The objective of this work is to empirically estimate the efficiency and productivity of MSMEs in Mexico, by measuring the impact that the amount of loans granted by banks and the number of workers in MSMEs have on the GDP they generate in the country. To do this, a double logarithmic NHPF production function with annual information is used, considering as a theoretical basis of this approach the argument of "money as an input in the production function". The results indicate a positive productivity (output elasticity) of work; Bank credit productivity was positive, although less than unity, and efficiency improved with returns on a scale of 1.54 to 1.65. This implies an improvement in the efficiency of scale in the MSMEs in Mexico, mainly due to the increase in productivity of the labor force; although it is insufficient when considering that this is required with increasing competencies.



Ayyagari, M.; Demirguc-Kunt, A.; Maksimovic, V. (2012), “Financing of firms in developing countries”, Policy research working paper 6036, The World Bank, 99 p. Disponible en: (Consultado el 2 de enero de 2019).

Banco Mundial. (2018), “Databank-World Development Indicators-Mexico”, Disponible en: (Consultado el 20 de diciembre de 2018).

Bairam, E. I. (1997), “Homogenous and nonhomogeneous production functions”, Ashgate-Aldershot, Avebury-Brookfield, USA.

Beck, T.; Demirgüç-Kunt, A.; Martinez Peria, M. S. (2011), “Bank financing for SMEs: Evidence across countries and bank ownership types”, Journal of Financial Services Research, Vol. 39, Num. 1-2, pp. 34-54. doi: 10.1007/s10693-010-0085-4

Berger, A. N.; Humphery, D. B. (1997), “Efficiency of financial institutions: Interna- tional survey and directions for future research”, The Wharton Financial Institution Center: 97-05, Disponible en: (Consultado el 17 de noviembre de 2018).

Berger, A. N.; DeYoung, R. (1996), “Problem loans and cost efficiency in com- mercial banks”, Working paper, August, Broad of Governor of the Federal Reserve’s , Washington, DC.

Berger, A. N.; Hunter, W. C.; Timme, S. G. (1993), “The efficiency of financial institutions: A review and preview of research past, present, and future”, Journal of Banking and Finance, Vol. 17, Num. 2-3), pp. 221–249. doi: 10.1016/0378-4266(93)90030-H

Bhavani, T. A. (1991), “Technical efficiency in Indian modern small scale sector: An application of Frontier production function”, Indian Economic Review, Vol. 31, pp. 149–166.

Bloom, N.; Mahajan, A.; McKenzie, D.; Roberts, J. (2010), “Why do firms in developing countries have low productivity?”, American Economic Review, Vol. 100, Num. 2, pp. 619–623.

Bloom, N.; Van Reenen, J. (2007), “Measuring and explaining management practices across firms and countries”, Quarterly Journal of Economics, Vol. 122, Num. 4, pp. 1351–1408.

Dewatripont, M.; Maskin, E. (1995), “Credit efficiency in centralized and decentralized economics”, Review of Economic Studies, Vol. 62, Num. 2, pp. 541–555. doi: 10.2307/2298076

Enders, W. (2010), “Applied econometric time series”, John Wiley & Sons, New Jersey.

Finnerty, J. D. (1980), “Real money balances and the firm’s production function: Note”, Journal of Money, Credit and Banking, Vol. 12, Num. 4, pp. 666–671.

Fried, H. O.; Knox Lovell, C. A.; Schmidt, S. S. (2008), “The measurement of productive efficiency and productivity growth”, Oxford University Press. doi:10.1093/acprof:oso/9780195183528.001.0001

Granger, C. W. J. (1986), “Developments in the study of co-integrated economic variables”, Oxford Bulletin of Economics and Statistics, Vol. 48, pp. 226.

Granger, C. W. J.; Newbold, P. (1974), “Spurious regressions in econometrics”, Journal of Econometrica, Vol. 2, pp. 111–120.

Gujarati, D. N.; Porter, C. D. (2010), “Econometría”, McGraw-Hill Interamericana, México.

Hasan, M. A.; Mahmud, S. F. (1993), “Is money an omitted variable in the production function? Some further results”, Empirical Economics, Vol. 18, Num. 3, pp. 431–445.

INEGI-ENAPROCE (Instituto Nacional de Estadística y Geografía- Encuesta Nacional sobre Productividad y Competitividad de las Micro, Pequeñas y Medianas Empresas). (2015), “Estadísticas sobre productividad y competitividad de las MIPYMES en México”, Disponible en: (Consultado el 31 de diciembre de 2018).

Intrilligator, M. (1978), “Econometric models, techniques, and applications”, Prentice Hall, Englewood Cliffs, NJ.

Johansen, S. (1988), “Statistical analysis of co-integrating vectors”, Journal of Economic Dynamics and Control, Vol. 12, pp. 231–254.

