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Jointly issued notes: a financial instrument to improve SME credit worthiness in China

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  • Qiang Zhang
  • Min Wu

Abstract

A 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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  • Qiang Zhang & Min Wu, 2012. "Jointly issued notes: a financial instrument to improve SME credit worthiness in China," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 15(3), pages 257-262.
    • Handle: RePEc:taf:jecprf:v:15:y:2012:i:3:p:257-262
    DOI: 10.1080/17487870.2012.716986
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    1. repec:zbw:bofitp:2012_030 is not listed on IDEAS
    2. Funke, Michael & Paetz, Michael, 2012. "Financial system reforms and China's monetary policy framework: A DSGE-based assessment of initiatives and proposals," BOFIT Discussion Papers 30/2012, Bank of Finland Institute for Emerging Economies (BOFIT).
    3. Clara Cardone-Riportella & Antonio Trujillo-Ponce & Anahí Briozzo, 2013. "Analyzing the role of mutual guarantee societies on bank capital requirements for small and medium-sized enterprises," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 16(2), pages 142-159, June.
    4. Funke, Michael & Paetz, Michael, 2012. "Financial system reforms and China's monetary policy framework: A DSGE-based assessment of initiatives and proposals," BOFIT Discussion Papers 30/2012, Bank of Finland Institute for Emerging Economies (BOFIT).

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