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Finance for SMEs and its effect on growth and inequality: evidence from South Africa
Transnational Corporations Review ( IF 3.5 ) Pub Date : 2021-05-18 , DOI: 10.1080/19186444.2021.1925044
Lwanga Elizabeth Nanziri 1 , Peter Simiyu Wamalwa 2
Affiliation  

Abstract

In this paper, we analyse the effects of relaxing financial constraints on economic growth, total factor productivity and inequality, using a micro-founded general equilibrium model and firm-level data for South Africa. The results show that relaxing participation constraints, along with a marginal reduction in collateral requirements and monitoring costs, increases GDP by 3% points, while TFP increases by 2%. Inequality reduces by up to 3% points, driven by improvements in intermediation efficiency. There is, however, minimal participation by wealth-constrained firms either due to lack of information about available finance or preference for internally generated funds.



中文翻译:

中小企业融资及其对增长和不平等的影响:来自南非的证据

摘要

在本文中,我们使用微观建立的一般均衡模型和南非的企业级数据,分析放松金融约束对经济增长、全要素生产率和不平等的影响。结果表明,放宽参与约束,伴随着抵押品要求和监控成本的边际减少,使 GDP 增加了 3 个百分点,而 TFP 增加了 2 个百分点。在中介效率提高的推动下,不平等减少了多达 3%。然而,由于缺乏有关可用资金的信息或对内部产生的资金的偏好,财富受限的公司的参与很少。

更新日期:2021-05-18
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