Capital Markets and SMEs in Emerging Markets and Developing Economies : Can They Go the Distance?

World Bank Group

World Bank, Washington, DC

关键词: EMERGING MARKET ECONOMIES;    CAPITAL MARKETS;    SME FINANCE;    SMALL AND MEDIUM ENTERPRISES;   

RP-ID  :  146322

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Small and medium enterprises (SMEs) facesignificant financing gaps that stifle innovation andeconomic growth. The credit gap alone is estimated at dollar4.5 trillion as of 2017 for emerging markets and developingeconomies (EMDEs) only. Bank financing has been thetraditional source of external financing to SMEs; however,since the global financial crisis that started in 2007,there has been an active debate about the role that capitalmarkets can play in SME financing. This report seeks toenhance practitioners’ understanding of the potential rolethat capital markets can have in SME financing in EMDEs. thereport reviews global experiences in the use of capitalmarkets solutions and, more generally, in market-basedsolutions to expand SME financing with a view to identifyingkey preconditions and challenges for EMDEs implementing thesolutions. The report looks at both indirect and directmechanisms for SME financing, such as capital marketssolutions, lending conditions, instruments such as SME loansecuritization and others, as well as both debt and equityfinancing solutions.