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This review of small and medium-sized enterprise (SME) finance support programs aims to enhance the efficiency of SME finance support in Chile. Chile's good economic policies have successfully promoted growth, but inequality has remained high. Supporting access to finance for SMEs is an important part of developing more equal opportunities in Chile. The purpose of the analysis is to identify options for strengthening corporacion de fomento de la produccion (CORFO's) role in addressing the SME finance gaps arising from market failures. The study focuses on determining if the various partial credit guarantee (PCG) programs are efficient and optimal in their design and how CORFO's role can be expanded to support SMEs. To achieve a new more complex role, the study also considered that CORFO as an institution needed to be more self-contained and autonomous in terms of financial risks and reserving, and have a corporate structure more akin to a public owned corporation rather than a budget supported state agency. In order for the programs to have the desired effects, they must adequately address the gap, be effectively implemented, and be cost efficient. The paper is organized as follows: section one gives summary, section two gives introduction. Section three analyzes the gap in finance for SMEs in Chile to establish the relevance of the programs. Section four provides an overview of programs in support of SME finance, the implementation effectiveness, and the associated costs. Sections five to seven presents recommendations.

Access To Finance --- Finance and Financial Sector Development --- Financial Regulation and Supervision --- Financial Sector and Social Assistance --- Financial Structures --- Microenterprises --- Private Sector Development --- Risk Management --- Small and Medium Size Enterprises

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For many low-income households in the developing world, incomes are highly variable and uncertain. High up-front costs combined with irregular incomes result in unequal access to water, sanitation, and irrigation. Households typically can, and should, cover the costs of accessing water resources, but they cannot do this without help. Financial inclusion can help households access water resources. Financial inclusion focuses on ensuring everyone has access to useful and affordable financial products and services, including transactions, payments, savings, credit, and insurance. The emerging field of financial technology (fintech) can help address barriers to financial inclusion in the water sector while potentially reducing or eliminating the need for subsidy. Fintech solutions already address some of the needs of developing-nation households-applications include payments and mobile money, pay-as-you-go (PAYG) models, insurance technology (insurtech), and virtual banks. This paper explores how fintech can support expansion of market-based solutions for water, sanitation, and irrigation, identifying several use cases where fintech is already being used to address financial inclusion and access to water. In addition to ways that fintech can help households access water supply and sanitation services, the paper also examines how fintech can help water utilities serve low-income customers more effectively and assist small-scale service providers in growing their businesses.

Access to Finance --- Clean Water --- Finance and Financial Sector Development --- Financial Intermediation --- Financial Sector and Social Assistance --- Innovation --- Irrigation --- Mobile Money --- Urban Water Supply and Sanitation --- Water Supply and Sanitation --- Water Supply and Sanitation Economics --- Water Supply and Sanitation Finance --- Water Utilities

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The debt market in Thailand has made important strides since the financial crisis of 1997. The Thai government has made significant progress in building an orderly yield curve and is beginning to establish some benchmarks. However, more needs to be done if the government is to achieve its objective of enhancing liquidity in the market. In particular, liquidity in the secondary market would be enhanced by reducing the frequency of auctions, while increasing the size of each individual offering. Such a change will require primary dealers to change their mode of operation from effectively a broking operation to the provision of greater underwriting and market making services; consequently a review of the primary dealer system is warranted. Nevertheless, prospects for development of the government securities market will be constrained overall by the likely limited financing need going forward, unless the authorities can secure some additional flexibility to restructure the existing portfolio or otherwise establish more meaningful benchmarks. The corporate debt market suffers from too few issuers of corporate debt and too little diversity of debt offerings. This reflects, in part the limited corporate need for long-term financing, the ready availability of alternative financing by commercial banks at competitive rates, and regulatory policies that emphasize investor protection by imposing substantial limitations on the ability of institutional investors to purchase anything but investment grade debt, which effectively precludes issuance of below investment grade debt.

Access to Finance --- Access to Information --- Auctions --- Banking Sector --- Capital Markets --- Capital Requirements --- Collateral --- Commercial Banks --- Debt --- Debt Markets --- Debt Restructuring --- Domestic Debt --- Due Diligence --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Sector and Social Assistance --- Fiscal Policy --- Foreign Banks --- Insurance --- International Financial Institutions --- Life Insurance --- Monetary Policy --- Mutual Funds --- Private Investment --- Public Debt --- Risk Management --- Securities Markets Policy & Regulation --- Standards and Financial Reporting --- Transaction Costs --- Yield Curve