世界银行-厄瓜多尔中小微企业融资渠道：公司层面的影响评估（英）

Policy Research Working Paper11121Access to Finance for MSMEs in EcuadorA Firm-Level Impact EvaluationMiriam BruhnFederico Diaz KalanNicolò FraccaroliClaudia Ruiz OrtegaFinance, Competitiveness and Investment Global Department &Development Research GroupMay 2025 Produced by the Research Support TeamAbstractThe Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.Policy Research Working Paper 11121This paper studies the impact of a World Bank program aimed at promoting access to finance for micro, small, and medium-size enterprises in Ecuador. A staggered differ-ence-in-differences method is used to estimate the impact of the program on 2,035 participant firms during 2019–23. The findings show that the program had a positive effect on these firms, by boosting their financing, number of work-ers, short-term assets, and sales. This effect is similar when enterprises are female-led and is larger for firms that had no previous access to finance.This paper is a product of the Finance, Competitiveness and Investment Global Department and the Development Research Group, Development Economics. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://www.worldbank.org/prwp. The authors may be contacted at nfraccaroli@worldbank.org. Access to Finance for MSMEs in Ecuador: A Firm-Level Impact Evaluation Miriam Bruhn, Federico Diaz Kalan, Nicolò Fraccaroli, Claudia Ruiz Ortega* JEL Classification: G21, G28, O12, O16 Keywords: access to finance; MSMEs; job creation * Miriam Bruhn: DECFP, The World Bank, mbruhn@worldbank.org. Federico Diaz Kalan: FCI, The World Bank,fdiazkalan@worldbank.org. Nicolò Fraccaroli: FCI, The World Bank, Visiting Scholar, Brown University, nfraccaroli@worldbank.org. Claudia Ruiz Ortega: DECFP, The World Bank, cruizortega@worldbank.org (corresponding author). We thank the management and staff of Corporación Financiera Nacional (CFN), particularly Paul Burgos Pazmiño, for sharing their data and insights with us. We are also thankful for the feedback we received from Yira Mascaro, Tanja Goodwin, and Gabriela Vidals. All errors are our own.2 1. Introduction Micro, small, and medium-size (MSME) programs, most prominently those providing training or c