IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/83524.html
   My bibliography  Save this paper

Programas de Financiamiento Productivo a pymes, acceso al crédito y desempeño de las firmas: Evidencia de Argentina
[Productive programs for SMEs, access to credit and performance of firms: evidence from Argentina]

Author

Listed:
  • Butler, Ines
  • Giuliodori, David
  • Guiñazu, Sebastian
  • Martinez Correa, Julian
  • Rodríguez, Alejandro

Abstract

In the last years, Argentinian’s Government has implemented several productive programs for financing MSMEs. The main objective of these programs was increasing the productivity of firms. However, to the best of our knowledge, there is no work that measures the effectiveness of programs over the beneficiary firms; moreover, the micro data used in this work have not been used ever. In this paper, we evaluate three productive programs: the National Development Fund for Micro, Small and Medium Enterprises (FONAPYME), the Rate Bonus Regime (RBT) and the Reciprocal Guarantee Societies (SGR). On the base of administrative micro data and combining statistical matching techniques with the fixed effects model, we estimate the causal effect of the programs over different variables associated with firm’s productivity. Results show that programs have, on average, positive and significant effects over average employment, average salary, probability of access to credit, and the volume of financial debt. The impact comes mainly from young companies, and specifically in employment, from smaller companies. When comparing the programs, it seems that the RBT rate subsidy is the one with the most profound effects on the overall performance of the firms.

