As one who has “lived the life” of an international civil servant, I find this very impressive, since one has also to consider (as I will do shortly) the hundreds, if not more, of notes he drafted for internal analysis or to be published under the “brand names” of the OECD and the BIS.
Equity financing is best suited for higher risk and innovative projects, that display strong information asymmetries and mostly translate into intangible assets; the low availability or lack of tangible assets to offer as collateral for debt finance is a serious issue, especially for start-up firms.