This article examines the impact of institutional, financial, and economic development on firms’ access to finance in Latin America and Caribbean region. Based on firm- and country-level data from the World Bank databases, we employ an ordered logit model to understand the direct and moderating role of institutional, financial, and economic development in determining firms’ financial obstacles. The results show that older, larger, facing less competition and regulation burden, foreign owned, and affiliated firms report lower obstacles to finance. Second, better macro-fundamentals help to lessen the level of obstacles substantially. Third, the role of institutions in promoting firms’ inclusive finance is quite different to the role of financial development and economic growth.

JEL classification: E02; G10; O16; P48

本文研究了制度，金融和经济发展对拉丁美洲和加勒比地区企业获得融资的影响。基于世界银行数据库中公司和国家的数据，我们采用有序的logit模型来了解机构，金融和经济发展在确定公司财务障碍方面的直接和适度作用。结果表明，外资企业和关联公司的规模较大，规模较大，面临的竞争和监管负担较小，因此财务障碍较小。第二，更好的宏观基础有助于大大减少障碍的程度。第三，机构在促进企业包容性金融方面的作用与金融发展和经济增长的作用大不相同。

JEL分类： E02；G10；O16; P48