FINANCIAL INTEGRATION IN THE EURO AREA AND SMES’ ACCESS TO FINANCE: EVIDENCE BASED ON AGGREGATE SURVEY DATA

Maricica Moscalu ()

Studii Financiare (Financial Studies), 2015, vol. 19, issue 2, 51-66

Abstract: The paper deals with the issue of access to finance for small and medium-sized enterprises (SMEs) in the euro area and explores whether the linkages among the euro area financial markets do affect the capital structure of the SMEs in the same area. Using a logit model specification, aggregate country-level data and several price and quantity-based measures of financial integration, the results reveal statistically significant positive effects of increased financial markets integration on SMEs’ debt ratio. The impact of sovereign debt crisis in GIPSI countries is also investigated and significant evidence of its impact is documented.

Keywords: cross-border loans; interest rate spread; GIPSI; debt ratio (search for similar items in EconPapers)
JEL-codes: F36 G15 G32 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:vls:finstu:v:19:y:2015:i:2:p:51-66

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