Gozzi, Juan Carlosde la Torre, AugustoSchmukler, Sergio L.2012-06-062012-06-062007-08https://hdl.handle.net/10986/7303Interest in access to finance has increased significantly in recent years, as growing evidence suggests that lack of access to credit prevents lower-income households and small firms from financing high return investment projects, having an adverse effect on growth and poverty alleviation. This study describes some recent innovative experiences to broaden access to credit. These experiences are consistent with an emerging new view that recognizes a limited role for the public sector in financial markets, but contends that there might be room for well-designed, restricted interventions in collaboration with the private sector to foster financial development and broaden access. The authors illustrate this view with several recent experiences in Latin America and then discuss some open policy questions about the role of the public and private sectors in driving these financial innovations.CC BY 3.0 IGOACCOUNTINGACCOUNTING STANDARDSACTIVE MARKETAGENCY PROBLEMSAGRICULTURAL COOPERATIVESAGRICULTURAL CREDITALLOCATION OF CREDITASYMMETRIC INFORMATIONBANK BRANCHESBANK DEPOSITSBANK LENDINGBANKING SECTORBANKING SECTOR ASSETSBANKING SYSTEMBANKRUPTCYBANKRUPTCY LAWSBENEFICIARIESCAPITAL MARKETSCENTRAL BANKCHECKING ACCOUNTCOLLATERALCOLLATERAL LAWSCOMMERCIAL BANKSCOMPETITIVE FINANCIAL MARKETSCOMPETITIVE MARKETSCONSUMER CREDITCONTRACT ENFORCEMENTCREDIT ASSESSMENTCREDIT GUARANTEECREDIT HISTORYCREDIT INFORMATIONCREDIT INFORMATION SYSTEMSCREDIT MARKETSCREDIT OUTSTANDINGCREDIT PROGRAMSCREDIT REPORTINGCREDIT RISKCREDIT SCORINGCREDITORCREDITOR RIGHTSCREDITORSCREDITWORTHY BORROWERSCUSTODYCUSTODY ARRANGEMENTSDEBTDEBT CRISISDEBTORDEBTSDEPOSITDEPOSIT INSURANCEDEPOSITORSDEPOSITSDEREGULATION OF INTERESTDEVELOPING COUNTRIESDEVELOPMENT BANKDEVELOPMENT OF CREDIT BUREAUSDIRECTED CREDITDISCLOSURE OF INFORMATIONDOMESTIC FINANCIAL MARKETSDOMESTIC SECURITIESECONOMIC DEVELOPMENTECONOMIC EFFICIENCYEFFICIENT MARKETELECTRONIC MARKETEMERGING ECONOMIESEMERGING MARKETSENABLING ENVIRONMENTENFORCEABILITYEXCHANGE COMMISSIONSEXPENDITURESEXTERNAL FINANCEEXTERNAL INVESTORSFINANCIAL ASSETSFINANCIAL CRISESFINANCIAL DEVELOPMENTFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL LIBERALIZATIONFINANCIAL LIBERALIZATIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL STABILITYFINANCIAL SUPPORTFINANCIAL SYSTEMFINANCIAL SYSTEMSFISCAL DEFICITSFIXED ASSETSFLOW OF CREDITFOREIGN EXCHANGEFOREIGN INVESTMENTGOVERNMENT BANKGOVERNMENT BONDSGOVERNMENT BORROWINGGOVERNMENT DEBTGOVERNMENT INTERVENTIONGOVERNMENT INTERVENTIONSGOVERNMENT INVOLVEMENTGOVERNMENT OWNERSHIPGOVERNMENT POLICIESGOVERNMENT REGULATIONGOVERNMENT SUPPORTGROUPS OF BORROWERSHOUSING FINANCEINCENTIVES FOR REPAYMENTINCOME INEQUALITYINCOME LEVELINCOME LEVELSINCOME TAXINFORMATION TECHNOLOGYINSTITUTIONAL DEVELOPMENTINSTRUMENTINSURANCEINSURANCE PRODUCTSINTEREST RATEINTERMEDIATION SPREADSINTERNAL RATE OF RETURNINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTINVESTMENT PROJECTSINVESTOR PROTECTIONINVESTOR PROTECTION LAWSLEGAL SYSTEMSLEGAL TRADITIONSLENDERLENDERSLENDING REQUIREMENTSLEVEL OF INTEREST RATESLOANLOAN GUARANTEESLOAN PORTFOLIOSLONG-TERM FINANCEMACROECONOMIC ENVIRONMENTMACROECONOMIC STABILIZATIONMACROECONOMIC VOLATILITYMARKET DEPTHMARKET DEVELOPMENTMARKET FAILUREMARKET FAILURESMARKET INFRASTRUCTUREMARKET INFRASTRUCTURESMARKET INTEREST RATESMARKET PARTICIPANTSMARKET STRUCTUREMICROFINANCEMINORITY SHAREHOLDERSMONETARY AUTHORITIESMONETARY POLICIESMONEY SUPPLYMORAL HAZARDMUTUAL FUNDSNON-PERFORMING LOANOPPORTUNITY COSTPAYMENT HISTORYPAYMENT SERVICESPENSIONSPOLITICAL ECONOMYPOST OFFICEPRINCIPAL-AGENT PROBLEMSPRIVATE BANKSPRIVATE CREDITPRIVATE CREDIT BUREAUSPRIVATE CREDITORSPRIVATE FINANCIAL INSTITUTIONSPRIVATE FINANCIAL INTERMEDIARIESPRIVATE INVESTORSPRIVATE PARTIESPROPERTY RIGHTSPROVISION OF CREDITPRUDENTIAL REGULATIONPUBLIC BANKPUBLIC BANKSREAL INTERESTREAL INTEREST RATESRELIANCE ON COLLATERALREPOSSESSIONRESERVERESERVE REQUIREMENTSRETURNRETURNSRIGHTS OF CREDITORSRISK MANAGEMENTRISK MANAGEMENT SYSTEMSRISK OF LOANRISK PREMIUMSRISK SHARINGRURAL CREDITSAVINGS ACCOUNTSECURITIESSECURITIES MARKETSECURITIES MARKET DEVELOPMENTSETTLEMENTSETTLEMENT SYSTEMSSHAREHOLDERSHAREHOLDERSSMALL BORROWERSTAX SYSTEMTAX SYSTEMSTRADINGTRANSACTIONTRANSACTION COSTTRANSACTION COSTSTRANSACTIONS COSTSTRANSITION ECONOMIESTRANSPARENCYWorld Bank10.1596/1813-9450-4326