By Stefania Rossi
This publication explores how the worldwide monetary and eu sovereign debt crises have pressured small-and-medium-sized companies (SMEs) to re-evaluate and adapt their investment recommendations. on the middle of the problem is the worsening entry to financial institution credits for such businesses. via this dialogue we learn the way an important an knowing 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 eu economic climate. Contributing chapters current professional research and examine many themes together with the issues confronted by way of SMEs in getting access to financial institution credits and the price of investment and its determinants. specific cognizance is usually given to how credit-constrained firms might reformulate their investment suggestions via applying substitute, non-bank, monetary assets, and the way regulators may perhaps help SMEs in broadening and enhancing their investment opportunities.
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Extra info for Access to Bank Credit and SME Financing
2 Theoretical Background and Hypotheses Firms tend to depend on bank debt in order to finance both their ongoing activities and growth. However, their ability to access bank credit is affected by the limited quantity and accuracy of information available (Berger and Frame 2007; Mason and Stark 2004), which impedes the assessment of their creditworthiness and can adversely affect access to credit (Moro et al. 2014; Petersen and Rajan 1994). Even when the information asymmetry between the bank and the firm is reduced, lending to firms remains an activity that involves the risk of customer default on the credit granted by the bank.
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’. 2 20 A. Ferrando and E. 2 A nalysis of Sub-Components of the Indicator of Financial Constraints: Rejected Versus Discouraged Firms Our second robustness check focuses more on the components of the indicator of credit constraints. As explained above, the indicator includes firms that applied for a loan and their applications rejected and firms that did not apply because of fear of rejection.
The limits of lending: Banks and technology adoption across Russia (CESifo Working Paper No. 5461). pdf. Accessed 25 Feb 2016. , & Yesin, P. (2011). Who needs credit and who gets credit in Eastern Europe? Economic Policy, 26, 93–130. , & Udell, G. 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.
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