self-organized landless and land-poor peasant families. The Government is now scaling up and diversifying the pilot into a national program far more inclusive than the current model. The SDR 6.2 million pilot project proved the viability of a public-private partnership strategy, with the private sector lending for land purchase and public sector funds being used for complementary investments and services to improve productivity and build capacity for independent development. The program was broadly aimed at the rural population with no access to land or precarious access to small parcels for subsistence production. Of the 1,226 families that took part in the program, 991 were part of this group day laborers, sharecroppers, or other kinds of subsistence producer. The rest were poor families with access to municipal forestland (two sub-projects) or communal land (one sub-project). These sub-projects were implemented at the end of the pilot phase. In addition...

Financial Access 2009 : Measuring Access to Financial Services around the World

Consultative Group to Assist the Poor
Fonte: Consultative Group to Assist the Poor/The World Bank, Washington, DC Publicador: Consultative Group to Assist the Poor/The World Bank, Washington, DC
EN_US
Relevância na Pesquisa
96.18%
Financial Access 2009 introduces the latest data from a survey of financial regulators in 139 countries. It presents indicators of access to savings, credit, and payment services in banks, and in regulated nonbank financial institutions. It is intended for a broad audience of policymakers, researchers, practitioners, multilateral and bilateral investors, in order to guide monetary policy, monitor systemic risks, and collect information on the values of deposits and credit. This report reviews three interventions: disclosure requirements, interest rate caps, and methods to address excessive lending that can result in consumer indebtedness. Improved transparency and disclosure allow borrowers to make informed choices and can facilitate competition in financial markets, eventually leading to lower prices and improved products. Policies to restrict interest rates or credit quantity, especially in consumer credit, seem to have limited effect but require further analysis.

Financial Inclusion and Legal Discrimination Against Women : Evidence from Developing Countries

Demirguc-Kunt, Asli; Klapper, Leora; Singer, Dorothe
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
66.2%
This paper documents and analyzes gender differences in the use of financial services using individual-level data from 98 developing countries. The data, drawn from the Global Financial Inclusion (Global Findex) database, highlight the existence of significant gender gaps in ownership of accounts and usage of savings and credit products. Even after controlling for a host of individual characteristics including income, education, employment status, rural residency and age, gender remains significantly related to usage of financial services. This study also finds that legal discrimination against women and gender norms may explain some of the cross-country variation in access to finance for women. The analysis finds that in countries where women face legal restrictions in their ability to work, head a household, choose where to live, and receive inheritance, women are less likely to own an account, relative to men, as well as to save and borrow. The results also confirm that manifestations of gender norms, such as the level of violence against women and the incidence of early marriage for women...

The Transmission of Banking Crises to Households : Lessons from the 2008-2011 Crises in the ECA Region

Brown, Martin
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
76.15%
This paper examines the impact of the recent banking crises in Europe and Central Asia with an emphasis on household income and consumption patterns. The analysis is based on the 2010 wave of the Life in Transition Survey, which covers 12,704 households in eleven countries that experienced a banking crisis between 2008 and 2011. It finds that households in middle-income crisis countries are more than twice as likely to be hit by an income shock as households in high-income crisis countries. The labor market channel is the predominant source of income shocks, with wage reductions more widespread than job-losses. In reaction to income shocks, households reallocate spending from non-essential goods to staple foods. Reductions in staple-food consumption are, however, prevalent among low-income households. The paper examines potential crisis mitigators and finds that at the macro level a flexible monetary regime is associated with fewer cutbacks in household consumption. At the meso level, it finds no evidence that foreign bank ownership amplified the transmission of banking crises to households in Europe. With respect to micro-level mitigators, the analysis finds that diversified income sources as well as stocks of non-financial and financial assets help households to cushion income shocks. Access to informal and formal credit also mitigates the impact of income shocks on household consumption...

What Have We Learned from a Decade of Manufacturing Enterprise Surveys in Africa?

Bigsten, Arne; Söderbom, Måns
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
66.14%
In the early 1990s the World Bank launched the Regional Program on Enterprise Development (RPED) in several African countries, a key component of which was to collect data on manufacturing firms. The data sets built by these and subsequent enterprise surveys in Africa generated considerable research. This article surveys the research on the African business environment, focusing on risk, access to credit, labor, and infrastructure, and on how firms organize themselves and do business. It reviews the research on enterprise performance, including enterprise growth, investment, and exports. The article concludes with a discussion of policy lessons.

