Estimating conditional treatment effects of EIB lending to SMEs in Europe

Alessandro Barbera, Áron Gereben and Marcin Wolski

No 1006, BIS Working Papers from Bank for International Settlements

Abstract: We estimate heterogeneous treatment effects of the EIB fnancial support on European firms between 2008 and 2015. The relevant control groups are created with propensity score matching and the effects are estimated in a difference-in-differences framework, controlling for firm-level and country-sector-year fixed effects. We find that the positive effects of EIB-supported lending on job creation and investments were larger for smaller and younger firms. Moreover, we find evidence that longer maturities and more advantageous loan pricing are associated with larger employment and investment effects, while no larger impact is observed for larger loan volumes. Overall, the results suggest that benefits of the EIB support are rather observed on an intensive, rather than on an extensive, margin.

Keywords: SMEs; EIB; intermediated loans; impact assessment; conditional treatment effects; difference-in- differences. (search for similar items in EconPapers)
JEL-codes: G21 G23 G38 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2022-02
New Economics Papers: this item is included in nep-cfn, nep-ent, nep-eur, nep-fdg and nep-sbm
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Working Paper: Estimating conditional treatment effects of EIB lending to SMEs in Europe (2022)
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