References
- Aterido, R., Hallward-Driemeier, M., & Pages, C. (2009). Big constraints on small firms’ growth. World Bank Policy Research Working Paper 5032.
- Ayyagari, M., Demirgüç-Kunt, A., & Maksimovic, V. (2011). Firm innovation in emerging markets: The role of finance, governance, and competition. Journal of Financial and Quantitative Analysis, 46, 1545–1580. doi:https://doi.org/10.1017/S0022109011000378
- Banerjee, A.V., & Newman, A.F. (1993). Occupational choice and the process of development. Journal of Political Economy, 101, 274–298. doi:https://doi.org/10.1086/261876
- Beck, T., & Cull, R. (2014). SME financing in Africa. Journal of African Economies, 23, 583–613. doi:https://doi.org/10.1093/jae/eju016
- Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and poverty: Cross country evidence. Journal of Economic Growth, 12, 211–252.
- Berry, A., Von Blottnitz, M., Cassim, R., Kesper, A., Rajaratnam, B., & Van Seventer, D.E. (2002). The economics of SMMEs in South Africa. South Africa: Trade and Industrial Policy Strategies (TIPS).
- Bester, H. (1987). The role of collateral in credit markets with imperfect information. European Economic Review, 31, 887–899. doi:https://doi.org/10.1016/0014-2921(87)90005-5
- Bhorat, H., Leibbrandt, M., & Woolard, I. (2000). Understanding contemporary household inequality in South Africa. Studies in Economics and Econometrics, 24, 31–52.
- Bureau for Economic Research. (2016). Policy Note (1), Bureau for Economic Research. Stellenbosch: Stellenbosch University.
- Burgess, R., & Pande, R. (2005). Do rural banks matter? Evidence from the Indian social banking experiment. American Economic Review, 95, 780–795. doi:https://doi.org/10.1257/0002828054201242
- Chakravarty, S.R., & Pal, R. (2013). Financial inclusion in India: An axiomatic approach. Journal of Policy Modeling, 35, 813–837. doi:https://doi.org/10.1016/j.jpolmod.2012.12.007
- Clarke, G.R., Cull, R., & Peria, M.S.M. (2006). Foreign bank participation and access to credit across firms in developing countries. Journal of Comparative Economics, 34, 774–795. doi:https://doi.org/10.1016/j.jce.2006.08.001
- Clarke, R.G.G., Xu, L.C., & Zou, H. (2006). Finance and income inequality: What do the data tell us? Southern Economic Journal, 72, 578–596. doi:https://doi.org/10.2307/20111834
- Coad, A., Pellegrino, G., & Savona, M. (2016). Barriers to innovation and firm productivity. Economics of Innovation and New Technology, 25, 321–334. doi:https://doi.org/10.1080/10438599.2015.1076193
- Dabla-Norris, E., Ji, Y., Townsend, R., & Unsal, U. (2015). Identifying constraints to financial inclusion and their impact on GDP and inequality: A structural framework for policy. IMF Working Papers, 15, 1. doi:https://doi.org/10.5089/9781498381598.001
- Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The Global Findex Database 2017: Measuring financial inclusion and the fintech revolution. Washington, DC: World Bank.
- Demirgüç-Kunt, A., & Levine, R. (2009). Finance and inequality: Theory and evidence’. Annual Review of Financial Economics, 1, 287–318. doi:https://doi.org/10.1146/annurev.financial.050808.114334
- FinScope SME Survey. (2010). Finmark. www.finmark.org
- Flug, K., Spilimbergo, A., & Wachtenheim, E. (1998). Investment in education: Do economic volatility and credit constraints matter?. Journal of Development Economics, 55, 465–481. doi:https://doi.org/10.1016/S0304-3878(98)00045-5
- Galor, O., & Zeira, J. (1993). Income distribution and macroeconomics. The Review of Economic Studies, 60, 35–52. doi:https://doi.org/10.2307/2297811
- Greenwood, J., & Jovanovic, B. (1990). Financial development, growth and the distribution of income. Journal of Political Economy, 98, 1076–1107. doi:https://doi.org/10.1086/261720
- Honohan, P. (2008). Cross-country variation in household access to financial services. Journal of Banking & Finance, 32, 2493–2500. https://www.ibef.org/download/SMEs-Role-in-Indian-Manufacturing.pdf doi:https://doi.org/10.1016/j.jbankfin.2008.05.004
- Industrial Development Corporation (IDC). (2013). South African economy: An overview of key trends since 1994. Johannesburg: IDC.
