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Financial Crisis, Trade Finance, and SMEs: Case of Central Asia

50 Pages Posted: 12 Apr 2010  

Gloria O. Pasadilla

APEC Policy Support Unit

Date Written: January 25, 2010


This paper surveys studies of the importance of Central Asian small- and medium-sized enterprises (SME) in the economy and their experience during the Russian financial crisis. It also uses survey data from the World Bank and the European Bank for Reconstruction and Development’s Business Environment and Enterprise Performance Surveys to infer noteworthy characteristics, features, and dependencies on financing of Central Asian SMEs and, consequently, derive the potential impact of the crisis on the sector. The paper also assesses government support for SMEs and the necessary market reforms that will give a boost to the sector’s development in the region.

Keywords: SMEs, Central Asia, financial policies, financial development

JEL Classification: E44, G01, G18, G28, G38

Suggested Citation

Pasadilla, Gloria O., Financial Crisis, Trade Finance, and SMEs: Case of Central Asia (January 25, 2010). ADBI Working Paper No. 187. Available at SSRN: or

Gloria O. Pasadilla (Contact Author)

APEC Policy Support Unit ( email )

35 Heng Mui Keng Terrace
Singapore, 119616

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