My interest in SME finance goes back to my days at the World Bank and I have been actively involved in the research and policy debate since then; moving beyond providing evidence
for the firm size gap in access to finance to identifying specific lending techniques and business models to improve SMEs’ access to finance. Among other initiatives, I also was a juror in the G20
SME Finance Challenge. I am currently a leading researcher in a DFID-financed project on Innovation and Growth in ten
low-income countries, focusing on SME Finance. I am also leading an impact study of the European Fund for Southeast Europe for Armenia, Montenegro and Serbia.
Foreigners vs. Natives: Bank Lending Technologies and Loan Pricing, with Vasso Ioannidou and Larissa Schäfer, Management Science 64, 3792-3820, 2018.
Keep Walking? Geographical Proximity, Religion and Relationship Banking, with Steven Ongena and Ilkay Sendeniz-Yuncu, Journal of Corporate Finance, 2019, 55, 49-68
When Arm’s Length
Is Too Far. Relationship Banking over the Credit Cycle, with Hans Degryse, Ralph De Haas and Neeltje van Horen, Journal of Financial Economics 127, 176-194, 2018
SME Finance in Africa, with Robert Cull, Journal of African Economies 23, 583-613, 2014.
for SMEs - Lessons from the Literature, National Institute Economic Review 225, R23-R38, 2013.
Bank Financing for SMEs: Evidence Across Countries
and Bank Ownership Types, with A.Demirgüç-Kunt and Maria Soledad Martinez Peria, Journal of Financial Services Research 39, 35-54, 2011.
SME Finance: What have We Learned and What Do We still Need to Learn? Chapter in World Economic Forum Financial Development Report 2010.
Finance, Firm Size, and Growth, with A. Demirgüç-Kunt , L. Laeven and R. Levine, Journal of Money, Credit, and Banking 40(7), 2008, pp. 1379-1405. Data (Stata)
Program Read me
Financing Patterns around the World: Are Small Firms Different? , with A. Demirgüç-Kunt
and V. Maksimovic, Journal of Financial Economics 89(3), 2008, pp. 467-487.
Small and Medium Enterprises across the
Globe, with A. Demirgüç-Kunt and M. Ayyagari, Small Business Economics 29, December 2007, pp. 415-34.
The Influence of Financial and Legal Institutions on Firm Size, with A. Demirgüç-Kunt
and V. Maksimovic, Journal of Banking and Finance 30, November 2006, pp. 2995-3015.
Small and Medium-Size Enterprises:
Access to Finance as a Growth Constraint, with A. Demirgüç-Kunt, Journal of Banking and Finance 30, November 2006, 2931-2943.
Determinants of Financing Obstacles, with A. Demirgüç-Kunt , L. Laeven and V. Maksimovic, Journal of International Money and Finance 25, October 2006, pp. 932-52.
SMEs, Growth and Poverty, Cross Country Evidence, with A. Demirgüç-Kunt and R. Levine, Journal of Economic Growth 10, September 2005, pp. 197-227.
Financial and Legal Constraints to Firm Growth: Does Size Matter?, with A. Demirgüç-Kunt, and V. Maksimovic, Journal of Finance 60, February 2004, pp. 137-177.