By Stefania Rossi
This booklet explores how the worldwide monetary and ecu sovereign debt crises have compelled small-and-medium-sized companies (SMEs) to re-evaluate and adapt their investment techniques. on the center of the problem is the worsening entry to financial institution credits for such agencies. via this dialogue we learn the way an important an realizing of SME-financing is to coverage makers, in gentle of the truth that SMEs dominate the company panorama in Europe and are the most drivers of employment, progress and innovation within the eu economic system. Contributing chapters current specialist research and examine many subject matters together with the issues confronted by way of SMEs in gaining access to financial institution credits and the price of investment and its determinants. specific consciousness is usually given to how credit-constrained agencies may perhaps reformulate their investment suggestions by means of making use of substitute, non-bank, monetary assets, and the way regulators might aid SMEs in broadening and bettering their investment opportunities.
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Additional resources for Access to Bank Credit and SME Financing
2005) and shows that the overall supply of credit in developing countries increases subsequent to changes in collateral laws and bankruptcy laws (Haselmann et al. 2010). In line with these findings, Liberti and Mian (2010) suggest that in countries with stronger creditor rights and better information-sharing mechanisms, collateral spreads are smaller. Beck et al. (2005) investigate the impact of the adaptability of a country’s legal system and the political independence 2 Neither a Borrower Nor a Lender Be!...
Moro (*) • J. uk D. Maresch Institute for Innovation Management, Johannes Kepler University Linz, Linz, Austria A. S. 1007/978-3-319-41363-1_2 29 30 A. Moro et al. have enabled them to sell English Crown assets and to recover at least part of their loans (Cipolla 1994, 2002). Actually, the history of finance is rich in examples where lenders were not properly protected by laws and the ways in which they are enforced. In general, the certainty of the law and the probability to recover a loan in case of default affects banks’ lending decisions and, as a consequence, firms’ access to credit.
In Proceedings of the sixth IFC conference on statistical issues and activities in a changing environment. Bank for International Settlements. org/ifc/publ/ifcb36s. pdf. Accessed 25 Feb 2016. F. (2015). The Sovereign debt crisis, non- conventional monetary policy, and their impact on SME access to finance (2015) (ECB Working Paper Series No. 1820). europa. pdf. Accessed 25 Feb 2016. , & Marques-Ibanez, D. (2011). The bank lending channel: Lessons from the crisis. Economic Policy, 26(66), 135–182.
Access to Bank Credit and SME Financing by Stefania Rossi