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В современной мировой экономике большинство стран испытывают недостаток денежных ресурсов для полноценного выполнения своих функций и обязанностей перед гражданами. Государственный долг как часть экономической системы, оказывает непосредственное влияние на такие ее элементы, как денежно-кредитная система государства, уровень инфляции, иностранные инвестиции и др. Наблюдается тенденция к увеличению заимствований странами, и как следствие объема государственного долга. В статье представлена и проанализирована динамика состояния объема государственного долга ведущих экономик мира, в частности стран большой семерки, и соотношение показателей государственного долга к уровню ВВП., In the world economy of today, most countries lack the financial resources to fully fulfill their functions and duties. Public debt as a part of the economic system has a direct impact on its elements, such as the monetary system of the state, the level of inflation, foreign investment, etc. The study notes an increasing phenomenon of borrowing by various countries, and as a result, the amount of public debt. The article presents and analyzes the dynamics of the state of public debt on the basis of the world's leading economies, in particular, the Group of Seven, as well as the ratio of public debt to GDP., Международный научно-исследовательский журнал, Выпуск 2 (104) 2021, Pages 54-56

This paper investigates the effect of access to finance on job growth in 50,000 firms across 70 developing countries. Using the introduction of credit bureaus as an exogenous shock to the supply of credit, the paper finds that increased access to finance results in higher employment growth, especially among micro, small, and medium enterprises. The results are robust to using firm fixed effects, industry measures of external finance dependence, and propensity score matching in a complementary panel data set of more than four million firms in 29 developing countries. The findings have implications for policy interventions targeted to produce job growth in micro, small, and medium enterprises.

This paper evaluates the impact of access to credit from banks and other financial institutions on household welfare in Mauritania. Micro-level data from a 2014 household survey are used to evaluate the relationship between credit access, a range of household characteristics, and welfare indicators. To address potential endogeneity issues, the household isolation level is used to instrument access to credit. The results show that households headed by older, more educated people are more likely to access financial services, as are households located in urban areas. In addition, greater financial access appears to be associated with a reduced dependence on household production and increased investment in human capital.

Access to finance, particularly credit, is widely recognized as problematic for small and medium enterprises (SMEs), hampering their growth and development. To address this challenge, many governments around the world intervene in SME credit markets through credit guarantee schemes (CGSs). A CGS offers risk mitigation to lenders by taking a share of the lenders’ losses on SME loans in case of default. CGSs can contribute to expand access to finance for SMEs. Yet they may bring limited value added and prove costly if they are not designed and implemented well. There have been efforts in recent years to identify good practices for CGSs, but the international community still lacks a common set of principles or standards that can help governments establish, operate, and evaluate CGSs for SMEs. The Principles for Public Credit Guarantees for SMEs are filling this gap. The Principles provide a generally accepted set of good practices, which can serve as a global reference for the design, execution, and evaluation of public CGSs around the world. The Principles propose appropriate governance and risk management arrangements, as well as operational conduct rules for CGSs, which can lead to improved outreach and additionality along with financial sustainability. Developed through extensive consultations with stakeholders, the Principles draw from both the literature on good practices for CGSs and sound practices implemented by a number of successful CGSs around the world.

The purpose of this note is to provide policy recommendations to improve access to credit of rural populations and small agricultural producers under financially sustainable schemes. Although the agricultural sector remains an important source of employment, agricultural credit is a small fraction of commercial credit in Colombia. The share of agricultural credit in Colombia is below levels observed in other countries in the region. Colombian commercial banks have limited credit volume in rural areas, concentrating their lending activities on more profitable urban populations. General deposit warehouses and the agricultural commodity exchange (Bolsa Mercantil de Colombia (BMC)) provide funding for agricultural activities, but they are underdeveloped compared to regional peers and serve medium and large size producers. Overall use of mobile- and internet-based payment financial products remains low in rural Colombia. According to 2014 Findex survey data, just two percent of adults report using mobile banking, defined as a mobile platform for making transactions from an account at a financial institution. Public credit guarantee system (FAG) coverage should be modified to incentive the use of mobile guarantees and agricultural insurance. This will ensure that financial institutions have only covered tail risks, providing incentives to use mobile guarantees.

