Small and medium sized enterprises (SMEs) account for majority of employment and economic growth, which makes them a priority for the transmission of monetary policy to the real economy. However, SMEs experienced a credit crunch following the sovereign debt crisis. Since 2014, the ECB engaged in...

After the global financial crisis and during the European sovereign debt crisis, bank lending to companies in the euro area slowed down dramatically, bringing the economy close to a credit crunch. It was only after the start of the European Central Bank (ECB) quantitative easing programme in...

After the global financial crisis and during the European sovereign debt crisis, bank lending to companies in the euro area slowed down dramatically bringing the economy close to a credit crunch. It was only after the start of the ECB’s quantitative easing programme in early 2015 that bank...

Increasing regulation, an oppressive macroeconomic environment and nondigital, cost-intensive processes are forcing incumbent banks to adapt their offers on the German smaller and medium-sized businesses (SMEs) market. The paradox is that banks can only cover a specific area of the lending...

Small-Sized and Medium-Sized Enterprises (SMEs) are the main authority of the economic system in the People’s Republic of China. Although the economic scale of China develops quickly, the economic structure restricts the qualification of economic. At this moment, the path of loan does not fit...

We investigate the effect of sovereign stress and of unconventional monetary policy on small firms' financing patterns during the euro area debt crisis. We find that after the crisis started, firms in stressed countries were more likely to be credit rationed, both in the quantity and in the...

Apart from the main misconception of money creation, that is, the exogenous-endogenous money creation debate, there exist a number of lesser misconceptions, including that banks are 'fully lent' when they have no excess reserves, that money creation begins with a new bank deposit, and that a...

I provide more evidence on the behavior of small and large firms, employing the Flow of Funds data, the QFR data and other sources. The empirical test to examine behavior of small and large firms is conducted in two ways: (1) by different episodes, tight monetary policy episodes and business...