Edited by Iwan J. Azis and Hyun S. Shin
Chapter 16: Innovative financing models for SMEs and the regulatory implications
Economic expansion in Asia is positioning the region as a global growth driver and has created a foundation of growth-oriented small and medium-sized enterprises (SMEs). The 2008–09 global financial crisis (GFC) depressed demand from the developed countries, a problem rooted in global imbalances to which Asia contributes. To address this situation, Asian countries are required to rebalance their economies by promoting intra-regional trade and mobilizing domestic demand, areas in which SMEs can play a pivotal role. SMEs can be a driving force behind a resilient national economy because they stimulate domestic demand through job creation, innovation, and competition. Moreover, SMEs involved in global supply chains have the potential to encourage international trade. Thus prioritizing SME development is crucial for promoting inclusive economic growth in most economies in Asia and the Pacific. While adequate access to finance is critical for SMEs to survive and eventually grow beyond SME status, they have faced poor access to finance in Asia, which is one of the core factors impeding their development.
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