A well-functioning and inclusive financial sector is critical for efficient resource allocation leading to increased productivity, greater investment, higher overall levels of economic growth, and lower inequality. This is particularly critical in Iraq, where years of political instability and violence have impeded the development of a robust private sector. Microfinance services in Iraq are still nascent and far from meeting their full potential. This diagnostic report aims to present the microfinance landscape in Iraq, its legal and regulatory framework, and potential policy improvements to enhance the operating environment. It aims to inform public and private sector stakeholders on the regulations and laws affecting the development and strategic direction of the microfinance sector. The policy recommendations presented are designed to address factors preventing greater growth and outreach, with the goal of promoting inclusive financial sector development in Iraq.

By increasing access to finance for out-of-reach households and families, microfinance continues to be an essential tool for improving livelihoods at the base of the pyramid. The last 20 years have seen remarkable growth in the microfinance sector. From its early stages in small-scale microenterprise lending, through its commercial expansion to offer savings and a broad array of financial services to low-income customers, to its entry into new markets and incorporation of technological innovations, microfinance is ensuring that an ever-greater number of households have permanent access to a range of high-quality and affordable financial services. The microfinance industry is estimated at $60 to $100 billion globally, where several thousand microfinance organizations reach an estimated 200 million clients, most of whom were not previously served by the formal financial sector. However, 2.5 billion adults still lack access to formal financial services. Financial services for low-income people are an important factor when it comes to poverty reduction, as it enables them to build assets, increase incomes and reduce their vulnerability to economic stress. Moreover, microfinance continues to be an important tool when it comes to empowering women. IFC is the World Bank Group s main investor in microfinance, working with around 300 microfinance institutions (MFIs) and SME-focused financial institutions, which provide financial services in 91 countries. IFC is also one of the leading global investors in terms of volume. In fiscal year 2014, we committed $519 million in 43 projects with MFIs. Our cumulative investment portfolio in microfinance exceeded $3.5 billion, with outstanding commitments of $2.0 billion. In fiscal year 2014, IFC advisory services comprised $74.2 million, representing advisory assistance for 86 projects. This smart book, titled from small beginnings to great opportunities, presents practical lessons learned from the work that authors have been doing on microfinance projects over the last twenty years. From launching the Microfinance Enhancement Facility to help the industry stay afloat during the time of crisis, to working on a project to support microfinance clients to fulfill their housing dreams, these narratives are both engaging and insightful.

This paper studies the use of psychometric tests, which were designed by the Entrepreneurial Finance Lab as a tool to screen out high credit risk and potentially increase access to credit for small business owners in Peru. The analysis uses administrative data covering the period from June 2011 to April 2014 to compare debt accrual and repayment behavior patterns across entrepreneurs who were offered a loan based on the traditional credit-scoring method versus the Entrepreneurial Finance Lab tool. The paper finds that the psychometric test can lower the risk of the loan portfolio when used as a secondary screening mechanism for already banked entrepreneurs—that is, those with a credit history. For unbanked entrepreneurs—those without a credit history—using the Entrepreneurial Finance Lab tool can increase access to credit without increasing portfolio risk.

Over the past few years, Microfinance Institutions (MFIs) in Iraq have emerged as credible sources of financing for low-income households and entrepreneurs, both underserved by conventional banks. Microfinance services in Iraq, however, are still nascent and far from meeting their full potential. Similar to many countries in the MENA region, MFIs in Iraq were set up as non-governmental organizations (NGOs) supported by a steady influx of donor funding. While these NGOs were initially able to grow through donor support, they are now struggling to meet increasing client demand as donor resources have dwindled, preventing them from making the necessary investments in capital and infrastructure to meet growing client demand. Many countries address this funding challenge by allowing institutions to provide financial services as companies or banks, helping them raise capital, provide new services, and increase their outreach in a sustainable manner. A similar path could be envisioned in Iraq, but is currently obstructed by regulatory hurdles. This diagnostic report aims to present and assess the current microfinance landscape in Iraq, including the legal and regulatory framework, recommend policy improvements to enhance the sustainability and operating environment for MFIs and their clients. This report argues that the current legal and regulatory environment for microfinance in Iraq hinders the growth and sustainability of the sector and furthermore advocates several short and medium term policy recommendations to enhance the overall operating environment for MFIs, the sustainability of the sector, and impact for clients.

