El papel de la formalidad en el acceso al crédito para las micro y pequeñas empresas

Abstract

Understanding financial constraint is fundamental to analyse the role of high barriers across Micro and Small enterprises in developing countries. This research identifies the role of formality on Micro and Small firms on access to credit. In order to analyse formality across Peruvian firms, this research using license variable. Firm-level data called the National Enterprises Survey (NES), it is provided by the Statistics Peruvian National Institute (INEI). This paper uses the Instrumental Variables (IV) method, and finds that when firms have license more likely probability access to credit (from formal to informality), on average. On the other hand, these findings confirms that the real effects of license increase between 15 to 19 percentage point access to credit and reduce 16 percentage points financial constraints for MSEs.