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Countries in the MENAP and CCA regions have the lowest levels of financial inclusion of small and medium enterprises (SMEs) in the world. The paper provides empirical evidence on the drivers of SME access to finance for a large sample of countries, and identifies key policy priorities for these two regions: economic and institutional stability, competition, public sector size and government effectiveness, credit information infrastructure (e.g., credit registries), the business environment (e.g., legal frameworks for contract enforcement), and financial supervisory and regulatory capacity. The analysis also shows that improving credit information, economic competition, the business environment along with economic development and better governance would help close the SME financial inclusion gap between MENAP and CCA regions and the best performers. The paper concludes on the need to adopt holistic policy strategies that take into account the full range of macro and institutional requirements and reforms, and prioritize these reforms in accordance with each country’s specific characteristics.
Corporate Finance --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Consumer Economics: Empirical Analysis --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Corporate Finance and Governance: General --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial Institutions and Services: General --- Ownership & organization of enterprises --- Finance --- Monetary economics --- Small and medium enterprises --- Financial inclusion --- Credit --- Bank credit --- Financial services --- Economic sectors --- Financial markets --- Money --- Business environment --- Small business --- Financial services industry --- Business enterprises --- Afghanistan, Islamic Republic of
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Structural Reforms and Labor Reallocation: A Cross-Country Analysis.
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Countries in the MENAP and CCA regions have the lowest levels of financial inclusion of small and medium enterprises (SMEs) in the world. The paper provides empirical evidence on the drivers of SME access to finance for a large sample of countries, and identifies key policy priorities for these two regions: economic and institutional stability, competition, public sector size and government effectiveness, credit information infrastructure (e.g., credit registries), the business environment (e.g., legal frameworks for contract enforcement), and financial supervisory and regulatory capacity. The analysis also shows that improving credit information, economic competition, the business environment along with economic development and better governance would help close the SME financial inclusion gap between MENAP and CCA regions and the best performers. The paper concludes on the need to adopt holistic policy strategies that take into account the full range of macro and institutional requirements and reforms, and prioritize these reforms in accordance with each country’s specific characteristics.
Afghanistan, Islamic Republic of --- Corporate Finance --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Consumer Economics: Empirical Analysis --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Corporate Finance and Governance: General --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial Institutions and Services: General --- Ownership & organization of enterprises --- Finance --- Monetary economics --- Small and medium enterprises --- Financial inclusion --- Credit --- Bank credit --- Financial services --- Economic sectors --- Financial markets --- Money --- Business environment --- Small business --- Financial services industry --- Business enterprises
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Institutional and market frictions impose costs on the reallocation of labor from low to high productivity sectors, leading to suboptimal allocations and a loss in aggregate labor productivity. Using cross-country sector-level data, we use a dynamic panel error correction model to compute the speed of sectoral labor adjustment, as well as the contribution of structural reforms in governance, labor and product markets, trade and openness, and the financial sector to lowering the costs of labor reallocation. We find that, on average, sectoral employment shares converge towards equilibrium allocations, closing about 13.7 percent of labor productivity gaps each year; this speed of labor adjustment varies across sectors and income groups. On structural reforms, we find a significant association between more efficient labor reallocation and financial market liberalization, less bureaucracy, strong judicial and regulatory environment, trade liberalization, better education and more flexible labor and product markets.
Macroeconomics --- Production and Operations Management --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Industrial Organization and Macroeconomics: Industrial Structure and Structural Change --- Industrial Price Indices --- Economic History: Macroeconomics and Monetary Economics --- Growth and Fluctuations: General, International, or Comparative --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Labor Economics: General --- Macroeconomics: Production --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Institutions and the Macroeconomy --- Labour --- income economics --- Labor --- Productivity --- Labor productivity --- Total factor productivity --- Structural reforms --- Macrostructural analysis --- Labor economics --- Industrial productivity --- Morocco
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The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversification and growth challenges many countries are facing. In the Middle East and Central Asia (MENAP and CCA) regions, SMEs represent an important share of firms, but the regions lag most others in terms of SME access to financing.
Corporate Finance --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Corporate Finance and Governance: General --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- Finance --- Ownership & organization of enterprises --- Monetary economics --- Small and medium enterprises --- Financial inclusion --- Credit --- Financial services --- Capital markets --- Small business --- Financial services industry --- Capital market --- Pakistan
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The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversification and growth challenges many countries are facing. In the Middle East and Central Asia (MENAP and CCA) regions, SMEs represent an important share of firms, but the regions lag most others in terms of SME access to financing.
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Small business --- Finance --- Finance. --- Small business. --- Central Asia. --- Middle East. --- Businesses, Small --- Medium-sized business --- Micro-businesses --- Microbusinesses --- Microenterprises --- Small and medium-sized business --- Small and medium-sized enterprises --- Small businesses --- SMEs (Small business) --- Business --- Business enterprises --- Industries --- Funding --- Funds --- Economics --- Currency question --- Size --- Asia, Western --- Eastern Mediterranean --- Eastern Mediterranean Region --- Fertile Crescent --- Levant --- Middle East --- Mideast --- Near East --- South West --- Southwest Asia --- West Asia --- Western Asia --- Asia --- Asia, Central --- Soviet Central Asia --- Tūrān --- Turkestan --- West Turkestan
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