Since the Asian Financial Crisis in the late 1990s and through the Global Financial Crisis of the last decade, commendable progress has been made by the member states of the Association of South East Asian Nations (ASEAN) in improving economic and human development outcomes both within each country and across countries. Since 1997, the economies of the poorest countries in the ASEAN, Cambodia, Lao PDR, Myanmar and Vietnam, have generally grown faster than the richer economies, which has reduced gaps in per capita incomes. Overall, child mortality rates have been cut by two-thirds across the ASEAN. And significant reductions have occurred even in some of the poorer member countries such as Cambodia and Lao PDR. However, this report The ASEAN Equitable Development Monitor (henceforth referred to as The Monitor), also shows that much remains to be done to ensure that the poorest members of the ASEAN community, within countries and across countries, are not left behind as the countries of the ASEAN integrate further. In both policies and development outcomes, differences across the countries of the ASEAN remain large. In this context, the monitor is designed to facilitate further discussion on policies and programs that can promote inclusive growth within ASEAN member countries and across the ASEAN community. It presents a number of indicators that are intended to provide a summary of development outcomes across and within the ten ASEAN countries and over time. On this basis, the monitor is intended to help policymakers in ASEAN member states to identify areas of concerns and prioritize national and regional interventions. The monitor tracks indicators across two broad sets of development outcomes and policies: (i) economic development; and (ii) human development.

Chinese Foreign Direct Investment (FDI) into Africa is on the rise and Ethiopia is at the forefront of this trend. On request of the Government, the World Bank surveyed 69 Chinese enterprises doing business in Ethiopia with a 95-question survey in May/June 2012. The survey covered various aspects of the foreign direct investment climate in Ethiopia, including infrastructure, sales and supplies, land, crime, competition, finance, human resources, and questions about general opportunities and constraints for doing business in Ethiopia. This report summarizes the results of survey and provides policy suggestions in light of the analysis; the report also provides some broader background of the expected benefits of FDI into Ethiopia as well as current policies and approaches to promote incoming investment. Addressing identified obstacles could help Ethiopia to take better advantage of foreign investors in order to accelerate the shift from a predominantly low-productivity agriculture-based economy towards a higher-productivity manufacturing and export-based economy. Experiences in successful countries around the world, and especially East Asia show that foreign investment is instrumental to facilitate such a structural transformation and to maintain sustained and broad-based economic development. This study recommends five main areas for policy adjustments to facilitate foreign investors coming into Ethiopia: adjust customs clearance procedures and trade regulations; facilitate currency convertibility and increase transparency of the exchange rate policy; improve tax administration consistency and efficacy; execute impartial labor regulation; and increase the supply and quality of skilled workers.

Mongolia's economy has embarked on a very high, long-term growth trajectory. To realize fully its economic potential, Mongolia needs to build a diversified, efficient and stable financial system, capable of intermediating both on a large scale and in specific market segments. Access to financial services in Mongolia is relatively high when measured by the demographic penetration of branches. The aim of this technical note is to assess the level of access to finance in Mongolia, and especially for Micro, Small and Medium Enterprises (MSMEs), to identify key obstacles to improving access, and to provide recommendations to overcome these obstacles. The technical note is organized as follows. Section one provides a broad overview of the macroeconomic environment and is followed by section two on the status of access to finance in Mongolia. Section three discusses products and market segments. Section four examines the supply of financial services by analyzing the role of key market players. Section five examines the demand for financial services by drawing on enterprise surveys to assess firms perceptions of their access to finance, and analyzes financing conditions for MSMEs. Section six examines obstacles in the regulatory, supervisory framework, and financial infrastructure for access to finance. Section seven describes the main government programs related to access to finance. In conclusion, section eight provides policy recommendations for overcoming obstacles to enhancing access to finance.

