Bank lending and small and medium-sized enterprises' access to finance - effects of macroprudential policies

Ćehajić, Aida (avtor), Košak, Marko (avtor)

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.

• Jezik: Angleški jezik
• Ključne besede: SMEs, finance, credit, macroprudential policy, bank lending, small and medium-sized enterprises, access to finance
• Vrsta gradiva: Članek v reviji
• Tipologija: 1.01 - Izvirni znanstveni članek
• Organizacija: EF - Ekonomska fakulteta
• Status publikacije: Objavljeno
• Različica publikacije: Objavljena publikacija
• Leto izida: 2022
• Št. strani: 27 str.
• Številčenje: Vol. 124, art. 102612
• PID: 20.500.12556/RUL-135641
• UDK: 336
• ISSN pri članku: 0261-5606
• DOI: 10.1016/j.jimonfin.2022.102612
• COBISS.SI-ID: 97904899
• Datum objave v RUL: 23.03.2022

Gradivo je del revije

• Naslov: Journal of international money and finance
• Skrajšan naslov: J. int. money financ.
• Založnik: Elsevier
• ISSN: 0261-5606
• COBISS.SI-ID: 29270017

Licence

• Licenca: CC BY-NC-ND 4.0, Creative Commons Priznanje avtorstva-Nekomercialno-Brez predelav 4.0 Mednarodna
• Povezava: http://creativecommons.org/licenses/by-nc-nd/4.0/deed.sl
• Opis: Najbolj omejujoča licenca Creative Commons. Uporabniki lahko prenesejo in delijo delo v nekomercialne namene in ga ne smejo uporabiti za nobene druge namene.

Projekti

• Financer: EC - European Commission
• Program financ.: Erasmus Mundus
• Številka projekta: 551984-EM-1-2014-1-ESERA MUNDUS-EMA21
• Naslov: Smart and Green technologies for innovative and sustainable societies in Western Balkans
• Akronim: Green-Tech-WB

• Financer: ARRS - Agencija za raziskovalno dejavnost Republike Slovenije
• Številka projekta: P5-0161
• Naslov: Izzivi vlagateljev, podjetij, finančnih institucij in države v negotovem evropskem gospodarskem okolju