| الوصف: |
Although capital has long been believed to be an engine of economic growth, making widespread access to credit a crucial ingredient to success in stimulating development, all too frequently firms in developing countries face serious obstacles in getting access to credit, their most important source of finance. Many studies have shown that access to finance is an especially strong obstacle to the development of small- and medium-sized enterprises (or “SMEsâ€), which contribute greatly to private sector employment and growth across the world (Ayyagari, Beck, and Demirgüç-Kunt, 2007 and Ayyagari, Demirgüç-Kunt, and Maksimovic, 2011). As a result, it is important for researchers be on the lookout for any reforms with some promise for reducing these barriers to credit and financial growth of SMEs, and thereby also for stimulating greater investment, employment, efficiency and economic development. |