letters of credit, which during the capital controls period had to be backed by firms’ own cash collateral rather than the … bank guarantee. As a result, cash-poor firms imported relatively less. Public intervention to guarantee transactions is …

global perspective. At the same time, collateral requirements applied by banks are onerous and also constrain the quantity of … the high collateral requirements. Reforms in all these areas would support greater financial inclusion in the aftermath of …

). Firm-level SME data and sectoral corporate balance sheets show that many SMEs have faced structural challenges of high … conditions have been accommodating, credit growth has remained weak, especially for small and medium-sized enterprises (SMEs … leverage and low profitability. Moreover, the global financial crisis has weakened the financial position across SMEs …

Promoting credit services to small and medium-size enterprises (SMEs) has been a perennial challenge for policy makers … millions of small firms. By analyzing 1.8 million loan transactions of a leading Chinese online bank, this paper compares the … fintech approach to assessing credit risk using big data and machine learning models with the bank approach using traditional …

data on thousands of euro area firms, we study factors that affect the access to finance of SMEs. We find that changes in … bank funding costs and borrower leverage matter for firms' access to finance. Increases in bank funding costs and borrowers … significantly improve access to finance of SMEs. Finally, access to finance is found to be positively related to firm size and firm …

This paper provides the first systematic study of how minimum wage policies in China affect firm employment over the …

will be less important at this stage. Further evidence from bank lending standards surveys suggests that the leakage … effects are stronger for larger firms compared to SMEs, consistent with recent evidence on the use of personal real estate as … loan collateral by small firms …

, and bank mortgages are intertwined in what we call a deadly embrace. Without macroprudential policies, this deadly embrace …