Although small- and medium-sized enterprises (SMEs) represent more than 90% of all enterprises and play an important role in employment generation, they lack access to affordable formal finance. Conventionally, market failures and information imperfections are seen as majorcauses of this...

During the early years of transition output fell dramatically in almost all transitioneconomies. However, the Uzbek experience was an exception to this rule. Outputfell only slightly, soon to be followed by small but positive and persistent economicgrowth. This extraordinary performance, known...

Although small- and medium-sized enterprises (SMEs) represent more than 90% of all enterprises and play an important role in employment generation, they lack access to affordable formal finance. Conventionally, market failures and information imperfections are seen as majorcauses of this...