Financial Instruments for Argentine SMEs afterthe Crisis.Teachings from the German Case

Rubén Ascúa ()

from Óbuda University, Keleti Faculty of Business and Management

Abstract: In spite of the fact that in Germany there are some traditional financial instruments that have been developed efficiently, such as the state-owned bank of promotion, the systems of mutual guarantee and the access to the financial system, the SMEs must also face the difficulties presented in the access to financing. However, the access of the SMEs to banking financing is being threatened by the application of Basel II which will imply for the SMEs being put to qualification of risk (rating) at the time of asking for a loan. Even though the application of Basel II in Argentina appears to be something relatively distant, it would be important to generate, from the public politics field, spreading about its consequences for the SMEs. On the other hand, several causes indicate the growing presence of the own capital in the financing of businesses (for example the conciseness of innovatory ideas) which intensifies the necessity and importance of specific instruments for the SMEs. In this way, the possibility to have access to financing through the Capital Market was specified with the opening of the Neuer Markt (New Market at Stock Exchange Market Frankfurt) in March 1997, whose later evolution and transformation resulted in a lesson for Argentina. The appearence of hybrid instruments in Germany, which has been spread under the name Mezzanine Kapital, with the aim of covering the intermediate spectrum between the own capital and the debt was also a lesson for the Argentine SMEs. This instrument is assimilated to equity, increasing the possibilities of access to the Debt Market, and at the same time, as far as investors are concerned, it means making more progress, and more efficient the saving-investment channel without discriminating the SMEs group.

Date: 2006
ISBN: 9637154477
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