期刊名称：Transylvanian Review of Administrative Sciences
印刷版ISSN：1842-2845
出版年度：2019
卷号：15
期号：57
页码：51-66
DOI：10.24193/tras.57E.4
出版社：Babes Bolyai University
摘要：One of the most important obstacles that
Small and Medium Enterprises (SMEs) face
when addressing their growth is access to finance.
The asymmetry of information, the lack of
guarantees and the difficulty in establishing effective
legal rights explain these difficulties in access
to finance. The solution of these obstacles
has led to the implementation of policies seeking
to address these challenges. The paper explains
the relationship of these policies for the period
2004-2016 in 39 countries that belong to the
group of developing and developed countries.
Our results show that guarantee policies and
the improvement of information quality are complementary.
Moreover, the implementation of
guarantee policies takes place in environments
with weak judicial institutions. This result emphasizes
the substitutable nature between guarantee
systems and the legal reform of the credit
rights’ protections. The implications of our findings
are relevant for policy makers to implement
or strengthen the guarantee systems.
其他摘要：One of the most important obstacles that Small and Medium Enterprises (SMEs) face when addressing their growth is access to finance. The asymmetry of information, the lack of guarantees and the difficulty in establishing effective legal rights explain these difficulties in access to finance. The solution of these obstacles has led to the implementation of policies seeking to address these challenges. The paper explains the relationship of these policies for the period 2004-2016 in 39 countries that belong to the group of developing and developed countries. Our results show that guarantee policies and the improvement of information quality are complementary. Moreover, the implementation of guarantee policies takes place in environments with weak judicial institutions. This result emphasizes the substitutable nature between guarantee systems and the legal reform of the credit rights’ protections. The implications of our findings are relevant for policy makers to implement or strengthen the guarantee systems.
关键词：guarantee schemes; SME finance;
public policy; information quality; legal
system.
其他关键词：guarantee schemes;SME finance;public policy;information quality;legal system
