-level default probabilities and recovery rates to estimate the loss distribution of the underlying assets. We find that bank … securitised loans are less risky, compared to the average bank lending to small and medium enterprises. …

-level default probabilities and recovery rates to estimate the loss distribution of the underlying assets. We find that bank … securitised loans are less risky, compared to the average bank lending to small and medium enterprises. …

to SME's access to finance and is as such even more important in the aftermath of the crisis. …

the euro area. Using firm‐level survey data on SME financing conditions, we show that an increase in securitization …This paper analyzes the impact of securitization on access to finance for small and medium‐sized enterprises (SMEs) in … issuance reduces the probability of SMEs facing credit constraints and decreases the costs of bank financing for nonconstrained …