20.500.12556/RUL-135641 Bank lending and small and medium-sized enterprises' access to finance - effects of macroprudential policies This paper examines the impact of macroprudential policies on small and medium-sized firms' access to bank finance. To this end, we use data from a firm-level survey covering European Union (EU) countries between 2009 and 2017, as well as a recently published database on the use of macroprudential policies in EU countries, the Macroprudential Policies Evaluation Database (MaPPED), which allows us to separately consider the tightening and loosening macroprudential policy measures. We develop several macroprudential indices based on the target of the macroprudential instruments. The results reveal a significant relationship between macroprudential indices and firms' access to finance. The indices are mainly associated with limited access to bank credit for SMEs, taking different firm- and country-level characteristics into account. While use of macroprudential measures could lead to higher capitalisation and make the financial sector more resilient and reduce its risk exposure, this could also mean restricted lending to firms, especially smaller firms with fewer financing options and considerable reliance on bank credit. SMEs finance credit macroprudential policy bank lending small and medium-sized enterprises access to finance true false true Angleški jezik Ni določen Članek v reviji 2022-03-23 11:14:36 2022-03-23 11:23:54 2022-09-14 04:14:24 0000-00-00 00:00:00 2022 0 0 27 str. art. 102612 Vol. 124 Jun. 2022 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336 0261-5606 10.1016/j.jimonfin.2022.102612 97904899 RAZ_Cehajic_Aida_2022.pdf RAZ_Cehajic_Aida_2022.pdf 1 7BFCF9B2F17CD8AF527AB018C53FF4F2 ac8e3e15477eefc02cd4d30c42c2f5137a82c0953d613de4e4bc0b2f5e79d57d 2eac1f56-aa93-11ec-8aca-00155dcfd717 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=154846 https://www.sciencedirect.com/science/article/pii/S0261560622000158 0 35d5f896-aa93-11ec-8aca-00155dcfd717 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=154847 Ekonomska fakulteta 0 0 0