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Access to formal credit remains critical for business operations, particularly for firms unable to generate sufficient funds internally. Using the World Bank’s Enterprise Survey dataset, 2018, we analyzed 230 Kenyan firms that applied for loans. These loans are sourced from banks (private, commercial, or state-owned) or non-banking financial institutions. Specifically, the paper explores the effect of financial institution type and firm-related characteristics on loan amounts advanced. The results show that the preferred credit provider matters, with the sensitivity level varying among the three institutional types. Additionally, the collateralization value, the owner’s equity proportion of fixed assets, and any existing credit facility correlate positively with the outcome variable. There is an inverse relationship between the largest shareholder’s ownership and the loan amount. The study uses the new product (service) launches to measure innovation. The findings suggest that firms in the innovation process access higher loan amounts than their non-innovative peers. Be that as it may, the difference in amount effect size between the two groups is small based on Cohen’s d rule. The paper highlights the theoretical and practical implications of these findings.

This study focused on the determinants of rural households’ access to credit and loan amount. Multistage sampling procedure was used to select a sample of 120 households from the Wa Municipality. Data were collected using structured questionnaire. In the absence of potential sample selection bias, a probit model and Ordinary Least Squares regression were estimated. Empirical results show that gender, age, farming and trading occupations, credit history, and household income are significant determinants of rural households’ credit access. Also, gender, education, marital status, trading, formal sector workers, distance and credit source are significant predictors of loan amount. It is recommended that appropriate educational programmes be designed through promotion of self-financing adult literacy classes and local media to increase awareness and knowledge of households on credit. Additionally, procedure for getting loan should be simplified. Finally, to ease rural credit constraints informal financial institutions should increase their presence in the rural communities.

Ликвидация крепостного строя привела к тому что во второй половине XIX века хозяйственная деятельность поместного дворянства зависела от их непосредственного участия в управлении своими земельными владениями и личных способностей. Прибыльность их имений определялась их экономическим состоянием, которое было обусловлено методами хозяйственной деятельности, наличием достаточного количества рабочей силы, а также инвентаря и оборудования, необходимого для обработки земли. При этом чем быстрее помещик переходил к передовым формам организации своего поместья, тем больше у него было шансов приспособиться к капиталистическим изменениям, происходившим в аграрной сфере. Большое значение в этом процессе имела деятельность земельных банков, выдававших кредиты под залог земельной собственности. В то же время высокие процентные ставки по займам ставили многих землевладельцев в трудные условия, часто вынуждая продавать свои наделы. В конечном итоге правительство вернулось к практике льготного земельного кредитования в лице Государственного дворянского земельного банка. Деятельность земельных кредитных учреждений не обошла стороной и Пензенскую губернию, где концентрация дворянского землевладения была довольно значительна, значительны были и объемы выданных здесь ссуд.

This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted banking reforms allowing entry of foreign banks and more domestic participation in the syndicated loan market. As a result, during the crisis the volume of syndicated loans grew steadily, in contrast to other countries. In addition, the amount of foreign syndicated loans decreased and average maturity increased compared to the pre-crisis period. Our findings provide useful information to policy makers to devise effective responses to financial crises.

В конце XIX века важнейшую роль для провинциального дворянства имело складывание системы государственного земельного кредитования, которая с одной стороны предоставляла необходимые для модернизации поместий денежные средства, а с другой служила инструментом сдерживания процесса сокращения дворянского землевладения. Основываясь на материалах Пензенской губернии, анализируются основные показатели деятельности Государственного Дворянского земельного банка, динамика рассматриваемых показателей, а так же региональные особенности исследуемых процессов. Отмечен и статистически подтвержден спад объемов кредитования после революционных событий 1905 1907 гг. и произошедших в этот период массовых аграрных волнений, вызвавших пересмотр аграрной политики. Показано, что по уездам рассмотренной губернии кредиты распределялись крайне неравномерно, выделялись в этом плане Пензенский и Краснослободский уезды. Указывается на покровительственный характер земельного кредитования, что подтверждается данными об оценке принимаемых в залог имений. Сравнивая анализируемые показатели с данными об общем количестве земли, принадлежавшей поместному дворянству исследованной губернии, делается вывод о том, что дворянское землевладение в рассматриваемый период практически полностью было обременено долгами, при этом большая часть задолженности дворянского землевладения приходилась на Государственный Дворянский земельный банк.