- Jang, B.K., Benicio, D., & Chiyaba, G. (2014). Enhancing financial inclusion in Zambia. Washington, DC: International Monetary Fund.
- Karpowicz, I. (2014). Financial inclusion, growth and inequality: A model application to Colombia. IMF Working Papers, 14, 1. doi:https://doi.org/10.5089/9781498344838.001
- Kayizzi-Mugerwa, S., Lufumpa, C.K., Shimeles, A., Kamgnia, B., & Salami, A. (2015). Closing South Africa’s high-skilled worker gap: Higher education challenges and pathways. Chief Economist Complex, AEB, 6, 1–20.
- King, R.G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108, 717–737. doi:https://doi.org/10.2307/2118406
- Kumar, C. S., Turvey, C. G., & Kropp, J. D. (2013). The impact of credit constraints on farm households: Survey results from India and China. Applied Economic Perspectives and Policy, 35(3), 508–527
- Levine, R. (2005). Finance and growth: Theory and evidence. In P. Aghion & S. Durlauf (Eds.), Handbook of economic growth. The Netherlands: Elsevier Science.
- Lloyd-Ellis, H., & Bernhardt, D. (2000). Enterprise, inequality and economic development. Review of Economic Studies, 67, 147–168. doi:https://doi.org/10.1111/1467-937X.00125
- Makina, D., Fanta, A.B., Mutsonziwa, K., & Khumalo, J. (2015). Financial access and SME size in South Africa. FinMark Trust Occasional Research Paper.
- Mardia, K.V. (1962). Multivariate Pareto distributions. The Annals of Mathematical Statistics, 33, 1008–1015. doi:https://doi.org/10.1214/aoms/1177704468
- McKinnon, R.I. (1973). Money and capital in economic development. Washington, DC: Brookings Institution.
- Mullineux, A.W., & Murinde, V. (2014). Financial sector policies for enterprise development in Africa. Review of Development Finance, 4, 66–72. doi:https://doi.org/10.1016/j.rdf.2014.05.001
- Murphy, K.M., Shleifer, A., & Vishny, R.W. (1991). The allocation of talent: Implications for growth. The Quarterly Journal of Economics, 106, 503–530. doi:https://doi.org/10.2307/2937945
- Myers, S.C., & Majluf, N.S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187–221. doi:https://doi.org/10.1016/0304-405X(84)90023-0
- National Credit Regulator. (2015/2016). National Credit Bureau market report. www.ncr.gov.za
- Park, C.Y., & Mercado, R. (2015). Financial inclusion, poverty and income inequality in developing Asia. Asian Development Bank, ADB Economics Working Paper Series.
- Rajan, R.G., & Zingales, L. (2003). The great reversals: The politics of financial development in the twentieth century. Journal of Financial Economics, 69, 5–50. doi:https://doi.org/10.1016/S0304-405X(03)00125-9
- Romer, D. (2012). Advanced macroeconomics. Dubuque: McGraw-Hill.
- Sankaran, P.G., & Nair, N.U. (1993). A bivariate Pareto model and its applications to reliability. Naval Research Logistics, 40, 1013–1020. doi:https://doi.org/10.1002/1520-6750(199312)40:7<1013::AID-NAV3220400711>3.0.CO;2-7
- Sankaran, P.G., Nair, N.U., & John, P. (2014). A family of bivariate Pareto distributions. Statistica, LXXIV, 200–215.
- Sarma, M. (2015). Measuring financial inclusion. Economics Bulletin, 35, 604–611.
- Shaw, E.S. (1973). Financial deepening in economic development. New York: Oxford University Press.
- Suri, T., & Jack, W. (2016). The long-run poverty and gender impacts of mobile money. Science, 354, 1288–1292. doi:https://doi.org/10.1126/science.aah5309
- Townsend, R.M., & Ueda, K. (2010). Welfare gains from financial liberalization. International Economic Review, 51, 553–597. doi:https://doi.org/10.1111/j.1468-2354.2010.00593.x
- Van der Berg, S. (2007). Apartheid’s enduring legacy: Inequalities in education. Journal of African Economies, 16, 849–880. doi:https://doi.org/10.1093/jae/ejm017
- Wilkinson, B. (2000). Small business policy options for finance, taxation, labour, and government procurement, expanding local options using emerging principles and international experience: A review of recent literature. SEGA South Africa Project.
- World Bank. (2013). South Africa economic update: Focus on financial inclusion. South Africa Economic Update, Issue No. 4, Washington, DC.
- World Bank Doing Business Report. (2016). [accessed on 10 December 2019]. https://www.doingbusiness.org/en/data/exploreeconomies/south-africa#DB_gc