Access to Financial Services : A Review of the Issues and Public Policy Objectives

Claessens, Stijn
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
66.18%
This article reviews the evidence on the importance of finance for economic well-being. It provides data on the use of basic financial services by households and firms across a sample of countries, assesses the desirability of universal access, and provides an overview of the macroeconomic, legal, and regulatory obstacles to access. Despite the benefits of finance, the data show that use of financial services is far from universal in many countries, especially developing countries. Universal access to financial services has not been a public policy objective in most countries and would likely be difficult to achieve. Countries can, however, facilitate access to financial services by strengthening institutional infrastructure, liberalizing markets and facilitating greater competition, and encouraging innovative use of know-how and technology. Government interventions to directly broaden access to finance, however, are costly and fraught with risks, among others the risk of missing the targeted groups. The article concludes with recommendations for global actions aimed at improving data on access and use and suggestions on areas of further analysis to identify constraints to broadening access.

Credit Reporting Knowledge Guide

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
66.14%
This second edition of the Credit Reporting Knowledge Guide aims to support the dissemination of knowledge on best practices in credit reporting development, based on IFC s experience. The original Credit Bureau Knowledge Guide (2006) elaborated on the knowledge gained over several years of running the Global Credit Reporting Progra

Access to Finance for Smallholder Farmers

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
86.07%
The percentage of smallholders with access to finance is equally difficult to quantify. According to estimates, even promising approaches to expanding smallholder lending, such as value chain finance, are reaching fewer than 10 percent of smallholders, primarily those in well-established value chains dedicated to higher value cash crops. International Finance Corporation (IFC) has been engaged for several years in learning efforts through diverse partnerships to obtain insights into the challenges of agricultural finance. The evidence of microfinance institution (MFI) involvement in financing commercial and semi-commercial smallholders remains anecdotal and lacks specifics on what makes MFI lending to these segments feasible, and what restricts their reach and effectiveness. This IFC study aims to identify and disseminate lessons emerging from the work of MFIs that have implemented agricultural operations targeting agricultural smallholders in Latin America and the Caribbean (LAC) to support replication and expansion of scalable approaches. Through this research...

Dual Credit Markets and Household Access to Finance; Evidence from a Representative Chinese Household Survey

Cull, Robert; Gan, Li; Gao, Nan; Xu, Lixin Colin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Policy Research Working Paper; Publications Research
ENGLISH; EN_US
Relevância na Pesquisa
96.21%
Using a new and representative data set of Chinese household finance, this paper documents household access to and costs of finance, along with their correlates. As in most developing countries, informal finance is a crucial element of household finance, and wealth tends to be associated with better access to formal and informal finance. Better financial knowledge shifts loan portfolios toward formal sources relative to informal ones. Connections to the Communist Party are associated with significantly better access to finance in rural areas but not in urban areas. A larger social network is positively associated with access to informal finance. Controlling for household characteristics, rural residents pay interest rates on loans similar to urban residents. Younger residents pay higher rates, while households on firmer economic footing face lower rates. Taking financial classes and college education is associated with higher interest rates for urban residents, suggesting perhaps that financial knowledge coincides with greater demand for credit in areas with more economic opportunity. Overall...

Kyrgyz Republic : Access to Financial Services Policy Note

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
76.1%
The purpose of this paper is to report on the level of access to formal financial services in the Kyrgyz Republic, assess the key obstacles to improving access, and make recommendations to overcome these obstacles. The paper is organized as follows. Sections II to IV examine the supply of financial services. Specifically, section II presents a profile of financial intermediation by banks, focusing their supply of financial services, particularly lending and deposits. Section III presents a profile of lending by Aiyl Bank, a specialized bank with a limited license, which is mandated to lend for agriculture. Section IV presents a profile of lending by non-bank financial institutions (NBFIs), including microfinance organizations (MFOs) and credit unions. Section V examines the demand side for financial services, drawing on enterprise surveys to assess firms' perceptions of their access to finance. Section VI presents a brief analysis of the impact of the events of April 2010 on access to finance. Section VII discusses key obstacles in increasing access to finance from banks and NBFIs. Section VIII concludes with policy recommendations that derive from the preceding analysis.

