By Stefania Rossi
This publication explores how the worldwide monetary and ecu sovereign debt crises have compelled small-and-medium-sized companies (SMEs) to re-evaluate and adapt their investment concepts. on the middle of the problem is the worsening entry to financial institution credits for such agencies. via this dialogue we learn the way the most important an realizing of SME-financing is to coverage makers, in gentle of the truth that SMEs dominate the company panorama in Europe and are the most drivers of employment, development and innovation within the ecu economic climate. Contributing chapters current specialist research and examine many subject matters together with the issues confronted by means of SMEs in gaining access to financial institution credits and the price of investment and its determinants. specific consciousness can also be given to how credit-constrained firms may possibly reformulate their investment innovations through utilizing substitute, non-bank, monetary assets, and the way regulators might aid SMEs in broadening and enhancing their investment opportunities.
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Extra resources for Access to Bank Credit and SME Financing
This confirms that large firms typically have better and more diversified access to the various sources of finance. Econometric analysis provides some novel evidence on the use of non-bank external sources of finance during the crisis. We consider as a dependent variable the direct replies of surveyed firms reporting whether they have made use of a specific non-bank financing source. As determinants we include a set of firms’ specific factors related to their demographics and financial situation and factors related to bank financing, like bank lending costs and credit standards, and an indicator of bank credit constraints.
This is a survey compiled in a joint activity by the European Central Bank and the European Commission. It is performed through a questionnaire filled out by non- financial corporations via phone interviews, wherein most of the surveyed 8 A. Ferrando and E. Mavrakis firms are SMEs (around 90%). The SAFE survey contains information on the use of alternative sources of finance (trade credit, informal or other company loans, market financing and grants) and on the financial situation of the surveyed firms.
The World Bank Economic Review, 25(3), 486–507. , & Hutchinson, P. (1996). Small firm growth, access to capital markets and financial structure: Review of issues and an empirical investigation. Small Business Economics, 8(1), 59–67. 26 A. Ferrando and E. , & Hughes, A. (2009). Outside entrepreneurial capital. The Economic Journal, 119(540), 1494–1533. Drakos, K. (2012). Bank loan terms and conditions for Eurozone SMEs. Small Business Economics, 41(3), 717–732. European Central Bank. (2014a). Monthly Bulletin July 2014.