Download Access to Bank Credit and SME Financing by Stefania Rossi PDF

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By Stefania Rossi

This publication explores how the worldwide monetary and ecu sovereign debt crises have pressured small-and-medium-sized companies (SMEs) to re-examine and adapt their investment concepts. on the center of the problem is the worsening entry to financial institution credits for such agencies. 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 company 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 issues together with the issues confronted by means of SMEs in having access to financial institution credits and the price of investment and its determinants. specific recognition is additionally given to how credit-constrained organisations might reformulate their investment recommendations through using substitute, non-bank, monetary assets, and the way regulators might help SMEs in broadening and enhancing their investment opportunities.

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Extra resources for Access to Bank Credit and SME Financing

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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.

It appears, though, that firms in countries most affected by the crisis faced more difficulties in carrying out this switch in financing. Moreover, informal constraints, which relates to firms that do not apply for bank loans because of fear of rejection, seem to restrict much 1 Non-Bank Financing for Euro Area Companies During the Crisis 5 more the availability of non-bank sources of finance. Generally, the findings in our analysis confirm that market-based financing sources are used less frequently by non-financial corporations and, to an even lesser extent, by SMEs than is trade credit or other forms of loans.

Review of Financial Studies, 23(5), 1909–1940. , & McCann, F. (2013). SME financing conditions in Europe: Credit crunch or fundamentals? National Institute Economic Review, 225(1), R52–R67.  M. (2007). The determinants of financial structure: New insights from business start-ups. European Financial Management, 13(1), 101–133. , & Russell, T. (1976). Imperfect information, uncertainty, and credit rationing. The Quaterly Journal of Economics, 90(4), 651–666.  M. (2009). Public policy support for the informal venture capital market in Europe: A critical review.

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