Abstract

CARDONA-ACEVEDO, Marleny  and  CANO-GAMBOA, Carlos Andrés. Development of the financial sector and its relation with the growth of micro and small enterprises in Colombia (1995-2005). Econ. soc. territ [online]. 2010, vol.10, n.34, pp.721-748. ISSN 2448-6183.

The objective of this article is to verify the relation between some financial variables and industrial production in micro and small enterprises (Miypes) in Colombia, during the 1995-2005 period. To do so, we propose a model of panel data in order to establish the relation between gross production (dependent variable) and the following variables: number of enterprises, employed personnel, credit expenditure, active interest rate, as well as gross and nonperforming loans by enterprise size (micro and small). We found that the financial variable with the most positive effect on Miypes gross production is the variable of disbursements of Bancóldex, proxy variable of the government policies to foster entrepreneurial foment.

Keywords : financing policies; Colombian productive structure; Miypes; financial sector.

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