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Introduction

In: Credit Guarantee Institutions and SME Finance

Author

Listed:
  • Gianfranco A. Vento
  • Pasqualina Porretta

Abstract

Micro, small and medium enterprises are usually considered an essential resource for the development of economic systems as well as for the crucial role that they have in many countries worldwide. However, it is known that they may register severe difficulties in access to the financial system for a number of reasons. These enterprises are often too opaque, not adequately capitalized, they lack of collateral and, more generally, they are often considered too risky by financial intermediaries. For all these reasons, it may happen that the financial system is not always able to screen or interested in screening such firms adequately, thus determining some market failures. On the other hand, a large set of different stakeholders may have interest in sustaining the development of micro, small and medium firms, such as central and local governments, entities in charge of fostering local economies and also large companies which are concerned for the health of firms operating in the same chain.

Suggested Citation

  • Gianfranco A. Vento & Pasqualina Porretta, 2012. "Introduction," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Paola Leone & Gianfranco A. Vento (ed.), Credit Guarantee Institutions and SME Finance, chapter 1, pages 1-10, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-36232-1_1
    DOI: 10.1057/9780230362321_1
    as

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