Asian Development Bank Institute Research Paper Series最新文献_第6页

Why Do SMEs Not Borrow More from Banks? Evidence from the People's Republic of China and Southeast Asia 中小企业为何不向银行贷款?来自中华人民共和国和东南亚的证据

Asian Development Bank Institute Research Paper Series Pub Date : 2015-01-13 DOI: 10.2139/ssrn.2548916

G. Wignaraja, Yothin Jinjarak

{"title":"Why Do SMEs Not Borrow More from Banks? Evidence from the People's Republic of China and Southeast Asia","authors":"G. Wignaraja, Yothin Jinjarak","doi":"10.2139/ssrn.2548916","DOIUrl":"https://doi.org/10.2139/ssrn.2548916","url":null,"abstract":"This study examines the relationship between firm characteristics and borrowing from commercial banks by small and medium-sized enterprises (SMEs) in the People's Republic of China (PRC) and five Southeast Asian economies (Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam). Analysis of microdata from enterprise surveys highlights key aspects of SME finance since the global financial crisis, including sources of credit, lender types, and collateral types. First, SMEs typically resort to internal sources rather than external finance (including borrowing from banks) and trade credit. Second, when it comes to external finance, SMEs typically use informal non-bank credit sources more than banks. Third, there is a positive and significant association between bank borrowing and certain characteristics of SMEs, notably financial audits, firm age, and export participation. Fourth, personal assets of SME owners tend to matter more as collateral for SME borrowing from banks than other collateral types. Improving credit guarantee systems, enhancing monitoring and credit scoring by banks, and widening the scope of collateral are possible ways to facilitate increased bank borrowing by SMEs.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126164002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 23

Connecting South Asia to Southeast Asia: Cross-Border Infrastructure Investments 连接南亚和东南亚:跨境基础设施投资

Asian Development Bank Institute Research Paper Series Pub Date : 2014-05-28 DOI: 10.2139/SSRN.2442743

Jean-François Gautrin

引用次数: 7

Paths to a Reserve Currency: Internationalization of the Renminbi and Its Implications 通往储备货币之路:人民币国际化及其启示

Asian Development Bank Institute Research Paper Series Pub Date : 2014-05-26 DOI: 10.2139/ssrn.2441821

Yiping Huang, Daili Wang, G. Fan

{"title":"Paths to a Reserve Currency: Internationalization of the Renminbi and Its Implications","authors":"Yiping Huang, Daili Wang, G. Fan","doi":"10.2139/ssrn.2441821","DOIUrl":"https://doi.org/10.2139/ssrn.2441821","url":null,"abstract":"In this paper we try to address the question of what could help make the renminbi (RMB) a reserve currency. In recent years, the authorities in the People's Republic of China (PRC) have made efforts to internationalize its currency through a two-track strategy: promotion of the use of the RMB in the settlement of cross-border trade and investment, and liberalization of the capital account. We find that if we use only the quantitative measures of the economy, the predicted share of the RMB in global reserves could reach 12%. However, if institutional and market variables are included, the predicted share comes down to around 2%, which is a more realistic prediction. By reviewing experiences of other reserve currencies, we propose a three-factor approach for the PRC authorities to promote the international role of the RMB: (i) increasing the opportunities of using RMB in the international community, which requires relatively rapid growth of the PRC economy and continuous liberalization of trade and investment; (ii) improving the ease of using RMB, which requires depth, sophistication, and liquidity of financial markets; and (iii) strengthening confidence of using RMB, which requires more transparent monetary policy making, a more independent legal system, and some political reforms. In general, we believe that the RMB's international role should increase in the coming years, but it will take a relatively long period before it plays the role of a global reserve currency.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114697375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 33

Global Implications of the Renminbi's Ascendance 人民币崛起的全球影响

Asian Development Bank Institute Research Paper Series Pub Date : 2014-03-28 DOI: 10.2139/SSRN.2417189

E. Prasad

引用次数: 1

Is There Really a Renminbi Bloc in Asia? 亚洲真的存在人民币集团吗?

Asian Development Bank Institute Research Paper Series Pub Date : 2014-02-28 DOI: 10.2139/ssrn.2405822

M. Kawai, Victor Pontines

引用次数: 30

Emerging Economies' Supply Shocks and Japan's Price Deflation: International Transmissions in a Three-Country DSGE Model 新兴经济体供给冲击与日本物价通缩:三国DSGE模型下的国际传导

Asian Development Bank Institute Research Paper Series Pub Date : 2014-02-07 DOI: 10.2139/ssrn.2392259

Naohisa Hirakata, Yuto Iwasaki, M. Kawai

引用次数: 8

The India-Sri Lanka Free Trade Agreement and the Proposed Comprehensive Economic Partnership Agreement: A Closer Look 印度-斯里兰卡自由贸易协定和拟议中的全面经济伙伴关系协定:细看

Asian Development Bank Institute Research Paper Series Pub Date : 2014-02-06 DOI: 10.2139/ssrn.2391616

Saman Kelegama

引用次数: 7

Expanding Beyond Borders: The Yen and the Yuan 超越国界:日元和人民币

Asian Development Bank Institute Research Paper Series Pub Date : 2013-12-05 DOI: 10.2139/ssrn.2364216

Paola Subacchi

{"title":"Expanding Beyond Borders: The Yen and the Yuan","authors":"Paola Subacchi","doi":"10.2139/ssrn.2364216","DOIUrl":"https://doi.org/10.2139/ssrn.2364216","url":null,"abstract":"As all eyes are on the strategy and policy measures of the People’s Republic of China (PRC) to push the international use of the yuan, this paper turns to the internationalization of the Japanese yen and compares it with what the PRC is doing. There are some fundamental differences in the regional context and in the pattern of regional integration, and these distinguish the PRC’s current strategy from the Japanese experience in the 1980s. The yen’s development as an international currency, and the comparison with the PRC’s strategy, highlight the importance of regional integration as a way to overcome network externalities and market inertia. Using an analytical framework that assesses both the range of different roles (the scope) and geographical scale (the domain) of a currency in the global market, the paper suggests that economic fundamentals alone, albeit essential, are not sufficient to warrant a fully fledged scope and global domain of the currency. The paper concludes by suggesting that in the next decade the PRC yuan will become Asia’s leading currency due to the PRC’s deep economic integration in the region, and that the Japanese yen’s function as an international asset and store of value can be further enhanced if Tokyo’s competitiveness as a leading international financial center is improved.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"138 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121049750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 8

Mapping Crisis-Era Protectionism in the Asia and Pacific Region 亚太地区危机时代保护主义的映射

Asian Development Bank Institute Research Paper Series Pub Date : 2013-11-14 DOI: 10.2139/ssrn.2354788

S. Evenett

引用次数: 5

Financial Health and Firm Productivity: Firm-Level Evidence from Viet Nam 财务健康与企业生产力:来自越南的企业层面证据

Asian Development Bank Institute Research Paper Series Pub Date : 2013-09-23 DOI: 10.2139/ssrn.2329542

S. Thangavelu, Aekapol Chongvilaivan

引用次数: 0