Khan, A. H.; Ahmad, M. (1984), “Real money balances in the production function of a developing country”, Review of Economics and Statistics, Vol. 67, pp. 336–340.

Laumas, P. S.; Mohabbat, K. A. (1980), “Money and the production function: A case study of France”, Weltwirtscaftliches Archiv,, Vol. 116, Num. 4, pp. 685–696. doi: 10.1007/BF02696544

Little, I.; Mazumdar, D.; Page, J. M. Jr. (1987), “Small manufacturing enterprises: A comparative analysis of India and other economices”, Oxford U. Press, NY.

Maddala, G. S.; Kim, I. M. (1998), “Unit roots, cointegration, and structural change”, Cambridge University Press.

Mead, D.; Liedholm, C. (1998), “The dynamics of micro, and small enterprises in developing countries”, World Development, Vol. 26 Num. 1, pp. 61–74. doi: 10.1016/S0305-750X(97)10010-9

Mester, L. J. (1996), “A study of bank efficiency taking into account risk-preferences”, Journal of Banking and Finance, Vol. 20, pp. 1025–1045.

Mester, L. J. (1997), “Measuring efficiency at U.S. banks: Accounting for heterogeneity is important”, European Journal of Operational Research, Vol. 98, Num. 2, pp. 230-242. doi: 10.1016/S0377-2217(96)00344-X

Nikaido, Y.; Pais, J.; Sarma, M. (2015), “What hinders and what enhances small enterprises’ access to formal credit in India?”, Review of Development Finance, Vol. 5, Num. 1, pp. 43-52. doi: 10.1016/j.rdf.2015.05.002

OCDE (Organización para la Cooperación y el Desarrollo Económico). (2004), “Promoting entrepreneurship and innovative SMEs in a global economy- Towards a more responsible and inclusive globalization”, Second OCDE Ministerial Conference on SMEs, Estambul, Turquía.

Quartey, P.; Turkson, E.; Abor, J. Y.; Iddrisu, A. M. (2017), “Financing the growth of SMEs in Africa: What are the contraints to SME financing within ECOWAS?”, Review of Development Finance, Vol. 7, Num. 1, pp. 18-28. doi: 10.1016/j.rdf.2017.03.001

Ramcharran, H. (2001), “Productivity, returns to scale and the elasticity of factor substitution in the USA apparel industry”, International Journal of Production Economics, Vol. 73, Num. 3, pp. 285–291. doi: 10.1016/S0925-5273(01)00100-1

Ramcharran, H. (2011), “The pharmaceutical industry of Puerto Rico: Ramifications of global competition”, Journal of Policy Modeling, Vol. 33, Num. 3, pp. 395–406. doi: 10.1016/j.jpolmod.2010.11.003

Ramcharran, H. (2012), “Estimating the production efficiency of US foreign direct investment”, Managerial and Decision Economics, Vol. 33, Num. 4, pp. 273–281. doi: 10.1002/mde.2547

Ramcharran, H. (2017), “Bank lending to small business in India: Analyzing productivity and efficiency”, The Quarterly Review of Economics and Finance, Vol. 65, pp. 16–24. doi: 10.1016/j.qref.2016.06.003

Ramaswammy, K. V. (1994), “Technical efficiency in modern small-scale firms in Indian industry: Applications of stochastic production Frontiers”, Journal of Quantitative Economics, Vol. 10, pp. 309–324.

Sinai, A.; Stokes, H. H. (1981), “Money and production function: A reply to Boyes and Kavanaaugh”, Review of Economics and Statistics, Vol. 63, Num. 2, pp. 313–318.

Tybout, J. R. (2000), “Manufacturing firms in developing countries: How well do they do and why?”, Journal of Economic Literature, Vol. 38, Num. 1, pp. 11–44. doi: 10.1257/jel.38.1.11

Valdés, D. J. A.; Sánchez, S. G. A. (2012), “Las mipymes en el contexto mundial: sus particularidades en México”, Iberóforum, Vol. VII, Núm. 14, pp. 126-156.

Vinod, H. D. (1972), “Non-homogeneous production functions and applications to telecommunications”, Bell Journal of Economics and Management Science, Vol. 3, Num. 2, pp. 531–543. doi: 10.2307/3003036

Wang, Y. (2016), “What are the biggest obstacles to growth of SMEs in developing countries? – An empirical evidence from an enterprise survey”, Borsa Istanbul Review, Vol. 16, Num. 3, pp. 167-176. doi: 10.1016/j.bir.2016.06.001

Yoshino, N.; Taghizadeh-Hesary, F. (2019), “Optimal credit guarantee ratio for small and medium-sized enterprises’ financing: Evidence from Asia”, Economic Analysis and Policy, Vol. 62, pp. 342–356. doi: 10.1016/j.eap.2018.09.011