Martinez Peria, Maria SoledadSingh, Sandeep2014-10-022014-10-022014-08https://hdl.handle.net/10986/20348This paper analyzes the impact of introducing credit information-sharing systems on firms' access to finance. The analysis uses multi-year, firm-level surveys for 63 countries covering more than 75,000 firms over the period 2002-13. The results reveal that credit bureau reforms, but not credit registry reforms, have a significant and robust effect on firm financing. After the introduction of a credit bureau, the likelihood that a firm has access to finance increases, interest rates drop, maturity lengthens, and the share of working capital financed by banks increases. The effects of credit bureau reforms are more pronounced the greater the coverage of the credit bureau and the scope and accessibility of the credit information-sharing scheme. Credit bureau reforms also have a greater impact on firms' access to finance in countries where contract enforcement is weaker. Finally, there is some evidence that the effects of credit bureau reform are more pronounced for smaller, less experienced, and more opaque firms.en-USCC BY 3.0 IGOACCESS TO BANKACCESS TO CREDITACCESS TO FINANCEACCESSIBILITYACCOUNTS RECEIVABLEADVERSE SELECTIONASSET FINANCINGASYMMETRIC INFORMATIONBALANCE SHEETBANK FINANCINGBANK LENDINGBANK POLICYBANK SUPERVISIONBANKRUPTCIESBANKSBINDING CONSTRAINTBORROWERCASH FLOWCENTRAL BANKSCHECKSCOLLATERALCOLLECTION SERVICESCOMMERCIAL LENDERSCONTRACT ENFORCEMENTCONTRACT LAWSCOST OF CREDITCOUNTRY RISKCREDIT BUREAUCREDIT BUREAUSCREDIT CONSTRAINTCREDIT CONSTRAINTSCREDIT FACILITIESCREDIT INFORMATIONCREDIT INFORMATION SYSTEMSCREDIT MARKETCREDIT MARKETSCREDIT QUALITYCREDIT RATIONINGCREDIT REGISTRIESCREDIT REGISTRYCREDIT REPORTINGCREDIT REPORTING SYSTEMSCREDIT SCORESCREDIT WORTHINESSDEBTDEFAULT INFORMATIONDEFAULT RATESDEFAULTSDEMAND FOR CREDITDEPENDENTDEPOSITDEVELOPING COUNTRIESDOMESTIC CREDITDUMMY VARIABLEDUMMY VARIABLESECONOMIC DEVELOPMENTECONOMICSEQUITY MARKETSEXCLUSIONEXPORTEREXPORTERSEXTERNAL FINANCEFINANCIAL CONSTRAINTFINANCIAL CONSTRAINTSFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIATIONFINANCIAL REFORMFINANCIAL REFORMSFINANCIAL SECTOR DEVELOPMENTFINANCIAL STATEMENTFINANCIAL STUDIESFINANCIAL SYSTEMFINANCING CONSTRAINTFINANCING CONSTRAINTSFIRM FINANCINGFIXED ASSETFIXED ASSETSINDEBTEDNESSINFLATIONINFLATION RATEINFORMATION REQUIREMENTSINFORMATION SHARINGINFORMATIONAL ASYMMETRIESINFORMATIONAL ASYMMETRYINSTITUTIONAL ENVIRONMENTINSTRUMENTINTANGIBLEINTANGIBLE ASSETSINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL STANDARDINVENTORYINVESTMENT DECISIONSLARGE FIRMSLATE PAYMENTSLEGAL SYSTEMLENDERLENDERSLENDING DECISIONSLEVELS OF ACCESSLEVERAGELINE OF CREDITLOANLOAN AMOUNTSLOAN MATURITIESLOAN MATURITYLOAN PERFORMANCEMARKET EQUILIBRIUMMARKET INFORMATIONMATURITYMEDIAN FIRMMICROFINANCEMONETARY FUNDMONETARY VALUEMORAL HAZARDOUTSTANDING LOANOUTSTANDING LOAN AMOUNTSOVERDRAFTOVERDRAFT FACILITYOVERDRAFT PROTECTIONPAYMENT HISTORYPERSONAL ASSETSPOLITICAL ECONOMYPRIVATE CREDITPRIVATE CREDIT BUREAUPUBLIC CREDITPUBLIC INFORMATIONREGISTRY DATAREGISTRY REFORMREGISTRY REFORMSREPAYMENTSRISK PREMIUMSSMALL LOANSTOTAL DEBTTRANSITION COUNTRIESTRANSPARENCYUNIONVALUE OF COLLATERALWORKING CAPITAL10.1596/1813-9450-7013