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Resumen El objetivo de este artículo es analizar el alcance de los créditos bancarios a tasa subsidiada para mipymes. Se estima un modelo Logit para examinar los determinantes de la demanda efectiva y potencial para empresas argentinas en 2017. Los principales resultados muestran que las empresas con necesidades insatisfechas de crédito bancario tradicional presentan una menor demanda efectiva y potencial. Además, se observa una relación positiva entre el tamaño de la empresa y la demanda efectiva. La demanda potencial, por su parte, es explicada por la forma jurídica, el acceso al crédito comercial, la educación del gerente y haber experimentado una pérdida de inversión por falta de crédito. Este estudio genera bases para rediseñar y mejorar el alcance de los programas de financiamiento para mipymes. JEL Classification: G28, H81. Abstract The aim of this research is to analyze the scope of subsidized bank credit for SMEs. A Logit model that examines the determinants of effective and potential demand is estimated for Argentine SMEs in 2017. Our main results show that firms excluded from traditional bank credit in the past present a lower potential and effective demand for subsidized credits. Moreover, we find a positive relationship between firm/s size and effective demand. Besides, potential demand is explained by the legal status, the manager's level of education, access to trade credit and experienced a lost investment due to lack of credit. The novelty approach of this research lays knowledge to redesign the public financial support programs for SMEs and improve their scope.

Neste trabalho apresentamos um modelo DSGE de pequena escala com economia fechada para estudar os efeitos de um aumento do crédito subsidiado e de uma política fiscal expansionista sobre as decisões de política monetária. O modelo, construído com base na literatura nacional e internacional, é constituído por uma economia fechada, com formação de hábito dos consumidores, firmas atuando em um mercado de competição monopolística (NEISS; NELSON, 2003) e rigidez de preços a la Calvo (CHRISTIANO; EICHENBAUM; EVANS, 2005). O governo é inserido no modelo através da autoridade monetária, que segue a Regra de Taylor definida por Vasconcelos e Divino (2012), e através da autoridade fiscal, que segue uma meta de superávit primário como em Castro et al. (2011). Por fim, o volume de investimento financiado por crédito subsidiado e a taxa deste crédito são definidos exogenamente pela autoridade fiscal, afetando sua restrição orçamentária. Os resultados obtidos sugerem que a política fiscal expansionista é mais importante que o aumento do subsídio ao crédito para o aumento da taxa de juros real neutra. Estes efeitos, porém, explicam pouco da variância das variáveis macroeconômicas quando comparados aos choques de demanda e de produtividade. Além disso, o modelo mostra evidências de um caráter inflacionário recente da política monetária no Brasil. In this work we present a small-scale DSGE model with closed economy in order to study the monetary effects caused by an increase of the subsidized credit and an expansionary fiscal policy. The model is developed over several works on the Brazilian and international literature is based on a simple model of a closed economy with households consumption habit formation and firms acting in a monopolistic competitive maket (NEISS; NELSON, 2003) and Calvo price rigidities (CHRISTIANO; EICHENBAUM; EVANS, 2005). The government is inserted through a monetary rule defined by Vasconcelos e Divino (2012) and through the fiscal authority via a primary surplus rule as in Castro et al. (2011). Finally, the amount of investment financed with subsidized credit and its interest are exogenously defined by the fiscal authority, affecting its budget constraint. Our results suggest that an expansionary political is more important than the increase of the credit subsidy in their effects on the neutral real interest rate. However, these effects have less relevance on the variance of the macroeconomic variables when compared to the effects of a demand or technology shocks. Moreover, the model evidences the inflacionary character of the recent monetary policy in Brazil.

Importance of bank credits in the structure of external sources of financing agriculture, in conditions of Polish membership in the European Union is analysed. The findings show that bank credits are continually the most important source of financing in agricultural farms. Farmers’ interest in bank credits is more often related to the absorption of European Union funds supporting investments and development of farms. / Synopsis. W opracowaniu dokonano analizy znaczenia kredytów bankowych w strukturze zewnętrznych źródeł finansowania rolnictwa, w warunkach członkostwa Polski w Unii Europejskiej. Badania wykazały, że kredyt bankowy pozostaje wciąż ważnym źródłem finansowania gospodarstw rolnych. Zainteresowanie rolników kredytami jest coraz częściej powiązane z absorpcją funduszy UE wspierających inwestycje i rozwój gospodarstw rolnych.

This report analyzes microfinance in the Middle East and North Africa, and offers recommendations on how to further develop the industry. Microfinance is the provision of financial services to the entrepreneurial poor, a definition with two important features: it emphasizes a range of financial services-not just credit-and it emphasizes the entrepreneurial poor. The region's emerging microfinance industry differs from those in other parts of the world. Expectations are too high: microfinance is not a panacea for, or solution to unemployment, for narrowly defined, most microfinance institutions only offer credit for business activities, and do not offer savings or deposit services. Governments are interested in regulating microfinance, and several countries have passed laws on microfinance, efforts that risk jeopardizing the industry's healthy development. Moreover, second generation issues may slow the industry's growth, demonstrated by the fact that many microfinance institutions are experiencing crises, after rapid initial growth, and need time to consolidate and restructure. Islamic finance methodologies are being applied by new microfinance programs, and existing programs that use Islamic finance-some of them very large-have become more visible. This report draws heavily on two Bank surveys of microfinance institutions in the region, one assessing developments as of the end of 1997, and the other as of end of 1999. Egypt remains the region's leading provider but has lost market share, while Morocco is second, having experienced dramatic growth since 1997. But other countries, such as Lebanon, and the West Bank and Gaza, saw their microfinance industries stagnate, or even shrink. This was mainly because microfinance players in these countries went through restructuring, and consolidation as they faced second generation issues. The report stipulates that for programs to reach the scale of microfinance institutions as in other parts of the world, they must raise funds commercially-including taking deposits, which will also enable them to broaden their approach to microfinance, moving beyond credit for businesses. And, by mobilizing savings and deposits, they will be able to serve many more clients. Donors and practitioners alike, should be prepared for the array of new training needs, deciding to transform into a new legal entity, and institutional form. Policymakers, meanwhile, should be prepared to create legal environments appropriate for prudent, but growing microfinance.