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Tao Sun
This note analyzes the economic impact of digital lending to micro and small sized enterprises (MSEs) in China during the coronavirus disease (COVID-19) pandemic. A preliminary analysis of a large pool of MSEs served by a digital bank indicates that digital banks were able to remotely evaluate borrowers and sustain lending during the pandemic, thereby facilitating the business continuity, sales growth, and financial inclusiveness of MSEs. In the global context, a policy framework—leveraging the advantages of digital banks and empowering digital banks, while guarding against possible financial stability risks—would further support small businesses during and after the COVID-19 pandemic.
Tao Sun

This note analyzes the economic impact of digital lending to micro and small sized enterprises (MSEs) in China during the coronavirus disease (COVID-19) pandemic. A preliminary analysis of a large pool of MSEs served by a digital bank indicates that digital banks were able to remotely evaluate borrowers and sustain lending during the pandemic, thereby facilitating the business continuity, sales growth, and financial inclusiveness of MSEs. In the global context, a policy framework—leveraging the advantages of digital banks and empowering digital banks, while guarding against possible financial stability risks—would further support small businesses during and after the COVID-19 pandemic.

Tao Sun

Title Page MONETARY AND CAPITAL MARKETS Global Financial Stability Notes Digital Banking Support to Small Businesses amid COVID-19: Evidence from China No. 2021/02 Prepared by: Tao Sun, Alan Feng, Yiyao Wang, Chun Chang June 2021 DISCLAIMER : The views expressed are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. This note analyzes the economic impact of digital lending to micro and small sized enterprises (MSEs) in China during the coronavirus disease (COVID-19

International Monetary Fund. Asia and Pacific Dept

. Household Borrowing from Sources Other Than Formal Financial Institutions, 2011 2. Philippines: Bank Lending to Micro, Small, and Medium Enterprises—Compliance with Mandated Level, 2013 3. Philippines: Bank Lending to Agriculture and Agra-Business—Compliance with Mandated Level, 2013 4. Funding Cost and Interest Spread: Difference Across Types of Banks, December 2013 TABLES 1. Financial Inclusion for Individuals and Households 2. ASEAN-4: Financing Sources for Fixed Investments According to Firm Size 3. Philippines: Retail Microfinance Exposures

International Monetary Fund. African Dept.

sector by 0.2 percent of GDP. Steps will also be taken for an effective support to microfinance institutions to enhance lending to micro and small businesses in the informal sector. Going forward, BNR will continue to keep monetary policy data-dependent, and to closely monitor price developments for any further action. 12. BNR is taking measures to step up supervision following its decision to allow banks to ease loan repayment conditions for affected borrowers. Many of them have benefited from favorable restructuring terms, including principal and/or interest

International Monetary Fund. Middle East and Central Asia Dept.

European Union provided critical on-budget resources to support higher expenditure, including elevated social spending under a new cash transfer-based social safety net program (Baxnaano) and a program that supports lending to micro, small and medium-sized enterprises (Gargaara). Guided by the Country Preparedness and Response Plan, UN agencies and other partners have taken actions to help mitigate immediate humanitarian and socio-economic consequence of the pandemic. The authorities also did what they could: early in the pandemic they had introduced targeted revenue

International Monetary Fund. Asia and Pacific Dept

-business lending. Aside from lending to MSMEs, banks are also engaged in microfinance which had been growing rapidly 3 and diversified to a wide range of products. Nonetheless, given the much larger size of the group of universal and commercial banks, these banks still account for the majority of bank lending to broad agriculture sector and smaller firms. Universal and commercial banks also tend to have lower funding costs and intermediation spreads than their smaller, more specialized counterparts. Figure 2. Philippines: Bank Lending to Micro, Small, and Medium Enterprises