IMF-新兴市场的信贷和产品创新：来自印度的证据（英）-2025.9.pdfVIP

CreditandProduct

InnovationinEmerging

Markets:Evidencefrom

India

SiddharthGeorge,DivyaKirti,NilsOlleHermanLange,Maria

SoledadMartinezPeria,andRajeshVijayaraghavan

WP/25/192

IMFWorkingPapersdescriberesearchin

progressbytheauthor(s)andarepublishedto

elicitcommentsandtoencouragedebate.

TheviewsexpressedinIMFWorkingPapersare

thoseoftheauthor(s)anddonotnecessarily

representtheviewsoftheIMF,itsExecutiveBoard,

orIMFmanagement.

2025

SEP

©2025InternationalMonetaryFundWP/25/192

IMFWorkingPaper

ResearchDepartment

CreditandProductInnovationinEmergingMarkets:EvidencefromIndia

PreparedbySiddharthGeorge,DivyaKirti,NilsOlleHermanLange,MariaSoledadMartinezPeria,and

RajeshVijayaraghavan*

AuthorizedfordistributionbyGiovanniDell’Ariccia

September2025

IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicit

commentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseofthe

author(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.

ABSTRACT:Westudyhowaccesstobankfinancingaffectsproductinnovationinadevelopingcountrycontext

byanalyzingareformthatbroadenedcrediteligibilityformanysmallIndianmanufacturingfirms.Newlyeligible

firmsborrowmorebut,onaverage,donotintroducenewormorecomplexproductsorexpandproductscope.

Manyfirmsappeartooperatebelowefficientscaleandusecredittoexpandexistingproductlinesratherthan

innovate.Mo