Zhang, Qiang; Wu, Min - In: Journal of Economic Policy Reform 15 (2012) 3, pp. 257-262
A financial instrument to improve the credit worthiness of small and medium enterprises (SMEs), i.e. Jointly Issued Notes (JINs), improves the average credit rating of SMEs by eight notches, from BBB to AA+, thus reducing borrowing cost by 298 basis points. This research note describes the...