Escuela de Finanzas, Economía y Gobierno

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Relación entre la formalización microempresarial y el acceso a los mercados financieros formales en Colombia
(Universidad EAFIT, 2022) Acevedo Martelo, Manuela; Ángel Correa, Andrés; Acosta Mejía, Camilo Andrés
This paper analyzes the relationship between the access to formal financial systems by micro businesses in Colombia during 2019 and its relationship with their transition in the gradual process of formalization. It is found that there is a positive and significant correlation between access to the formal financial system and the formalization of micro businesses. The results suggest that micro businesses that apply for formal credit have a 8.3% higher probability of not being totally informal. By addressing the endogeneity problem, it is found that there is a causal relationship between access to formal financial systems and formalization. Micro businesses that apply for credit in the formal financial system have a 95% higher probability of not being completely informal.