World Bank2012-03-192012-03-192009-02-02https://hdl.handle.net/10986/3039The objective of this study is to contribute to the development of new structured financial products in Peru, in particular as means to address the problems of access to finance faced by underserved segments such as Small and Medium Enterprises (SMEs). This document reviews how structured financial products can provide an alternative channel for SMEs to access the market. Additionally it provides suggestions regarding policy issues aimed at improving the market environment. The study concludes that: (i) one way to effectively address Peruvian SMEs credit constraints, particularly with respect to longer term financing, is the use of structured products and (ii) although the Peruvian capital markets regulatory framework regarding securitization has become more flexible in recent years, and despite being one of the least restrictive in the region, it still shows significant weaknesses.CC BY 3.0 IGOACCESS TO CAPITALACCESS TO FINANCINGACCOUNTINGACCOUNTS RECEIVABLEACCOUNTS RECEIVABLESASSET POOLSASSET-BACKED SECURITIESBALANCE SHEETSBANK ACCOUNTBANK BRANCHESBANK CREDITBANK FINANCINGBANK LOANBANK LOANSBANK PORTFOLIOSBANKING MARKETBANKING SECTORBANKING SYSTEMBANKRUPTCIESBENCHMARK YIELDBENCHMARK YIELD CURVEBLUE CHIPSBORROWERBROKERAGEBUSINESS CYCLESCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKET REFORMSCAPITAL MARKETSCAPITAL STRUCTURECASH FLOWCASH FLOWSCOLLATERALCOLLATERAL REQUIREMENTCOLLATERAL REQUIREMENTSCOMMERCIAL BANKCOMMERCIAL BANKSCOMMERCIAL CREDITCORPORATE BONDCORPORATE BOND ISSUANCECORPORATE BONDSCORPORATE GOVERNANCECREDIT CONSTRAINTSCREDIT ENHANCEMENTSCREDIT HISTORYCREDIT INFORMATIONCREDIT INFORMATION SYSTEMSCREDIT LINESCREDIT MARKETCREDIT QUALITYCREDIT RATINGCREDIT RISKCREDIT UNIONSCREDITWORTHINESSDEBTDEBT INSTRUMENTSDEBT ISSUANCEDEBT ISSUESDEBT MANAGEMENTDEMAND FOR CREDITDEPOSITSDEVELOPMENT BANKDOMESTIC BONDDOMESTIC BOND MARKETDOMESTIC BOND MARKETSDOMESTIC CREDITDOMESTIC MARKETEMERGING MARKETSENTERPRISE CREDITENTERPRISE FINANCINGEQUIPMENTEQUITY MARKETSEXCHANGE RATEEXPENDITUREEXPORT SHAREFINANCIAL DEVELOPMENTFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL LIBERALIZATIONFINANCIAL MARKETSFINANCIAL STATEMENTSFINANCIAL SYSTEMFINANCIAL SYSTEMSFIXED ASSETFIXED ASSETSFIXED INCOMEFIXED INCOME MARKETFIXED INTERESTFIXED INTEREST RATEFOREIGN BANKSFRAUDFUND MANAGERSFUTURE CASH FLOWGOVERNMENT SUPPORTHOLDINGSHOUSING FINANCEINCOME INSTRUMENTSINFORMAL LENDERSINFORMATION ASYMMETRYINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINTEREST RATEINTEREST RATESINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL FINANCIAL CRISESINTERNATIONAL INVESTORSINTERNATIONAL SETTLEMENTSINVESTMENT BANKINGINVESTMENT FINANCINGINVESTMENT FUNDINVESTMENT IN SECURITIESINVESTMENT INSTRUMENTSINVESTMENT PORTFOLIOISSUANCEISSUANCE OF BONDSISSUANCESLIENLINE OF CREDITLINES OF CREDITLIQUIDITYLOANLOAN AMOUNTLOAN AMOUNTSLOAN APPLICATIONLOAN APPLICATIONSLOAN MATURITIESLOAN MATURITYLOAN OBLIGATIONSLOAN PORTFOLIOLOAN PORTFOLIOSLOAN RATESLOAN SIZELOAN SIZESLOCAL CURRENCYLOCAL GOVERNMENTSLONG TERM CAPITALLONG-TERM FINANCELONG-TERM INVESTMENTLONG-TERM INVESTORSLONG-TERM MATURITYMACROECONOMIC STABILITYMARKET ANALYSTSMARKET CAPMARKET DEVELOPMENTMARKET ENVIRONMENTMARKET PARTICIPANTSMARKET SHAREMARKET SIZEMARKETABLE SECURITIESMATURITYMICRO BORROWERSMICRO ENTERPRISEMICRO ENTERPRISESMICRO LOANSMICRO-ENTERPRISESMICROCREDITMICROENTERPRISESMICROFINANCEMICROFINANCE INSTITUTIONSMONEY LENDERMONEY LENDERSMORTGAGEMORTGAGE LOANSMORTGAGE-BACKED SECURITIESMUTUAL FUNDSOFFSHORE FINANCIAL CENTEROUTSTANDING LOANSOVERDRAFT FACILITIESOVERDRAFT FACILITYPENSIONPENSION FUNDPENSION FUND REFORMSPENSION FUNDSPENSION SYSTEMSPORTFOLIOPOTENTIAL INVESTORSPRIVATE CREDITPRIVATE CREDIT BUREAUSPRIVATE EQUITYPRIVATE REGISTRIESPUBLIC DEBTPUBLIC REGISTRIESPUBLIC SECTOR BONDSREGULATORY CONSTRAINTSRESERVERISK POOLINGSAVINGS ACCOUNTSAVINGS BANKSSECURITIESSECURITIES LAWSECURITIES MARKETSSHORT MATURITYSHORT-TERM INSTRUMENTSSMALL BORROWERSSMALL BUSINESSSMALL LOANSOVEREIGN ENTITIESSTOCK EXCHANGESTOCK MARKETSTOCK MARKET CAPITALIZATIONSTOCK MARKETSSTOCKSTAXTRADE CREDITTRADINGTRANSACTIONTRANSACTION COSTSTRANSACTIONS COSTSTURNOVERUNACCEPTABLE COLLATERALUNDERLYING ASSETSVALUATIONSWORKING CAPITALWorld Bank10.1596/3039