Indirect exporters are defined as firms exporting through a trade intermediary. These firms have received rapidly expanding empirical and theoretical attention recently. I show that in Eastern Europe and Central Asia these firms do, as predicted by the theoretical literature, lie between...

This paper analyses the effects of the recent euro area economic, financial and debt crisis on SMEs’ access to bank finance. We use a survey on access to finance of SMEs in the euro area carried out by the European Central Bank during 2009 and 2010 to examine the impact of macroeconomic...

The Prudential Capital Assessment Review (PCAR) 2011 uncovered significant potential losses in the Irish banking sector, leading to a considerable recapitalisation. This letter uses a large sample of the loan level data provided for PCAR 2011 to present descriptive statistics on the SME lending...

This paper uses unique SME loan-level data complete with quarterly loan ratings assigned by the lending institution over the period 2008-2010. This allows us to examine the evolution of loan performance throughout the period of economic and financial crisis. We document the shift in the...

Governments, central banks and development banks around the world have a long history of intervention in the credit market for Small and Medium-sized Enterprises (SMEs). These interventions are justified by economic research which has found that enterprises facing credit constraints are less...

This paper considers the relationship between democratic accountability in de- veloping countries and the policies they use to attract foreign direct investment (FDI). We isolate two policy areas that governments of developing countries use to attract FDI: the tax burden on firms and the...

The extension of credit to SMEs in Ireland has been identified as a necessary condition for economic recovery and job growth. The debate on whether the reduction in credit to this sector is caused by credit rationing by banks or a lack of credit demand on the part of SMEs has received much...

Business services firms are increasingly under pressure from foreign competition. We develop an oligopolistic competition model that studies the effect of trade liberalization on exit and sectoral restructuring in the business services sector. We assume that firms are heterogeneous in their...

This paper examines the extent to which bank market power alleviates or magnifies SME credit constraints using a large panel dataset of more than 118,000 SMEs across 20 European countries over the period 2005-2008. To our knowledge, this is the first study to examine bank market power and SME...