Assessing the impact of the Asset Purchase Programme (APP) by the European Central Bank (ECB) on euro area sovereign yields is challenging, because the monetary policy announcement in January 2015 was already implicitly communicated to the market in the second half of 2014. Therefore, to...

We study correlations between the risk-free rate and sovereign yields of ten euro area countries using smooth transition conditional correlation GARCH (STCC-GARCH) specifications, controlling for credit risk in mean and variance equations and conditioning non-linearly to liquidity risk....

This EIF Working Paper elaborates on the most recent update of the EIF SME Access to Finance (ESAF) Index, a composite indicator used to monitor SME external financing markets in the 28 EU countries. The current update, using latest available data, constitutes the fifth iteration of this...

This working paper elaborates on the most recent update of the EIF SME Access to Finance (ESAF) Index, a composite indicator used to monitor the state of SME external financing markets in the 27 EU countries and the UK. The current update, using the latest available data, constitutes the seventh...

This working paper provides an overview of the main markets relevant to the EIF, with a particular focus on the impact of COVID-19. It starts by discussing the general market environment, then looks at the main aspects of equity finance and the markets for SME debt products and, finally, it...

This EIF Working Paper elaborates on the most recent update2 of the EIF SME Access to Finance (ESAF) Index, a composite indicator that monitors SME external financing markets in the 28 EU countries. The ESAF was developed by EIF in collaboration with the London School of Economics. The 2018 ESAF...

This EIF Working Paper outlines the methodology underlying the new EIF SME Access to Finance (ESAF) Index. This newly developed index aims at monitoring developments in SMEs' access to financial resources in the EU and is going to be periodically updated. It fills a gap as such an index does not...

This working paper elaborates on the most recent update of the EIF SME Access to Finance (ESAF) Index, a composite indicator used to monitor the state of SME external financing markets in the 27 EU countries. The current update, using the latest available data, constitutes the eight iteration of...

This working paper elaborates on the most recent update of the EIF SME Access to Finance (ESAF) Index, a composite indicator used to monitor the state of SME external financing markets in the EU. The current update, using data for 2021, constitutes the nineth iteration of this exercise,...