Suggested Citation

  • Butler, Ines & Giuliodori, David & Guiñazu, Sebastian & Martinez Correa, Julian & Rodríguez, Alejandro, 2017. "Programas de Financiamiento Productivo a pymes, acceso al crédito y desempeño de las firmas: Evidencia de Argentina [Productive programs for SMEs, access to credit and performance of firms: evidenc," MPRA Paper 83524, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:83524
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/83524/1/MPRA_paper_83524.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:idb:idbbks:6634 is not listed on IDEAS
    2. Abhijit V. Banerjee & Esther Duflo, 2014. "Do Firms Want to Borrow More? Testing Credit Constraints Using a Directed Lending Program," Review of Economic Studies, Oxford University Press, vol. 81(2), pages 572-607.
    3. Eric Bartelsman & John Haltiwanger & Stefano Scarpetta, 2009. "Measuring and Analyzing Cross-country Differences in Firm Dynamics," NBER Chapters, in: Producer Dynamics: New Evidence from Micro Data, pages 15-76, National Bureau of Economic Research, Inc.
    4. Banerjee, Abhijit V & Newman, Andrew F, 1993. "Occupational Choice and the Process of Development," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 274-298, April.
    5. Joshua D. Angrist & Jörn-Steffen Pischke, 2009. "Mostly Harmless Econometrics: An Empiricist's Companion," Economics Books, Princeton University Press, edition 1, number 8769.
    6. Vera, Cecilia & Titelman Kardonsky, Daniel, 2013. "El sistema financiero en América Latina y el Caribe: una caracterización," Financiamiento para el Desarrollo 248, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    7. Chang-Tai Hsieh & Peter J. Klenow, 2009. "Misallocation and Manufacturing TFP in China and India," The Quarterly Journal of Economics, Oxford University Press, vol. 124(4), pages 1403-1448.
    8. Varouj A. Aivazian & Eric Santor, 2008. "Financial constraints and investment: assessing the impact of a World Bank credit program on small and medium enterprises in Sri Lanka," Canadian Journal of Economics, Canadian Economics Association, vol. 41(2), pages 475-500, May.
    9. Dani Rodrik, 2011. "The future of economic convergence," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 13-52.
    10. Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2004. "How Much Should We Trust Differences-In-Differences Estimates?," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 249-275.
    11. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
    12. Kersten, Renate & Harms, Job & Liket, Kellie & Maas, Karen, 2017. "Small Firms, large Impact? A systematic review of the SME Finance Literature," World Development, Elsevier, vol. 97(C), pages 330-348.
    13. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-827, August.
    14. Victoria Castillo & Alessandro Maffioli & Sofía Rojo & Rodolfo Stucchi, 2014. "The effect of innovation policy on SMEs’ employment and wages in Argentina," Small Business Economics, Springer, vol. 42(2), pages 387-406, February.
    15. Thorsten Beck & Asli Demirgüç‐Kunt & Vojislav Maksimovic, 2005. "Financial and Legal Constraints to Growth: Does Firm Size Matter?," Journal of Finance, American Finance Association, vol. 60(1), pages 137-177, February.
    16. Manuel R. Agosin & Eduardo Fernández-Arias & Gustavo Crespi & Alessandro Maffioli & Alejandro Rasteletti & Rodrigo Wagner & Ernesto H. Stein & Marina Bassi & Graciana Rucci & Sergio Urzúa & Ugo Panizz, 2014. "¿Cómo repensar el desarrollo productivo?: Políticas e instituciones sólidas para la transformación económica," IDB Publications (Books), Inter-American Development Bank, number 86334 edited by Gustavo Crespi & Eduardo Fernández-Arias & Ernesto H. Stein, February.
    17. Marcela Eslava & Alessandro Maffioli & Marcela Meléndez Arjona, 2012. "Second-tier Government Banks and Access to Credit: Micro-Evidence from Colombia," IDB Publications (Working Papers) 64578, Inter-American Development Bank.
    18. Pasquini, Ricardo & Mastroscello, Laura & Valli, Fenando & Segovia, Rodrigo, 2012. "An exploratory study of entrepeneurial ventures in Argentina, their financing and first years' growth," Research Department working papers 240, CAF Development Bank Of Latinamerica.
    19. Goldstein, Evelin, 2011. "El crédito a las PYMES en la Argentina: evolución reciente y estudio de un caso innovador," Documentos de Proyectos 422, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    20. Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000. "Finance and the sources of growth," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
    21. Patrick Honohan, 2004. "Financial development, growth, and poverty: how close are the links?," Policy Research Working Paper Series 3203, The World Bank.
    22. Wolff, Guntram B. & Reinthaler, Volker, 2008. "The effectiveness of subsidies revisited: Accounting for wage and employment effects in business R&D," Research Policy, Elsevier, vol. 37(8), pages 1403-1412, September.
    23. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    24. Irani Arráiz & Marcela Meléndez & Rodolfo Stucchi, 2014. "Partial credit guarantees and firm performance: evidence from Colombia," Small Business Economics, Springer, vol. 43(3), pages 711-724, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Duranton,Gilles & Ghani,Syed Ejaz & Grover,Arti Goswami & Kerr,William Robert & Duranton,Gilles & Ghani,Syed Ejaz & Goswami,Arti Grover & Kerr,William Robert, 2015. "Effects of land misallocation on capital allocations in India," Policy Research Working Paper Series 7451, The World Bank.
    2. Beck, Thorsten & de la Torre, Augusto, 2006. "The basic analytics of access to financial services," Policy Research Working Paper Series 4026, The World Bank.
    3. Kerr, William R. & Nanda, Ramana, 2009. "Democratizing entry: Banking deregulations, financing constraints, and entrepreneurship," Journal of Financial Economics, Elsevier, vol. 94(1), pages 124-149, October.
    4. Steinbuks, J., 2008. "Financial constraints and firms' investment: results of a natural experiment measuring firm response to power interruption," Cambridge Working Papers in Economics 0844, Faculty of Economics, University of Cambridge.
    5. Frederic S. Mishkin, 2007. "Is Financial Globalization Beneficial?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2‐3), pages 259-294, March.
    6. Kersten, Renate & Harms, Job & Liket, Kellie & Maas, Karen, 2017. "Small Firms, large Impact? A systematic review of the SME Finance Literature," World Development, Elsevier, vol. 97(C), pages 330-348.
    7. Joel Peress & jim goldman, 2016. "Firm Innovation and Financial Analysis: How Do They Interact?," 2016 Meeting Papers 531, Society for Economic Dynamics.
    8. Frederic S. Mishkin, 2007. "Is Financial Globalization Beneficial?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2-3), pages 259-294, March.
    9. Simplice Asongu & Rexon Nting, 2021. "The role of finance in inclusive human development in Africa revisited," Journal of Economic and Administrative Sciences, Emerald Group Publishing Limited, vol. 38(2), pages 345-370, February.
    10. Dean Karlan & Jonathan Zinman, 2010. "Expanding Credit Access: Using Randomized Supply Decisions to Estimate the Impacts," Review of Financial Studies, Society for Financial Studies, vol. 23(1), pages 433-464, January.
    11. Beck, Thorsten, 2006. "Creating an efficient financial system : challenges in a global economy," Policy Research Working Paper Series 3856, The World Bank.
    12. Tori, Daniele & Onaran, Özlem, 2018. "Financialisation, financial development, and investment: evidence from European non-financial corporations," Greenwich Papers in Political Economy 22196, University of Greenwich, Greenwich Political Economy Research Centre.
    13. Felipe González & Mounu Prem, 2020. "Losing your dictator: firms during political transition," Journal of Economic Growth, Springer, vol. 25(2), pages 227-257, June.
    14. Thorsten Beck & Asli Demirguc-Kunt & Luc Laeven & Ross Levine, 2008. "Finance, Firm Size, and Growth," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(7), pages 1379-1405, October.
    15. Thorsten Beck & Asli Demirguc-Kunt & Ross Levine, 2004. "Finance, Inequality, and Poverty: Cross-Country Evidence," NBER Working Papers 10979, National Bureau of Economic Research, Inc.
    16. Marco Vivarelli, 2013. "Is entrepreneurship necessarily good? Microeconomic evidence from developed and developing countries," Industrial and Corporate Change, Oxford University Press, vol. 22(6), pages 1453-1495, December.
    17. Demirguc-Kunt, Asli, 2006. "Finance and economic development : policy choices for developing countries," Policy Research Working Paper Series 3955, The World Bank.
    18. F. Arizala & E. Cavallo & A. Galindo, 2013. "Financial development and TFP growth: cross-country and industry-level evidence," Applied Financial Economics, Taylor & Francis Journals, vol. 23(6), pages 433-448, March.
    19. Geurts, Karen & Van Biesebroeck, Johannes, 2016. "Firm creation and post-entry dynamics of de novo entrants," International Journal of Industrial Organization, Elsevier, vol. 49(C), pages 59-104.
    20. William Kerr & Ramana Nanda, 2009. "Financing Constraints and Entrepreneurship," NBER Working Papers 15498, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    Competitiveness; impact evaluation; employment; firms; fixed effects; productive development policies; propensity score matching.;
    All these keywords.

    JEL classification:

    • D0 - Microeconomics - - General
    • H8 - Public Economics - - Miscellaneous Issues
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:83524. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.