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may vary across lenders. We find strong evidence that credit tightened in the relatively early stages of the crises caused … domestic banks. The observed decline in credit is greater among high-risk firms and firms with fewer tangible assets. …
Persistent link: https://www.econbiz.de/10011605249
may vary across lenders. We find strong evidence that credit tightened in the relatively early stages of the crises caused … domestic banks. The observed decline in credit is greater among high-risk firms and firms with fewer tangible assets. - Credit …
Persistent link: https://www.econbiz.de/10003973496
Using firm-level data from surveys and financial statements, this paper presents an analysis of credit standards … to significant easing of credit standards for the least creditworthy firms. The current credit standards to a large … indicates that Danish firms' credit demand is relatively limited, and that they have relatively good access to finance in …
Persistent link: https://www.econbiz.de/10011489436
The promotion and support of small and medium-sized enterprises (SMEs) forms an essential ingredient of the policies designed to help improve Europe's economic performance. A key issue is whether SMEs face difficulty obtaining bank loans. Using pre-crisis survey data from 2005 and 2006 for...
Persistent link: https://www.econbiz.de/10013116482
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 firms'...
Persistent link: https://www.econbiz.de/10013053038
greater sensitivity of more highly rated credit to variation in the supply of Treasuries. The channel through which this …
Persistent link: https://www.econbiz.de/10013055316
public guarantee programmes and by the European Central Bank’s policies on the provision of liquidity to credit institutions … outlook, which has reduced the supply and demand for credit in this segment. The adverse impact of the COVID-19 crisis on the … credit quality of deposit institutions’ portfolios is currently being mitigated by the measures taken by the economic …
Persistent link: https://www.econbiz.de/10013247341
pandemic. However, there are signs of some tightening in credit standards, linked to financial institutions’ increased risk … concerns. The recovery in economic activity since the summer has favoured a more dynamic flow of credit to individuals, while … way into the quality of deposit institutions’ private sector credit portfolio until 2020 Q3. Although the decline in non …
Persistent link: https://www.econbiz.de/10013247342
I model an innovation game in which firms can choose to be leaders or followers. Internal finance leads to a stalemate in which each firm wants to free-ride on the others' experimentation costs. Therefore, no innovation occurs. When instead firms compete in the capital markets to finance...
Persistent link: https://www.econbiz.de/10013037089
area slowed down dramatically, bringing the economy close to a credit crunch. It was only after the start of the European … comprises several measures of financial access, such as credit availability, financial constraints, and interest rates. The …
Persistent link: https://www.econbiz.de/10011970956