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’s Public Sector Purchase Programme (PSPP) on the access to finance of small and medium sized enterprises (SME) using firm …
Persistent link: https://www.econbiz.de/10011977350
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...
Persistent link: https://www.econbiz.de/10011970956
Kleine und mittlere Unternehmen (KMU) in südlichen Euro-Volkswirtschaften wie Italien und Spanien zahlen seit längerem … immer größer. Es wird häufig argumentiert, dass ein gravierendes Marktversagen den Zugang der KMU in südlichen Ländern zu … Verbesserung des Finanzmarktzugangs für KMU, die sowohl den EU-Institutionen als auch der EZB im Rahmen ihres Mandats zur Sicherung …
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Small and medium size enterprises (SMEs) of southern euro-area economies (e.g. Italy, Spain) pay significantly higher borrowing rates than their peers of the core (e.g. Germany, France) and this divergence is widening. It is argued that severe market failures prevent SMEs in southern euro area...
Persistent link: https://www.econbiz.de/10010255130
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The monetary transmission mechanism in the euro area has been adversely affected by the recent crises. Using survey data on thousands of euro area firms, we study factors that affect the access to finance of SMEs. We find that changes in bank funding costs and borrower leverage matter for...
Persistent link: https://www.econbiz.de/10014411219
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...
Persistent link: https://www.econbiz.de/10013019629
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