By Stefania Rossi
This ebook explores how the worldwide monetary and ecu sovereign debt crises have compelled small-and-medium-sized companies (SMEs) to reconsider and adapt their investment techniques. on the center of the problem is the worsening entry to financial institution credits for such firms. via this dialogue we find out how the most important an realizing of SME-financing is to coverage makers, in gentle of the truth that SMEs dominate the enterprise panorama in Europe and are the most drivers of employment, development and innovation within the ecu financial system. Contributing chapters current specialist research and examine many themes together with the issues confronted via SMEs in gaining access to financial institution credits and the price of investment and its determinants. specific realization is additionally given to how credit-constrained organisations may possibly reformulate their investment thoughts by means of utilizing replacement, non-bank, monetary assets, and the way regulators may aid SMEs in broadening and bettering their investment opportunities.
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Extra resources for Access to Bank Credit and SME Financing
F. (2016). Trade credit, the financial crisis, and SME access to finance. Journal of Money, Credit and Banking, 48, 113–143. , & O’Toole, C. (2014). Bank lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs. Journal of Corporate Finance, 27, 173–193. Cassar, G. (2004). The financing of business start-ups. Journal of Business Venturing, 19(2), 261–283. , & Love, I. (2011). The impact of the business environment on young firm financing.
All variables are derived from the survey. 2 Positive figures indicate that more banks were tightening their credit conditions than easing them. We include also two variables to capture real economic activity: real GDP growth and the unemployment rate. Finally, stressed is a dummy variable equal to 1 if firm i is domiciled in country c, which belongs to the group of stressed countries (Greece, Ireland, Italy, Portugal and Spain) and to 0 otherwise. d. error term. The variable is calculated as the difference between the sum of the percentages of banks responding ‘tightened considerably’ and ‘tightened somewhat’ and the sum of the percentages of banks responding ‘eased somewhat’ and ‘eased considerably’.
The figures are averages of monthly data for each survey round They summarize the internal guidelines or criteria that reflect a bank’s lending policy. , & Genre, V. (2011). Euro area SMEs under financial constraints: Belief or reality? (CESifo Working Paper No. 3650). Available at: https://www. pdf. Accessed 25 Feb 2016. , & Maksimovic, V. (2008). Financing patterns around the world: Are small firms different? Journal of Financial Economics, 89(3), 467–487. , & Van Horen N. (2014). When arm’s length is too far: Relationship banking over the business cycle (CentER Discussion Paper Series, 42).