The Arab Spring in the Middle East and North Africa (MENA) region has brought to the forefront key challenges: the need to create job opportunities, equal access, a level playing field, transparency and accountability, and a fair and competitive environment. Crony capitalism, the privileged access of certain elites to favorable legal and regulatory treatment, access to markets, and the coincidence of political and economic power, was a major concern contributing to the uprising. Many saw privilege and corruption as the source of unemployment and inequality, effectively raising barriers to entry and growth for the majority of entrepreneurs. At the same time, practices such as connected lending and preferential land allocations, contributed to poor performance of key institutions, underpinning the market economy. It is critical for the MENA countries to achieve the aspirations of their people and attain sustainable and inclusive development by expanding private-led employment and creating entrepreneurship opportunities. This report assesses the supply and demand of financial services to small and medium enterprises (SMEs) in the MENA region, as well as the regulatory, institutional and policy environment that determines the cost, risk, and scale of SME finance. Emerging and promising SME finance models for banks, investors, government and regulators are outlined. These could significantly improve the outreach, viability, risk management, and development impacts of SME finance in the MENA region. SMEs need access to longer term credit products and equity, in addition to working capital loans and trade finance. They also need payment and card services, deposit facilities, liquidity management, risk management tools and insurance. The principal role of the state is as an enabler and regulator, providing the financial infrastructure, and legal and policy frameworks that financial institutions need to be able to meet the range of SME financial needs profitably. All this will contribute to attaining a more sustainable and inclusive system that can play a more important role in economic growth, and the regions prosperity.

Colombia has the seventh highest Gini coefficient of income inequality in the world. The Santos Administration is aware of this challenge and has taken important steps to reduce disparities. The Government is also aspiring to join the OECD, which exhibits much lower income disparities, mainly as a result of effective policies of fiscal redistribution. In Colombia, meanwhile, direct taxes, indirect taxes, and monetary transfers hardly dent the high Gini coefficient. To reduce income inequality, Colombian policy makers could consider introducing a more progressive tax-transfer system. This paper ranks alternative inequality-reducing fiscal policy options based on their effectiveness. It argues that there are potentially important redistributive potential gains available from tax reforms if combined with good spending decisions. It presents an illustrative reform package that would be sufficient for Colombia to reach levels of inequality similar to Chile or Costa Rica in a fiscally neutral manner. Nonetheless, further analysis is needed to explore all available policy options and identify those that are best suited for Colombia.

This report was initiated at the request of the Iraqi government to get a better understanding of the overall financial sector in Iraq. The main objective of the report was to develop a comprehensive assessment of the financial sector. This report takes a first look at the overall financial system of Iraq with a forward looking approach. Key findings of the report are: 1) Iraq's financial sector is dominated by the banking system, with most assets held by state-owned banks; 2) many private banks are in the process of developing modern banking practices, but still need further strengthening and consolidation; 3) other financial markets are concentrated at the Iraqi stock exchange but capitalization is low, and few instruments are traded; 3) the insurance sector is small, dominated by state- owned enterprises, and is not supervised; 4) weak financial infrastructure is a clear impediment to access to finance; and 5) Small Medium Enterprises (SME) and microfinance is not well developed.

Small and medium enterprises (SMEs) play a major role in economic development, particularly in emerging countries. Access to finance remains a key constraint to SME development in emerging economies. Closing the credit gap for formal SMEs will be less daunting than for informal SMEs. The SME finance gap is the result of a mismatch between the needs of the small firms and the supply of financial services, which typically are easier for larger firms to access. Deficiencies in the enabling environment and residual market failures have motivated government interventions to foster SME access to financing. The stocktaking exercise confirms the rise in various parts of the world of specific business models aimed at providing financial services to SMEs in a cost-effective manner. Effective SME financing models can be implemented in different country and market environments, but greater outreach is achieved in the most developed environments for the financial sector. Although SME banking and microfinance models are successfully being rolled out in an increasing number of countries and regions, equity financing remains a challenge in developing economies. The role of international finance institutions (IFIs) and development finance institutions (DFIs) to foster SME financing in the developing world has been significant so far. Increasing access to finance can only be successful if qualitative aspects are taken into account.