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Consumer and Small Business Credit: Building Blocks of the Middle Class

In: Can Latin America Compete?

Author

Listed:
  • Jan Smith
  • Tricia Juhn
  • Christopher Humphrey

Abstract

The development of a formal banking system is the sine qua non of competing in an interdependent world. Resilient, complex, and deep (in the sense of reaching across all income levels, including the working poor) banking systems are synonymous with advanced economies, higher growth, and income equality. Banks are essentially intermediating institutions: their function is to convert income and savings into investment and productivity gains. All businesses need credit. In the absence of a financial services industry broadly accessible to the population at large, only the very wealthiest firms and individuals can access the credit they need—and in a closed capital market, as was Latin America’s until 1990, even they are paying too much for it.

Suggested Citation

  • Jan Smith & Tricia Juhn & Christopher Humphrey, 2008. "Consumer and Small Business Credit: Building Blocks of the Middle Class," Palgrave Macmillan Books, in: Jerry Haar & John Price (ed.), Can Latin America Compete?, chapter 0, pages 79-97, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-61047-7_5
    DOI: 10.1057/9780230610477_5
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    Cited by:

    1. Alexander Guarín & Andrés González & Daphné Skandalis & Daniela Sánchez, 2014. "An Early Warning Model for Predicting Credit Booms Using Macroeconomic Aggregates," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 32(73), pages 77-86, July.

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