Jointly issued notes: a financial instrument to improve SME credit worthiness in China
AbstractA financial instrument to improve the credit worthiness of small and medium enterprises (SMEs), i.e. Jointly Issued Notes (JINs), improves the average credit rating of SMEs by eight notches, from BBB to AA+, thus reducing borrowing cost by 298 basis points. This research note describes the various kinds of JINs, and then analyzes their effect on the credit worthiness of SMEs. We conclude that the JINs successfully facilitate access to credit at lower rates in China.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.
Volume (Year): 15 (2012)
Issue (Month): 3 (September)
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