世界银行：公共信贷计划能否改善小企业的融资渠道？来自印度尼西亚的证据（英文版）

Examining one of the world’s largest public business support programs, this paper studies how subsidized credit and partial credit guarantees shape access to finance for micro and small businesses in Indonesia. The analysis uses administrative data on more than 8.4 million borrowers and unique quantitative and qualitative data to show that subsidized credit can enable firms to access formal credit for the first time and boost financial inclusion. However, subsidized credit does not alleviate