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Access to Credit and Unconventional Monetary policy in the Eurozone after the Financial Crisis

Petr Korab ()
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Petr Korab: Department of Finance, Faculty of Business and Economics, Mendel University in Brno

No 2016-68, MENDELU Working Papers in Business and Economics from Mendel University in Brno, Faculty of Business and Economics

Abstract: This paper investigates the availability of bank credit to enterprises in the Eurozone after the recent financial crisis. The analysis draws from a rich firm-level dataset on perceived credit availability of micro, small and medium-sized, and large enterprises in 11 countries in the Euro Area during the time horizon 2010 – 2014. Employing probit and logit estimators, the empirical results suggest that GDP growth is a significant factor improving availability to small and medium-sized and large firms in the post-crisis period. On the contrary, the asset-purchase programmes of the European Central Bank did not show a significant impact on credit availability to micro and small and medium-sized enterprises. The findings support the decision of the ECB to further intensify asset purchasing and officially introduce the program of quantitative easing in 2015.

Keywords: credit availability; credit rationing; credit constraints; credit supply; financial crisis recovery (search for similar items in EconPapers)
JEL-codes: E51 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac, nep-mon and nep-sbm
Date: 2016-12
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Persistent link: http://EconPapers.repec.org/RePEc:men:wpaper:68_2016

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