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Financing in Developing Countries

In: Handbook of the Economics of Finance

Author

Listed:
  • Ayyagari, Meghana
  • Demirguc-Kunt, Asli
  • Maksimovic, Vojislav

Abstract

This chapter reviews and synthesizes theoretical and empirical research on the role of finance in developing countries. First, the paper presents the stylized facts about firms in developing nations as well as the legal, financial, and broader institutional framework in which these firms operate. Next, the paper focuses on the financing choices available to small and medium firms in developing countries and highlights areas needing additional research.

Suggested Citation

  • Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2013. "Financing in Developing Countries," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 683-757, Elsevier.
    • Handle: RePEc:eee:finchp:2-a-683-757
    DOI: 10.1016/B978-0-44-453594-8.00010-0
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    Citations

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    Cited by:

    1. Javadi, Siamak & Mollagholamali, Mohsen & Nejadmalayeri, Ali & Al-Thaqeb, Saud, 2021. "Corporate cash holdings, agency problems, and economic policy uncertainty," International Review of Financial Analysis, Elsevier, vol. 77(C).
    2. Tatiana Didier & Ross Levine & Sergio L. Schmukler, 2014. "Capital Market Financing, Firm Growth, Firm Size Distribution," NBER Working Papers 20336, National Bureau of Economic Research, Inc.
    3. Fu, Jiangtao & Shimamoto, Daichi & Todo, Yasuyuki, 2017. "Can firms with political connections borrow more than those without? Evidence from firm-level data for Indonesia," Journal of Asian Economics, Elsevier, vol. 52(C), pages 45-55.
    4. Samer Matta, 2017. "The Microeconomic Impact of Political Instability: Firm-Level Evidence from Tunisia," Working Papers 1135, Economic Research Forum, revised 09 Jul 2017.
    5. John K. Dadzie & Alessandra Ferrari, 2019. "Deregulation, efficiency and competition in developing banking markets: Do reforms really work? A case study for Ghana," Journal of Banking Regulation, Palgrave Macmillan, vol. 20(4), pages 328-340, December.
    6. Markus Merz & Jan Riepe, 2021. "SMEs with legally restricted banking access: evidence from the US marijuana industry," Journal of Business Economics, Springer, vol. 91(6), pages 797-849, August.

    More about this item

    Keywords

    Financial development; Banks; Markets; Corporate finance; Growth; SMEs;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G3 - Financial Economics - - Corporate Finance and Governance

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