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MSME finance gap : assessment of the shortfalls and opportunities in financing micro, small, and medium enterprises in emerging markets (Английский)

As in most economies, micro, small, and medium enterprises (MSMEs) in emerging markets are widely believed to be the engine of growth across. Over the last decade, many researchers and academics have tried to analyze the issue of MSME access to finance, emphasizing their dependence on credit and cash flows. This study presents a new approach to the estimation of the unmet demand for financing from MSMEs in developing countries. Importantly, it also describes the potential implications for the public-sector bodies, private sector financial institutions, and technology providers. The present research adds significant value to the repository of data in the MSME space, and opens new opportunities for further investigation. It estimates both supply of and demand for MSME finance on a global scale, which has never been done in a comprehensive way. This approach estimates MSME equilibrium lending in developed economies according to the industry, age, and size categories, and applies this benchmark to MSMEs in developing countries. It estimates the MSME finance gap as the difference between current supply and potential demand which can potentially be addressed by financial institutions. This report is divided into five sections. The first section reviews the literature about financing MSMEs. The second section describes the methodology of the present research, data sources, and the model specification. The third section analyzes the results of the finance gap estimation, including regional comparisons, formal, and informal MSME sector results, and gender disaggregated statistics. The fourth section elaborates on the implications of the finance gap for the public sector, including government agencies and multilateral organizations and lending institutions. Finally, the fifth section highlights implications for the private sector, including banks and non-bank financial institutions, as well as financial technology companies.

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