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The Importance of Microfinance for Development of MSMEs in ASEAN: Evidence from Indonesia

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Tambunan, Tulus

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Abstract Despite studies on microfinance (MF) or development of microfinance institutions (MFIs) in Asia developing countries, including countries as member states of the Association of Southeast Asian Nation (ASEAN), are growing, not so much attention have been given to the role of MF in financing micro, small and medium enterprises (MSMEs). Based on a key literature study and analysis of secondary/national data, the main aim of this study is to fill this gap. It shows that in many ASEAN member states (AMS) MF has developed to some significant degree, although the rate of growth (e.g. number of MFIs, number of depositors and debtors, total loans allocated, etc.) as well as the market structure of MF vary across member states. From the Indonesian case this study comes with two most interesting facts. First, majority of MSMEs do not have access to credit from banks and/or other formal non-bank financial institutions. Second, MF services or MFIs are growing fast, and the most popular MF program so far is Kredit Usaha Rakyat (KUR), or people business credit (i.e. a credit scheme without collateral), introduced during the SBY period.
Keywords microfinance; small business; medium-sized firm; Indonesia; ASEAN; developing country; credit institution; lending; combating poverty; development policy; economic development (on national level)
Classification Public Finance; Financial Planning, Accountancy; Sociology of Developing Countries, Developmental Sociology
Document language English
Publication Year 2014
Page/Pages p. 80-102
Journal Journal of ASEAN Studies, 2 (2014) 2
ISSN 2338-1353
Status Published Version; peer reviewed
Licence Creative Commons - Attribution-NonCommercial