The 2008-09 global financial crisis had a profound impact on the availability of bank credit for SMEs. Although a decline in the demand for bank credit played an important role, banks have also become more reluctant to lend, including as a consequence of new capital requirements. Moreover, a...

The present report analyses the extent to which capital markets have provided capital to SMEs since the GFC, focusing on three kinds of financial instruments that have proven especially important in providing finance to SMEs undergoing major transitions during the past few years: Private Equity;...