Mestrado em Métodos Quantitativos para a Decisão Económica e Empresarial Um grande número de literatura empírica emergiu para abordar as condicionantes do acesso ao crédito por parte das Sociedades Não Financeiras (SNF). A dificuldade de acesso ao financiamento é um dos principais entraves ao investimento e à competitividade das empresas, o espelho do sucesso da atividade económica de um país. Com este trabalho pretendo evidenciar quais os determinantes que explicam o acesso aos novos empréstimos bancários entre 2012 e 2016, de forma a disponibilizar instrumentos às empresas que permitam uma gestão mais eficiente. Com este fim, analisei os efeitos das caraterísticas das empresas e dos novos empréstimos bancários no montante total e médio dos empréstimos de cada empresa, a dividir pelo total do ativo médio, durante o período em causa, através de regressões lineares múltiplas. As conclusões mais importantes foram: a taxa de juro, o número de pessoas, o volume de negócios, o capital social e a existência de colateral influenciam negativamente as variáveis dependentes, enquanto que a dimensão, o rating das empresas e os empréstimos bancários concedidos por bancos grandes têm uma influência positiva. Detetou-se a existência de efeitos não lineares através de termos de interação entre as variáveis explicativas. Depois da aplicação de testes específicos em algumas regressões, detetou-se evidência de heterocedasticidade, tendo sido necessário aplicar o estimador robusto de White. A large number of empirical literature emerged to address the constraints of access to credit by Non-Financial Corporations (NFC). The difficulty of access to finance is one of the main obstacles to investment and to the competitiveness of companies, a mirror of the success of a country's economic activity. With this work, I intend to highlight the determinants that explain the access to new bank loans between 2012 and 2016, in order to provide instruments to companies that allow a more efficient management. To this end, I analyzed the effects of the companies' characteristics and new bank loans on the total and average loans of each company, divided by the total average assets during the period, through multiple linear regressions. The most important conclusions were: interest rate, number of people, turnover, share capital and the existence of collateral negatively influence the dependent variables, while size, corporate rating and bank lending by large banks have a positive influence. Nonlinear effects were detected through terms of interaction between the explanatory variables. After the application of specific tests in some regressions, evidence of heteroscedasticity was detected, requiring the application of White's robust estimator. info:eu-repo/semantics/publishedVersion

Front-line loan officers of microfinance institutions are important in acquiring information on potential borrowers and selecting them in accordance with the microfinance institution's mission. This study uses a unique data set on loan officers and their loan portfolios from China's largest nongovernmental organization microfinance institution to test whether officers' personal characteristics affect the size and quality of their loans. The analysis uses a period in which the institution shifted from reliance on government donations and subsidies to commercial sources of funding. Imposing more commercial incentives on loan officers could affect how they balance potentially competing objectives to serve the poor and pursue profitability. The paper finds that loan officers who were formerly farmers or worked in local government were better able to maintain lending to poorer borrowers, without incurring substantially lower repayment rates on their loans. In short, it appears that the career backgrounds of loan officers did play a role in preventing mission drift.

Access to adequate housing is critically important to the health and wellbeing of the world’s population. Yet, despite the fact that this statement is part of the United Nations Universal Declaration of Human Rights and has been on the global policy agenda for many years, hundreds of millions of people continue to live in inadequate conditions with little or no access to decent housing. The demand for housing solutions will increase as urbanization and population growth persists. The United Nations Human Settlements Program (UN-Habitat) has estimated that the number of people living in slums around the world will rise to 900 million by 2020 if nothing is done. Asia and Africa will face special challenges, because urbanization in those regions is proceeding rapidly. Housing is frequently unaffordable to all but the top earners. A recent report estimates a housing affordability gap affecting 330 million households, with 200 million households in the developing world living in slums (McKinsey Global Institute 2014). Research has shown that more and better housing increases the welfare of occupants. Homeownership may increase stability and civic engagement, and provide financial security in old age. Improvements in housing also have important benefits to the economy. Housing construction and home improvement generate demand for professional, skilled, semi-skilled, and unskilled labor; and allow many micro and small businesses to flourish. The housing market is an important component of national economies and housing booms and busts can have significant effects on the macro economy and financial sector. The core purpose of this learning product is to generate knowledge and provide lessons learned from World Bank Group support to housing finance. Lessons were derived primarily from evaluated interventions in the form of World Bank loans or International Finance Corporation (IFC) investments and advisory services. World Bank technical assistance and knowledge products and interventions on housing finance matters were considered when provided in the context of lending operations. One limitation faced in preparation of this learning product was the lack of coverage of stand-alone World Bank advisory services.