O’Toole, C., Kay, N., Murphy, G. & Siedschlag, I. (2014) “EU firms’ access to external financing“, VoxEU Organisation, 29 Ιουνίου.
Small and medium-size enterprises (SMEs) often report difficulties in obtaining external finance. Based on new research, this column argues that these difficulties are not due to greater financial risks associated with SMEs. Instead, they are the result of imperfections in the market for external finance that negatively affect smaller and younger enterprises. The same research has shown that these types of firms are also the most reliant on external finance to support their investment and growth.
The proportion of bank loan acceptances has fallen significantly following the crisis, along with the level of enterprise investment. The sharpest falls in both have been in countries hardest hit by the crisis. While in a number of countries – such as Finland, Malta, and Sweden – the declines have been modest, in others – such as in Bulgaria, Ireland, Denmark, Lithuania, Spain, and Greece – they have approached or exceeded 30%.
Σχετικές αναρτήσεις:
- Wolff, B. G. (2014) “Europe needs new investment, not new rules – the EU must avoid another useless fight over its fiscal rules and instead use political capital to foster growth“, Bruegel Institute, 25 Ιουνίου.
- Buti, M., Mohl, Ph. (2014) “Lacklustre investment in the Eurozone: Is there a puzzle?“, VoxEU Organisation, 4 Ιουνίου.
- Infelise, F. (2014) “Supporting Access to Finance by SMEs: Mapping the initiatives in five EU countries“, Financial Markets, ECMI Research Reports, CEPS, 23 Απριλίου.