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Stimulating managerial capital in emerging markets : the impact of business and financial literacy for young entrepreneurs

  • Bruhn, Miriam
  • Zia, Bilal

Identifying the determinants of entrepreneurship is an important research and policy goal, especially in emerging market economies where lack of capital and supporting infrastructure often imposes stringent constraints on business growth. This paper studies the impact of a comprehensive business and financial literacy program on firm outcomes of young entrepreneurs in an emerging post-conflict economy, Bosnia and Herzegovina. The authors conduct a randomized control trial and find that while the training program did not influence business survival, it significantly improved business practices, investments, and loan terms for surviving businesses. Entrepreneurs with higher ex-ante financial literacy further exhibited some improvements in business performance and sales.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5642.

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Date of creation: 01 Apr 2011
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Handle: RePEc:wbk:wbrwps:5642
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  1. Bruhn, Miriam & Love, Inessa, 2009. "The economic impact of banking the unbanked : evidence from Mexico," Policy Research Working Paper Series 4981, The World Bank.
  2. Leora F. Klapper & Annamaria Lusardi & Georgios A. Panos, 2012. "Financial Literacy and the Financial Crisis," NBER Working Papers 17930, National Bureau of Economic Research, Inc.
  3. Milo Bianchi & Matteo Bobba, 2010. "Liquidity, risk and occupational choices," PSE Working Papers halshs-00564918, HAL.
  4. Shawn Cole & Thomas Sampson & Bilal Zia, 2011. "Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?," Journal of Finance, American Finance Association, vol. 66(6), pages 1933-1967, December.
  5. Paul J. Gertler & Sebastian W. Martinez & Marta Rubio-Codina, 2012. "Investing Cash Transfers to Raise Long-Term Living Standards," American Economic Journal: Applied Economics, American Economic Association, vol. 4(1), pages 164-92, January.
  6. Miriam Bruhn & Dean Karlan & Antoinette Schoar, 2010. "What Capital Is Missing in Developing Countries?," American Economic Review, American Economic Association, vol. 100(2), pages 629-33, May.
  7. Bobba, Matteo & Bianchi, Milo, 2013. "Liquidity, Risk, and Occupational Choices," Economics Papers from University Paris Dauphine 123456789/5380, Paris Dauphine University.
  8. Bruhn, Miriam & McKenzie, David, 2008. "In pursuit of balance : randomization in practice in development field experiments," Policy Research Working Paper Series 4752, The World Bank.
  9. repec:pse:psecon:2010-29 is not listed on IDEAS
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