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OECD Countries’ Policy Approach to the SME Crisis in the Recent Recession

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Book cover Small Businesses in the Aftermath of the Crisis

Part of the book series: Contributions to Economics ((CE))

Abstract

Small and medium sized enterprises (SMEs) are a driving force for growth in any advanced OECD economy, yet a weak component in times of economic slowdown. In the period between 2002 and 2007, SMEs were the most dynamic sector of the EU economy.

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Notes

  1. 1.

    EIM, pg. 12, 19–20, 28; European Commission, 35; ISTAT; Unioncamere-Infocamere, Movimprese data.

  2. 2.

    European Commission, pg. 11.

  3. 3.

    European Commission, pg. 23.

  4. 4.

    See among others the latest study by De Socio.

  5. 5.

    OECDa Table 1, OECDb, Table 1. For a general discussion of these issues, see also Zecchini.

  6. 6.

    OECDb, pg. 8–9.

  7. 7.

    Banca d’Italia b.

  8. 8.

    EIM IKEI.

  9. 9.

    OECD b.

  10. 10.

    European Commission, pg. 12. The relatively lower intensity of labour shedding might also be due to the SMEs’ tendency to retain their work force because of the high cost involved in labour training in case of high labour turnover.

  11. 11.

    As to Italy, see ISAE pg. 70.

  12. 12.

    ECB b, pg. 2.

  13. 13.

    ECB a, particularly charts 1 and 2.

  14. 14.

    OECD f and g.

  15. 15.

    OECD b, pg. 18, Table 3.

  16. 16.

    ECB a.

  17. 17.

    Hempell and Sorensen.

  18. 18.

    ECB b, pages 6. 8, and following. For Italy, see also Panetta and Signoretti, pages 22, 43.

  19. 19.

    OECDb, Table 3. As regards Italy, see ISAE pg. 69–70.

  20. 20.

    Banca d’Italia a, pg. 180.

  21. 21.

    OECD c.

  22. 22.

    According to the EU Commission, 322 new trade restrictive measures were introduced in the world during the recession. See EU Commission e.

  23. 23.

    Banca d’Italia c.

  24. 24.

    European Commission c.

  25. 25.

    As regards Italy, see Panetta and Signoretti, pg. 22.

  26. 26.

    EU Commission b, Table 1.

  27. 27.

    Codogno.

  28. 28.

    OECD a, Table 3.

  29. 29.

    European Commission d.

  30. 30.

    European Commission, pg. 5; OECD, Table 4.

  31. 31.

    The initial investment was € 1.2 billion, and is supposed to go up to € 3 billion in the coming years.

  32. 32.

    European Commission d.

  33. 33.

    OECD b, c, d. A first assessment was carried out among government officials in the last two months of 2009, and was updated in July- August 2010, while the inquiry among beneficiary enterprises was made in August-September 2010.

  34. 34.

    Declaration of the EU Commission Vice President, A. Tajani, on May 25, 2011, reported in the EU Commission website.

  35. 35.

    OECD d.

  36. 36.

    Blinder and Zandi.

  37. 37.

    See http://www.fin.gc.ca/activity/pubs/eval-eap-pae-02-eng.pdf

  38. 38.

    OECD e.

  39. 39.

    OECD EO Sources – On policy assumptions, from OECD web site.

  40. 40.

    Overall, only six countries were covered by this survey, with Italy the only country among major economies, while the other five countries had smaller economies, ranging from advanced ones, like Belgium and Finland, to emerging ones, such as Romania, Czech Republic, Estonia.

  41. 41.

    National Federation of Independent Business.

  42. 42.

    ECB.

  43. 43.

    ISAE.

  44. 44.

    Caivano et al.

  45. 45.

    OECD e.

  46. 46.

    At end-October 2010, 183,000 applications had been accepted, amounting to about € 55 billion of debt.

  47. 47.

    OECD g.

  48. 48.

    ECB a.

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Authors and Affiliations

  1. University of Rome “Tor Vergata”, Rome, Italy

    Salvatore Zecchini (Chairman of the OECD Working Party on SMEE and its Steering Group on SMEE financing)

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  1. Salvatore Zecchini
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Correspondence to Salvatore Zecchini .

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Editors and Affiliations

  1. Fac. Economia, Economics and Quantitative Methods, Università di Urbino, Via Saffi 42, Urbino, 61029, Italy

    Giorgio Calcagnini

  2. , Economics and Quantitative Methods, Università di Urbino "Carlo Bo", Via Saffi 42, Urbino, 61029, Italy

    Ilario Favaretto

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Zecchini, S. (2012). OECD Countries’ Policy Approach to the SME Crisis in the Recent Recession. In: Calcagnini, G., Favaretto, I. (eds) Small Businesses in the Aftermath of the Crisis. Contributions to Economics. Physica, Heidelberg. https://doi.org/10.1007/978-3-7908-2852-8_2

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