From Pawn Shops to Banks : The Impact of Formal Credit on Informal Households

Ruiz, Claudia
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
86.17%
This paper examines the effects of expanding access to credit on the decisions and welfare of households. It focuses on the entry of Banco Azteca, the first bank in Mexico targeting households from the informal sector. Panel data suggest that informal households in municipalities with Banco Azteca branches experienced several changes in their saving, credit and consumption patterns. In order to estimate the impact of Azteca's entry, the paper develops a dynamic model of household choices in which the bank is endogenously selecting the municipalities for branch openings. The analysis finds that in municipalities in which the bank entered, households were better able to smooth their consumption and accumulate more durable goods even though the overall proportion of households that save went down by 6.6 percent. These results suggest that the use of savings as a buffer on income fluctuations declines once formal credit is available. What is more, these effects vary across households. Among informal households...

Formal Versus Informal Finance : Evidence from China

Ayyagari, Meghana; Demirgüç-Kunt, Asli
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
66.2%
China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption...

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
ENGLISH
Relevância na Pesquisa
86.09%
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.

Causes and Implications of Credit Rationing in Rural Ethiopia : The Importance of Spatial Variation

Ayalew Ali, Daniel; Deininger, Klaus
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
76.17%
This paper uses Ethiopian data to explore credit rationing in semi-formal credit markets and its effects on farmers' resource allocation and crop productivity. Credit rationing -- both voluntarily and involuntarily -- is found to be widespread in the sampled rural villages, largely because of risk-related factors. Political and social networks emerge as key determinants of access to credit among smallholder, peasant farmers. Significant regional variation emerges as well. In high-potential, surplus producing areas where credit is largely used for agricultural production, eliminating credit constraints is estimated to increase productivity by roughly 11 percentage points. By contrast, in low-productivity, drought prone areas where loans were rarely used to acquire inputs for crop production, the authors find no relationship between credit rationing and agricultural productivity. To be effective, efforts to improve agricultural productivity not only need to increase credit supply, but also explore the reasons for credit rationing and the availability of productive opportunities.

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
EN_US
Relevância na Pesquisa
76.17%
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.

SME Contributions to Employment, Job Creation, and Growth in the Arab World

Nasr, Sahar; Rostom, Ahmed
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
76.09%
Recent economic and political developments have highlighted a challenge shared across the Arab region of generating employment, promoting inclusive growth, and improving competitiveness. In the short run, weakened macroeconomic fundamentals in the developing economies of the Middle East and North Africa are a key challenge. The region's main challenge is to achieve sustainable growth that delivers the quantity and quality of jobs needed. An inclusive and competitive private sector has proven to be one of the most effective and long-term solutions for this challenge. This paper provides an analytical framework to diagnose and identify key challenges to the growth of small and medium enterprises that is supported by a quantitative model based on the World Bank's Enterprise Surveys database. The findings reconfirm that the route to a sustained role for small and medium enterprises in job creation requires improving the credibility of reforms, the effectiveness of policies, and equitable enforcement. Although one size fits all is infeasible for Arab countries...

Empowering Participation: Examining Women’s Access to Formal Financial Resources and Women’s National Parliamentary Representation

Ready, Courtney
Fonte: Universidade Duke Publicador: Universidade Duke
Publicado em 31/01/2014 EN_US
Relevância na Pesquisa
85.86%
Women’s access to financial resources is popularly hailed and strongly evidenced to be a development tool that champions women’s economic empowerment. Globally, does economic empowerment through women’s access to formal financial resources translate to women’s political empowerment in established political institutions? To what extent do women’s use of formal financial resources (defined as use of financial and savings accounts, credit cards, and the taking of loans from financial institution) correlate with women’s political representation in national parliaments? The purpose of this thesis is to utilize cross-national data to investigate this question by examining the extent to which women’s access to formal financial services is correlated with increased women’s representation in national parliaments. This thesis will utilize data from the World Bank’s “Gender Statistics and Indicators” database from 195 countries around the world to test the existence, direction, and strength of any potential relationship, controlling for important confounding variables. (World Bank, 2013) Statistically significant relationships that emerge will then be analyzed in the context of other scholarly works to draw conclusions, discuss policy implications...