Abstract

RAMIREZ-URQUIDY, Martín; MUNGARAY, Alejandro  and  GUZMAN GASTELUM, Nidia Z.. Restricciones de liquidez en microempresas y la importancia del financiamiento informal en Baja California. Región y sociedad [online]. 2009, vol.21, n.44, pp.71-90. ISSN 2448-4849.

The industrial structure of Mexico includes a significant share of agents running low-scale, informal enterprises. This constitutes a serious obstacle to obtaining funding in formal financial markets; consequently these entrepreneurs face a permanent liquidity constraint. This article tests the hypothesis that despite this formal liquidity constraint some informal microenterprises are unconstrained of financial resources. The results suggest this possibility by finding unconstrained microenterprises in Baja California, implying the presence of external sources of funding and illustrating the importance of informal finance to these enterprises.

Keywords : microenterprises; liquidity constraints; finance; informality; microfinance; social networks.

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