Business and Economics > Production and Operations Management

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Mishel Ghassibe, Maximiliano Appendino, and Samir Elsadek Mahmoudi
This paper offers empirical evidence that greater financial inclusion of small and medium enterprises (SMEs) can promote higher economic growth and employment, especially in the Middle East and Central Asia regions. First, we show that countries with higher SME financial inclusion exhibit more effective monetary policy transmission and tax collection. Second, we find substantial employment and labor productivity growth gains at the firm level from access to credit, gains that are higher for SMEs. We also obtain evidence of a substantial positive impact on SME employment and labor productivity growth from improved credit bureau coverage and insolvency regimes. Finally, cross-country aggregate evidence confirms the employment and growth gains from SME financial inclusion, which appear larger in the Middle East and Central Asia than in other regions.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund. External Relations Dept.
Suscríbase a Finanzas & Desarrollo para mantenerse al día de las últimas corrientes del pensamiento económico en lo que respecta al sistema financiero internacional, la política monetaria, el desarrollo económico, la reducción de la pobreza y otras cuestiones de importancia fundamental. Esta amena revista trimestral ofrece análisis profundos de técnicos del FMI y respetados expertos internacionales sobre estas y otras cuestiones. Los artículos están redactados teniendo en mira al lector no especializado interesado en comprender el funcionamiento de la economía mundial y las políticas y actividades del FMI.
International Monetary Fund. External Relations Dept.
Pour les dernières idées sur le système financier international, la politique monétaire, le développement économique, la lutte contre la pauvreté et d’autres questions importantes, abonnez-vous à Finances & Développement (F&D). Ce trimestriel attrayant présente des analyses approfondies sur ces thèmes et d'autres sujets, rédigées par les membres des services du FMI ainsi que par des experts de renommée internationale. Les articles sont écrits pour les non-spécialistes qui souhaitent enrichir leur compréhension des rouages de l'économie mondiale et des politiques et activités du FMI.
Mr. Garbis Iradian
This paper analytically explores and empirically tests a number of hypotheses to explain the rapid growth in transition economies. The paper finds that growth in the Commonwealth of Independent States (CIS) has been higher because of the recovery of lost output, progress in macroeconomic stabilization and market reforms, and favorable external conditions. Some of these factors are unlikely to continue for a very long time. The challenge is to improve the investment climate in the non-primary sectors, which will require broadening the scope of macroeconomic reform into a second generation of reforms encompassing structural and institutional areas.
Ms. Elena Loukoianova and Ms. Anna Unigovskaya
This paper analyzes factors that determine recent economic growth in the low-income countries of the Commonwealth of Independent States.2 The main findings are as follows: (1) productivity gains in export-oriented sectors and expansion of exports may have become the main sources of growth in five of the seven CIS-7 countries, while in the early years of transition the output recovery was mainly driven by consumption; (2) economic growth has concentrated in agriculture and the raw material sectors, and, thus, is vulnerable to changes in external conditions; and (3) structural reforms matter for growth, which is consistent with previous research on growth in transition countries.