SME Funding pp 173-209 | Cite as

Restarting the Credit Engine in Europe



A large set of tools is in place in order to restart the SME credit engine in Europe. This chapter provides a detailed description of all the measures proposed and taken. These measures include direct lending, guarantee schemes, credit insurance equity finance, funding escalators, crowdfunding, peer-to-peer lending, prime collateralized securities, and so on.


Central Bank Institutional Investor Pension Fund Guarantee Scheme Traditional Bank 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


References on CCRs

  1. Acharya, Viral V., Thomas F. Cooley, Matthew Richardson, and Ingo Walter. 2011a. Regulating Wall Street. Hoboken: Wiley.Google Scholar
  2. International Monetary Fund (IMF). 2009. Global financial stability report, Washington DC, October 2009.Google Scholar
  3. Lugaresi, Sergio. 2015. Review of the main European Policy initiatives, RELTIF working paper.
  4. Mullard, Maurice. 2012. The credit rating agencies and their contribution to the financial crisis, The Political Quarterly 83(1):77–95.Google Scholar
  5. Pozsar, Zoltan, Tobias Adrian, Adam Ashcraft, and Hayley Boesky. 2012. Shadow banking, Federal Reserve Bank of New York, Staff Paper No. 458, February 2012.Google Scholar
  6. Spriggs, John, Dale Sigurdson. 1985. Seller cooperation in an oligopoly-monopsony market: An analysis involving experimental economics, Canadian Journal of Agricultural Economics 33(3): 285–298.Google Scholar
  7. Acharya, Viral V., Matthew Richardson, Stijn Van Nieuwerburgh, and Lawrence J. White. 2011. Guranteed to fail. Princeton: Princeton University Press.Google Scholar
  8. Bassanini, Franco, and Edoardo Reviglio. 2014. Long-term investment in Europe. The origin of the subject and future prospects, May 2014Google Scholar
  9. Churm, Rohan, Amar Radia, Jeremy Leake, Srinivasan Sylaja, and Richard Whisker. 2012. The funding for lending scheme, Bank of England, Quarterly Bulletin, 2012 Q4.Google Scholar
  10. Denzer-Speck, David, Harald Lob. 2013. Promoting long-term investments under changing regulatory framework conditions – The case of Germany’s KfW Bankengruppe, Long-term investment club.Google Scholar
  11. EC. 2013b. Proposal for a regulation of the European Parliament and of the Council on European long-term investment funds, June 2013.Google Scholar
  12. EC. 2013c. Impact assessment – Proposal for a regulation of the European Parliament and of the Council on European long-term investment funds. June 2013.Google Scholar
  13. European Investment Bank (EIB). 2014. Unlocking lending in Europe.Google Scholar
  14. European Security Market Authority (ESMA) and Security and Markets Stakeholder Group. 2012. Report on helping small and medium sized companies access funding, Paris, October 2012.Google Scholar
  15. Giovannini, Alberto, and John Moran. 2013. Finance for growth, report of the high level expert group on SME and infrastructure financing.Google Scholar
  16. Holton, Sarah, Fergal McCann, Kathryn Prendergast, and David Purdue. 2013. Policy measures to improve access to credit for SMEs: A survey, Central Bank of Ireland, Quarterly Bulletin, no. 04, October 2013.Google Scholar
  17. Infelise, Federico. 2014. Supporting access to finance by SMEs: Mapping the initiatives in five EU countries, ECMI Research Report, April 2014.Google Scholar
  18. IIF (Institute for International Finance), B&C (Bain & Company). 2013. Restoring financing and growth to Europe’s SMEs.Google Scholar
  19. Kraemer-Eis, Helmut, Markus Schaber, and Alessandro Tappi. 2010. SME loan securitisation, European investment fund, Working Paper 2010.Google Scholar
  20. Mistrulli, Paolo Emilio, and Valerio Vacca. (coordinators). 2011. I confidi e il credito alle piccole imprese durante la crisi, Bank of Italy, Occasional Papers, No. 105, October 2011.Google Scholar
  21. OECD. 2011. Promoting longer-term investment by institutional investors: Selected issues and policies, Discussion Note presented at the Eurofi High Level Seminar, Paris.Google Scholar
  22. OECD. 2012. SME and entrepreneurship financing: The role of credit guarantee schemes and mutual guarantee societies in supporting finance for small and medium-sized enterprises, OECD Working Party on SME and Entrepreneurship, Paris.Google Scholar
  23. OECD. 2013. The role of banks, equity markets and institutional investors in long-term financing for growth and development, Report for G20 Leaders, ParisGoogle Scholar
  24. Robano, Virginia. 2014. The role of public financial institutions for SMEs, in ADB-OECD 2014.Google Scholar
  25. Standard & Poor’s. 2014. Mid-market funding in Europe is making strides, but has far to go, April 2014.Google Scholar
  26. Stiglitz, Joseph, and Andrew Weiss. 1981. Credit rationing in markets with imperfect information, The American Economic Review, June 1981.Google Scholar
  27. Wehinger, Gert. 2012. Bank deleveraging, the move from bank to market-based financing, and SME financing, OECD Journal: Financial Market Trends, OECD, pp. 75–91.Google Scholar
  28. Wehinger, Gert. 2014. SMEs and the credit crunch: Current financing difficulties, policy measures and a review of literature, OECD Journal: Financial Market Trends, OECD, pp. 153–162.Google Scholar
  29. Beck, T., A. Demirgu¨c¸-Kunt, L. Laeven and R. Levine. (2005). Finance, firm size and growth, World Bank Policy Research Working Paper No. 3485.Google Scholar
  30. Chandler, A.D. Jr. 1962. Strategy and structure: Chapters in the history of the American Indus-trial enterprise. Cambridge: MIT Press.Google Scholar
  31. McGuire, J.W. 1963. Factors affecting the growth of manufacturing firms. Seattle: Bureau of business research, University of Washington.Google Scholar

Copyright information

© The Author(s) 2017

Authors and Affiliations

  1. 1.Springrowth SGRMilanItaly
  2. 2.ABIRomeItaly
  3. 3.EPIC SIMMilanItaly
  4. 4.Sapienza Università di RomaRomeItaly

Personalised recommendations