Innovative Experiences in Access to Finance : Market Friendly Roles for the Visible Hand?

Interest in access to finance has increased significantly in recent years, as growing evidence suggests that lack of access to credit prevents lower-income households and small firms from financing high return investment projects, having an adverse...

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Bibliographic Details
Main Authors:	de la Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ACCOUNTING STANDARDS ACTIVE MARKET AGENCY PROBLEMS AGRICULTURAL COOPERATIVES AGRICULTURAL CREDIT ALLOCATION OF CREDIT ASYMMETRIC INFORMATION BANK BRANCHES BANK DEPOSITS BANK LENDING BANKING SECTOR BANKING SECTOR ASSETS BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAWS BENEFICIARIES CAPITAL MARKETS CENTRAL BANK CHECKING ACCOUNT COLLATERAL COLLATERAL LAWS COMMERCIAL BANKS COMPETITIVE FINANCIAL MARKETS COMPETITIVE MARKETS CONSUMER CREDIT CONTRACT ENFORCEMENT CREDIT ASSESSMENT CREDIT GUARANTEE CREDIT HISTORY CREDIT INFORMATION CREDIT INFORMATION SYSTEMS CREDIT MARKETS CREDIT OUTSTANDING CREDIT PROGRAMS CREDIT REPORTING CREDIT RISK CREDIT SCORING CREDITOR CREDITOR RIGHTS CREDITORS CREDITWORTHY BORROWERS CUSTODY CUSTODY ARRANGEMENTS DEBT DEBT CRISIS DEBTOR DEBTS DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEREGULATION OF INTEREST DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT OF CREDIT BUREAUS DIRECTED CREDIT DISCLOSURE OF INFORMATION DOMESTIC FINANCIAL MARKETS DOMESTIC SECURITIES ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY EFFICIENT MARKET ELECTRONIC MARKET EMERGING ECONOMIES EMERGING MARKETS ENABLING ENVIRONMENT ENFORCEABILITY EXCHANGE COMMISSIONS EXPENDITURES EXTERNAL FINANCE EXTERNAL INVESTORS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL DEVELOPMENT FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL LIBERALIZATION FINANCIAL LIBERALIZATIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL SYSTEMS FISCAL DEFICITS FIXED ASSETS FLOW OF CREDIT FOREIGN EXCHANGE FOREIGN INVESTMENT GOVERNMENT BANK GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT INTERVENTION GOVERNMENT INTERVENTIONS GOVERNMENT INVOLVEMENT GOVERNMENT OWNERSHIP GOVERNMENT POLICIES GOVERNMENT REGULATION GOVERNMENT SUPPORT GROUPS OF BORROWERS HOUSING FINANCE INCENTIVES FOR REPAYMENT INCOME INEQUALITY INCOME LEVEL INCOME LEVELS INCOME TAX INFORMATION TECHNOLOGY INSTITUTIONAL DEVELOPMENT INSTRUMENT INSURANCE INSURANCE PRODUCTS INTEREST RATE INTERMEDIATION SPREADS INTERNAL RATE OF RETURN INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INVESTMENT PROJECTS INVESTOR PROTECTION INVESTOR PROTECTION LAWS LEGAL SYSTEMS LEGAL TRADITIONS LENDER LENDERS LENDING REQUIREMENTS LEVEL OF INTEREST RATES LOAN LOAN GUARANTEES LOAN PORTFOLIOS LONG-TERM FINANCE MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILIZATION MACROECONOMIC VOLATILITY MARKET DEPTH MARKET DEVELOPMENT MARKET FAILURE MARKET FAILURES MARKET INFRASTRUCTURE MARKET INFRASTRUCTURES MARKET INTEREST RATES MARKET PARTICIPANTS MARKET STRUCTURE MICROFINANCE MINORITY SHAREHOLDERS MONETARY AUTHORITIES MONETARY POLICIES MONEY SUPPLY MORAL HAZARD MUTUAL FUNDS NON-PERFORMING LOAN OPPORTUNITY COST PAYMENT HISTORY PAYMENT SERVICES PENSIONS POLITICAL ECONOMY POST OFFICE PRINCIPAL-AGENT PROBLEMS PRIVATE BANKS PRIVATE CREDIT PRIVATE CREDIT BUREAUS PRIVATE CREDITORS PRIVATE FINANCIAL INSTITUTIONS PRIVATE FINANCIAL INTERMEDIARIES PRIVATE INVESTORS PRIVATE PARTIES PROPERTY RIGHTS PROVISION OF CREDIT PRUDENTIAL REGULATION PUBLIC BANK PUBLIC BANKS REAL INTEREST REAL INTEREST RATES RELIANCE ON COLLATERAL REPOSSESSION RESERVE RESERVE REQUIREMENTS RETURN RETURNS RIGHTS OF CREDITORS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISK OF LOAN RISK PREMIUMS RISK SHARING RURAL CREDIT SAVINGS ACCOUNT SECURITIES SECURITIES MARKET SECURITIES MARKET DEVELOPMENT SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SMALL BORROWERS TAX SYSTEM TAX SYSTEMS TRADING TRANSACTION TRANSACTION COST TRANSACTION COSTS TRANSACTIONS COSTS TRANSITION ECONOMIES TRANSPARENCY
Online Access:	http://documents.worldbank.org/curated/en/2007/08/8115877/innovative-experiences-access-finance-market-friendly-roles-visible-hand http://hdl.handle.net/10986/7303

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Summary:	Interest in access to finance has increased significantly in recent years, as growing evidence suggests that lack of access to credit prevents lower-income households and small firms from financing high return investment projects, having an adverse effect on growth and poverty alleviation. This study describes some recent innovative experiences to broaden access to credit. These experiences are consistent with an emerging new view that recognizes a limited role for the public sector in financial markets, but contends that there might be room for well-designed, restricted interventions in collaboration with the private sector to foster financial development and broaden access. The authors illustrate this view with several recent experiences in Latin America and then discuss some open policy questions about the role of the public and private sectors in driving these financial innovations.

Innovative Experiences in Access to Finance : Market Friendly Roles for the Visible Hand?

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