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SMEs, Trade Finance Markets and Instruments: A Review of the Issues with Reference to Asia

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  • Tony Cavoli
  • David Christian
  • Rashesh Shrestha

Abstract

Small and Medium Enterprises (SMEs) are an important source of employment and economic activity, but their expansion and growth may be limited by the existence of trade finance constraints due mainly to a lack of access to external sources of finance. We present a conceptual framework for understanding trade finance transactions, instruments, and participants; and map this framework to the available data used to measure trade finance. Finally, we present some stylized facts on the relationship between various trade finance instruments, and their possible links to SME outcomes with reference to ASEAN countries. We find that there are many (though imperfect) proxies for trade finance activities; and that improving trade finance is associated with more desirable SME outcomes.

Suggested Citation

  • Tony Cavoli & David Christian & Rashesh Shrestha, 2025. "SMEs, Trade Finance Markets and Instruments: A Review of the Issues with Reference to Asia," The World Bank Research Observer, World Bank, vol. 40(2), pages 261-289.
    • Handle: RePEc:oup:wbrobs:v:40:y:2025:i:2:p:261-289.
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    File URL: http://hdl.handle.net/10.1093/wbro/lkae006
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