Access to Finance in the Euro Area: What Are SMEs Telling Us About the Crisis?
Access to finance is widely perceived to be a crucial factor for firms – especially SMEs – to maintain their day-to-day business as well as to achieve long term growth and investment goals. Hence, experiencing major financing obstacles can be a considerable challenge for enterprises, which in turn can increase credit risks in the corporate sector and also negatively affect productivity in the economy. This seems to be of even more relevance today when, during the current financial crisis, sources of firm financing have become scarcer and the availability of financing instruments has deteriorated.
KeywordsSmall Firm Large Firm Euro Area Ownership Structure Bank Loan
This chapter has benefited from discussions and comments from I. Ganoulis, D. Rodriguez Palenzuela as well as from participants at the Conference “The Economics of Small Businesses in the aftermath of the crisis. Cross-country Analyses and Policies” (University of Urbino). The views expressed are those of the author and should not be attributed to the European Central Bank.
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